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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insights INSIGHT
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.
insights INSIGHT
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.
question_answer ANECDOTE
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.
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In 'Anthro-Vision', Gillian Tett advocates for using anthropology to better understand consumer behavior, markets, and organizations. By applying anthropological insights, leaders can gain a fresh perspective on complex challenges in today's rapidly changing world. The book highlights how anthropology can shed light on practical business questions and societal issues.
Debt
The First 5,000 Years
David Graeber
In this book, David Graeber argues that debt has a much longer history than money and that it has played a central role in shaping human societies. He debunks the myth of barter as the precursor to money, instead proposing that credit systems and debt were the primary means of trade. Graeber examines how debt has been used as a tool for social control, influenced law, religion, and politics, and has led to periodic crises and debtor revolts throughout history. The book also discusses the moral and social implications of debt, suggesting that the concept of debt is more complex than a simple economic transaction[1][2][4].
The theory of moral sentiments
Adam Smith
Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors[1][3][4].
The Wealth of Nations
Adam Smith
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
Talking to My Daughter About the Economy
A Brief History of Capitalism
Yanis Varoufakis
In 'Talking to My Daughter About the Economy', Yanis Varoufakis provides a clear and engaging explanation of how the economy works, tracing the history of capitalism and its impact on society. He discusses topics such as inequality, debt, and the role of banks, using accessible language and vivid examples to illustrate complex economic concepts.
Another Now
Dispatches from an Alternative Present
Yanis Varoufakis
We revisit a debate from 2021 between the former Greek finance minister, economist and author Yanis Varoufakis, and Gillian Tett, the Financial Times columnist, anthropologist, and author. The two gathered to debate: Can We Fix Capitalism? Our chair was Politico's Anne McElvoy, who at time of recording was senior editor at The Economist.
Gillian Tett is also Provost of Kings College at Cambridge University and a sought after voice whose smart insights can help put the often complex worlds of finance and the economy into perspective. Coming up on Wednesday 25 October 2023, Gillian Tett will be live onstage in London to discuss the economic outlook for 2024 ahead. The event in partnership with Y TREE is going to touch on issues such as how businesses can harness AI for the benefit of society and also the potential economic turbulence that could be the result of a second Trump presidency. Joining Tett onstage will be Johnny Dymond of BBC News. Follow the link below to purchase tickets and get ahead on the big economic ideas for the next 12 months.
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