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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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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