Intelligence Squared Martin Wolf and Yanis Varoufakis on the Future of Capitalism - Part 2
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May 6, 2023 
In a riveting continuation of their debate, Martin Wolf, Chief Economics Commentator at the Financial Times, and Yanis Varoufakis, the Greek politician and economist, clash over capitalism's future. They dissect the monopolistic powers of tech giants and the evolving landscape of capitalism influenced by autocratic regimes. Varoufakis advocates for a post-capitalist world, while Wolf defends democratic capitalism as essential for human flourishing. Their insights challenge listeners to rethink the balance between reform and radical change in our socio-economic systems.
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Tech Platforms Not True Markets
- Yanis Varoufakis argues that platforms like Amazon aren't true markets due to algorithmic mediation.
- He compares them to a scenario where one entity controls all shops and manipulates what consumers see.
Tech Platforms: Benefits vs. Concerns
- Martin Wolf disagrees with the catastrophic view of tech platforms, citing their consumer benefits and relatively low profits.
- He acknowledges negative impacts on small businesses but emphasizes the cheapness and convenience they offer.
Potential Triumph of Authoritarian Capitalism
- Martin Wolf suggests that China's authoritarian capitalism, with its ability to mobilize resources and enact long-term plans, might eventually triumph.
- He highlights China's rapid infrastructure development as a key example of its efficiency.
