Fixing Capitalism: Exploring Alternative Economic Systems

Janus Varafakis and Julian Tett engage in a thought-provoking discussion about the future of capitalism and potential alternatives. Varafakis suggests that capitalism is transitioning into a post-capitalist system, which he calls 'techno-futalism', characterized by the dominance of central banks, financial markets, and technology platforms. He argues that profits have ceased to be the driving force of the economic system, replaced by central bank money, leading to a monopolistic control of markets. Tett, on the other hand, advocates for reforming capitalism through better regulation and market transparency. She emphasizes the importance of competition, profit reinvestment, and the need to address environmental and social concerns within the framework of capitalism. The discussion touches on various aspects, including the role of power, exploitation, and green growth in capitalist systems. Both speakers acknowledge the complexities and challenges of addressing inequality, racial issues, and environmental sustainability in any economic system. Overall, the conversation explores different perspectives on the future of capitalism and offers insights into potential pathways for economic transformation.