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Intelligence Squared
Archive – Can We Fix Capitalism? Yanis Varoufakis vs Gillian Tett
Jul 14, 2024
01:05:05
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Former Greek Finance Minister Yanis Varoufakis and FT's Gillian Tett debate fixing capitalism and post-COVID economics. Topics include challenges in capitalism, Adam Smith's influence, big tech monopolies, barter system in tech, and capitalism's impact on the environment.
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Quick takeaways
- Techno-feudalism represents a shift from profit-driven markets to centralized platforms.
- Data ownership and transparency can reform markets within capitalism.
Deep dives
Capitalism's Evolution and Techno-Feudalism
Capitalism as we know it is evolving into a new form, characterized by central bank money fueling markets, platform monopolies like Amazon and Facebook, and profit-driven markets losing relevance. The shift towards what Yanis Varoufakis terms techno-feudalism points to a post-capitalist system where profits are no longer the driving force, and markets are being replaced by centralized platforms.
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