Yanis Varoufakis on the consequences of capitalism in 2021

Noam Chomsky, Yanis Varoufakis, and Lisa Graves discussed the consequences of capitalism as a part of Noam Chomsky’s Consequences of Capitalism class at the University of Arizona.

Lisa Graves is a progressive activist who is senior fellow and former executive director of the Centre for Media and Democracy (CMD) and is the president of True North Research.

You can watch the full video here!

Overview

In his talk, Yanis Varoufakis went over the following topics:

  1. Competitive markets: Recounting the standard argument with Adam Smith onwards in favour of a market society.
  2. Oligopolies: Capitalism became successful only when it killed off competition, and moved on from its competitive phase 19th century to its oligopoly phase — the mega firm foundations of capitalism beginning with the second industrial revolution.
  3. Commodification: Commodification paved the ground for capitalism and was turbocharged by capitalism.
  4. 2008: 2008 was our generation’s 1929 — the world changed.
  5. Consequences: the ways in which capitalism has affected the world today.

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