TED - Yanis Varoufakis: Capitalism will eat democracy -- unless we speak up

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TED - Yanis Varoufakis: Capitalism will eat democracy -- unless we speak up

Post by Sébastien Rouleau on Tue Nov 01, 2016 6:37 pm

As requested, I will comment here a TED Video with Yanis Varoufakis, Greek economist, academic and politician. He has published a number of academic and more accessible texts on economics and game theory. In this video, he talks about : "Capitalism will eat democracy -- unless we speak up"

His initial idea begins thus : "A mountain of debt and a mountain of idle cash form twin peaks, failing to cancel each other out through the normal operation of the markets."
He explains that he doesn't like capitalism because it's an intensive wastefulness with all idle cash, which could be used to develop human talents and finance new technologies, more particularly green technologies. He then asks : "Am I right in believing that democracy might be the answer?"
He believes in but for him, in our democracies today, power has migrated from the political to the economic sphere, which is separate. Thus, the economic sphere has been colonizing and cannibalizing the political sphere to such an extent that it is undermining itself, causing economic crisis. More capitalism sets in the democracy, more the waste of human ressources and humanity's wealth is bigger.

So there is a possibility, reunify both spheres, but it's not an original idea : it's the Marxism and the history demonstrated its failure with Soviet but for Varoufakis, there is a solution which consists to eliminate the working poor. To succeed, we have to democratize the reunified sphere (he takes the example of the movie Matrix  if we do nothing Laughing ). The word that he advcocates  is  clearly libertarian, in that it prioritizes empowered individuals.

He finishes his speech by saying that our future depend in the political choice that we shall be making collectively,  "It is our choice, and we'd better make it democratically."

You can find the video from this link  Wink  : https://www.ted.com/talks/yanis_varoufakis_capitalism_will_eat_democracy_unless_we_speak_up?language=en

Sébastien Rouleau

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