by Capitalism has been taken over by techno-feudalism says, Yanis Varoufakis, and social democracy died along with it. Amazon has too much control in the marketplace, and the other tech giants know everything about us. The elite have become richer despite covid - or the 2008 crash, which they have paid for as they caused it - but now in many Western countries many people are not getting enough food. This is pure neoliberalism at work, but was it their fault that they were so unlucky and became very poor. The meritocracy forces too many people to the bottom. For example, if everyone got a PhD, someone would still have to clean the toilets. So, what happens is that those who feel they they are less likely to succeed will end up putting less effort in, and end up slipping behind. Liberals tend
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Capitalism has been taken over by techno-feudalism says, Yanis Varoufakis, and social democracy died along with it. Amazon has too much control in the marketplace, and the other tech giants know everything about us.
The elite have become richer despite covid - or the 2008 crash, which they have paid for as they caused it - but now in many Western countries many people are not getting enough food. This is pure neoliberalism at work, but was it their fault that they were so unlucky and became very poor. The meritocracy forces too many people to the bottom. For example, if everyone got a PhD, someone would still have to clean the toilets. So, what happens is that those who feel they they are less likely to succeed will end up putting less effort in, and end up slipping behind. Liberals tend to blame society when people fall into poverty, but conservatives will blame the individual. There are certainly people who are lazy (I've worked with them, and I don't tolerate them very well, probably because I'm so hard working), but my view, and that of Yanis Varoufakis, is that the extreme competition that neoliberalism imposes is just too fierce for most people.
--YaYanis Varoufakis: Capitalism AND Social Democracy Are Deadnis Varoufakis, former Finance Minister of Greece, Professor of Economics at the University of Athens, and author of several bestselling books including most recently "Another Now: Dispatches from an Alternative Present," joins David to discuss the future of the global economy, Europe and the European Union, and much more.