Summary of Capitalism Will Eat Democracy Unless We Speak Up

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Economist Yanis Varoufakis, a former finance minister for Greece, explains his quarrel with capitalism, which, he contends, is consuming and destroying democracy. The self-professed “libertarian Marxist” presents a controversial argument to reunite the increasingly disparate realms of politics and economics. While always politically neutral, getAbstract believes Varoufakis’s impassioned lecture will ignite animated debates among economists and politicians.

About the Speaker

Economist and professor Yanis Varoufakis is a former minister of finance for Greece.

 

Summary

Westerners assume democracy is indestructible and unchanging, but it is fragile. They also believe that capitalism always leads to democracy. But in Singapore and China, thriving capitalism has not spurred such political change. In Europe, democracy is waning, and without it, society grows less civil, the future dims and technologies become misspent. Capitalism enables profligacy, as the “twin peaks paradox” shows: The first peak is the “mountain of debts” that nations have amassed; the second is the “mountain of idle cash” that corporations and the wealthy are “too terrified to invest.” Infused into green technologies...


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