Intelligence Squared Gillian Tett and Yanis Varoufakis: Can We Fix Capitalism?
11 snips
Oct 11, 2023 
In a thought-provoking dialogue, Yanis Varoufakis, the former Greek finance minister renowned for his critical perspective on capitalism, and Gillian Tett, a Financial Times columnist and anthropologist, tackle the pressing question of whether capitalism can be fixed. They debate ideas ranging from the risks of 'techno-feudalism' to the ethical dilemmas within global capitalism. The conversation also delves into the environmental impacts of corporate practices and calls for a community-oriented economic approach. Their insights challenge listeners to rethink the future of our economic systems.
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Capitalism's Self-Destruction
- Capitalism is being overthrown by its internal dynamics, not by the left.
- The rise of techno-feudalism, fueled by central bank money and platform monopolies, is replacing traditional profit-driven markets.
Flaws of Modern Capitalism
- Modern capitalism deviates from Adam Smith's vision, lacking free access, transparent prices, ownership alignment, and a shared moral framework.
- True capitalism needs competition, reinvestment of profits, and a balance between individual responsibility and social context.
Market Decoupling
- In August 2020, the UK's GDP fell by over 20%, yet the stock market rose.
- This decoupling shows how markets prioritize central bank money over real-world economic performance.
