Intelligence Squared

Archive – Can We Fix Capitalism? Yanis Varoufakis vs Gillian Tett

Jul 14, 2024
Former Greek finance minister Yanis Varoufakis and Financial Times' Gillian Tett dive into the contentious question of capitalism's future. They examine whether capitalism can be redeemed or needs replacement, considering the impacts of the COVID-19 pandemic and the rise of techno-feudalism. Their debate spans historical influences from socialism to modern tech monopolies, raising critical points about corporate governance and environmental sustainability. The discussion is lively, compelling, and thought-provoking, pushing listeners to rethink the economic landscape.
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INSIGHT

Capitalism's Transformation

  • Yanis Varoufakis argues that capitalism is being replaced, not overthrown.
  • He believes it's transforming into "techno-feudalism," driven by central bank money and tech platforms, not profit and markets.
INSIGHT

Flaws of Modern Capitalism

  • Gillian Tett believes current capitalism deviates from Adam Smith's vision, lacking free access, transparency, ownership link, and shared ethics.
  • She champions competitive markets driven by reinvestment and views money as a means to an end, not the end itself.
ANECDOTE

Decoupled Markets

  • In August 2020, UK GDP fell by 20%, yet the stock market rose.
  • This demonstrates the decoupling of financial markets from the real economy, driven by central bank intervention.
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