Yanis Varoufakis: Capitalism will eat democracy -- unless we speak up
Yanis Varoufakis - Economist and professor
Yanis Varoufakis thinks we need a radically new way of thinking about the economy, finance and capitalism. Full bio
taking it for granted.
of flowers that it really is,
of our society's furniture.
as an intransigent given.
begets inevitably democracy.
and his great imitators in Beijing
to have a flourishing capitalism,
in our neck of the woods,
while I was representing Greece --
that our nation's democratic process --
that were being implemented in Greece.
vindication of Lee Kuan Yew,
friends of mine who kept telling me
if it ever threatened to change anything.
for an authentic democracy.
to join me in believing again
that we can dispense with democracy --
an interesting paradox
our economies as we speak.
that has been casting a long shadow
Europe, the whole world.
and to corporations,
that can generate the incomes
the mountain of debts
that humanity desperately needs,
in Britain and in the Eurozone,
3.4 trillion dollars
and so on and so forth.
in the same countries,
during the same period
and bidding up house prices.
and a mountain of idle cash
failing to cancel each other out
operation of the markets.
in America, in Japan and in Europe
reproduce it by not investing --
by the prophecy of the oracle
his son, would kill him.
all these technologies,
for saving planet Earth.
that democracy might be the answer?
in which the free and the poor,
excluded too many.
of course, the slaves.
of ancient Athenian democracy
about ancient Athenian democracy,
the right to free speech,
to political judgments
concerning matters of state.
democracy didn't last long.
it burned out quickly.
do not have their roots in ancient Athens.
was focusing on the masterless citizen
on the Magna Carta tradition,
a charter for masters.
only surfaced when it was possible
from the economic sphere,
fully in the political sphere,
from the political sphere,
epic struggle between the two,
colonizing the political sphere,
are not what they used to be?
in government today and not in power,
from the political to the economic sphere,
a population of predators,
the prey that they must feed on,
and cannibalizing the political sphere
that it is undermining itself,
to invest the cash of their corporations.
in taking the demos out of democracy,
of human resources
and economic spheres
with a demos being in control,
except without the slaves
had that idea 100 years ago
from the Soviet debacle
will the working poor be reempowered,
of brutality and waste.
with automata, androids, robots.
and the political spheres are separate,
and the political spheres,
by democratizing the reunified sphere,
a surveillance-mad hyperautocracy
look like a documentary.
whether capitalism will survive
it is spawning.
by something resembling a Matrix dystopia
to a Star Trek-like society,
exploring the universe
about the meaning of life
high tech agora.
instead of the Matrix-like dystopia?
from one job to another,
to work at at that time --
to work in it at that moment.
from capital, from profits,
of wage labor becomes obsolete.
who own but do not work in the company
but do not own the company;
between capital and labor;
investment and saving;
have a free-floating exchange rate,
global, digital currency,
by the International Monetary Fund,
is denominated in this currency --
to be paying into a common fund
to the country's trade deficit,
to invest in green technologies,
where investment funding is scarce.
John Maynard Keynes proposed
the technology to implement it.
of a reunified political-economic sphere.
to the dustbin of history
to imagine an authentic democracy.
into a Matrix-like dystopia?
that we shall be making collectively.
in your bios as a libertarian Marxist.
of Marx's analysis today?
any relevance in what I just said,
the political and economic is --
is going to create
refers to as secular stagnation.
from one part of the world,
not only our democracies,
that keen on liberal democracy.
then Marx is absolutely relevant.
you are not thinking, OK?
philosopher kind of thing to say --
you mentioned Singapore and China,
about how the West looks at China.
degree of hypocrisy.
we have a semblance of democracy.
as I was saying in my talk,
where all the action is --
in the 19th century.
liberalism with democracy --
it's like John Stuart Mill.
skeptical about the democratic process.
is a very similar process
during the Industrial Revolution,
from the first to the second.
in the 19th century,
are wondering about your experience
earlier this year.
at the first half of the year?
from a personal point of view,
to reboot the Eurozone.
that there was a massive --
architectural fault line
the whole of the European Union process.
on the basis of the Greek program --
to manifest that denial --
of the Soviet Union.
that architecturally cannot survive,
and through authoritarianism,
are you foreseeing?
the architecture of the Eurozone,
when you were Finance Minister?
YV: Anybody who looks back --
or of anything else for that matter,
they're dangerous people.
was to sign the application
on the side of the creditors
in crushing our government,
the architectural fault lines
a catastrophic program in Greece.
that have been imposing this policy
of the discussion,
of the European Union and the Eurozone
who lives and breathes Europe.
the Eurozone will not survive.
that will be unleashed
not just for Europe
economy in the world.
of the postmodern 1930's,
and non-Europeans alike.
you are wrong on that point.
About the speaker:Yanis Varoufakis - Economist and professor
Yanis Varoufakis thinks we need a radically new way of thinking about the economy, finance and capitalism.
Why you should listen
Yanis Varoufakis describes himself as a "libertarian Marxist," although, he says, "It is not something that I volunteer to talk about much, because the very mention of Marx switches audiences off." He teaches economic theory at the University of Athens, where he challenges mainstream notions -- arguing that after the financial crash of 2008 we need a radically new way of thinking about the economy, finance and capitalism.
He became widely known in the first half of 2015 when, as Minister of Finance of the newly formed Greek government, he was a leading, outspoken and much-discussed figure in the renegotiations of Greece's debt.
Yanis Varoufakis | Speaker | TED.com