Yanis Varoufakis: Has capitalism failed us? | On Civil Society | May 18, 2018.
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- Опубликовано: 10 июл 2018
- "Money is a political construct, a construct of community, a construct of a society, that must be political. And if we do not control this, by definition, political force, because money is a force-it makes the world go round, as we know-if this political force it not controlled democratically, then we do not live in a democracy."
Yanis Varoufakis, the former Minister of Finance for Greece at the height of Europe's debt crisis, was at the Appel Salon as part of the TPL's #OnCivilSociety series, to talk about his new book "Talking to My Daughter About the Economy: A Brief History of Capitalism",
In conversation with Ana Serrano, Chair of the Open Democracy Project.
#OnCivilSociety
#OnDemocracy
Go to tpl.ca/civilsociety to see upcoming events in this series. 
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Toronto public library!!! Post the end of the video!!! You ended it so suddenly and it was the best video Yanis has done so far! Please add in the question and answer period! We need to see it!
This is an absolutely excellent presentation and interview. Yanis is on fire and lays it all out for us to comprehend. We need to understand the basics of economics if we are to make intelligent voting choices and decisions about the direction of this country. Watch this, it is the best 50 minutes you will spend this year, I guarantee it.
I should be talking about his great insights, but what I liked the most is how completely Greek he is, talking with his hands so much and moving closer to the other person as if he was about to touch her, and how each time he does she stiffens and looks like "aaaah, my personal space! back away! back away!"
As a mediterranean living abroad I identify with that experience a lot. XD
True 😂
Poor Yanis, around minute 14:35 he corrects himself: he says "save" initially and then corrects it into "invest" instantly, but a few seconds later, around 14:50 he does it again, but does not correct himself. Just so you know: "There is no investor who does not want to save" should be understood as "There is no invester who does not want to invest". That must have been what he wanted to say, for minutes earlier he had already said that they were saving like never before.
That intro music haunts me
illuminating explanation: land and labour were not commodities! I had never known, or thought about it
I really like Yianni Varoufakis, I like his intellect, his charisma and his boldness. I would like to analyze, philosophically the merchants who went to the Indies to trade the sheepwool. They were, as he said poor, dirty, and poor. Where did they get the money to buy the wool ? Maybe they labored and produced another commodity and made a trade. Maybe they owned their own sheep, and by multiplying them, raised enough sheep, save the wool ( cut it, wash it, dry it, and some wool lost because of damage.) over time, store it until they had sufficient amount of surplus. How long of time did these merchants labor and save enough wool to fill the ship to capacity, to make their trip worthwhile ? One year ? Two years ? Where did they get the ship ? Did they built it ? Where did they get the wood from ? Did they labor to cut trees themselves ? Maybe they made a trade with the tree cutters. How long of time, does it take in producing enough commodity to make such a trade ? Now, preparing for their trip. They would have to save enough food and water for their long trip. Then the case of surviving such a trip. The merchants must of determined, surviving the risk factors, it would pay off their long years of labor and saving. Not to mention " IF they survived ". Then, arriving to the Indies, in an unknown territory and language, they make a trade with other merchants for the silk and other commodities. How long does that take ? One week ? One month ? Now, for their journey back home. They need fresh water and food. Preparations are made, and they sail. Their lives are at risk one more time. Finally they are home. Exhausted, drained, maybe wounded or sick. Now they find buyers for their merchandise. They consider all the years of their toil, and they make a deal. "Είναι άξιοι των κόπων τους " . I ask you Mr. Varoufakis, and please answer me. Does this sound like greediness on the part of the merchants ? I was a business owner in the States for ten years. I also worked for others until I had sufficient funds to capitalize on my savings. I sweat and labored, with great headaches to open a business, to be able, to have a better life, for me and my children. I jeopardized my hard earned savings but risked it for a chance to " climb the ladder of success ". " το επαιξα κορόνα- γραμματα, που λεει ο λογος ". I was successful in my attempt, but it took a few years of " trial and error" to stabalize the business. The people I hired, ( just as I did prior to my investment ), came to work, everything preset, and ready for them to create a better income for themeselves. As business became more productive, i was able to hire more people. An incentive is created in every human being, who climbs the ladder of success. You become more " productive and creative". As a good business woman, and I say good, because I truly follow the ethics and morals of God, I encourage others, that are willing, to do the same, to " climb THE ladder of success ". In Greece, my experience with business, is very different. People here are discouraged. The majority, try to get ahead by cheating and taking advantage of others and the εφορία, the IRS, or they get a "government job " even if they "DO NOT " know what they are doing. They do this, in my understanding, because they can't get ahead and they resort to cheating the εφορία ( IRS). they bluntly will tell you " don't give me a reciept" and by the same token they want "free stuff " from the government. How can a country, economically sustain itself like that? That is why, austerity measures were implemented because Greece did great spending on borrowed money. " The borrower is a slave to the lender ". (Taken by the wisdom WORDS of the book of Proverbs of King Solomon). I would like to see Greece Great in its economy, and not be dependent once a year on tourism spending. Good business ethics and support need to be implemented. More businesses, more jobs, more consumer spending. Money circulates. People need to get paid weekly, not monthly. When the economy goes up, pay raises come in. TEBE is another problem. Whether income comes in or NOT, TEBE gets paid. Putting you at risk to shut down. It should be paid, as they work, according to the hours they put in. Then 24% sales tax is rediculous. High prices ( reguleted) people lose their incentive and their creativity. Alot of stores close and reopen here because the regulations on businesses are not sustainable. No businesses, no jobs, no taxes. Not everybody can have a government job ( in my experience, too many government workers in one office, where 2 or 3 get the job done, the others Do Not Know What They're Doing. They just look busy and have entitlements and are rude. They are hired for their votes.). Where will the money come from ? I'm in process of getting my dual citizenship, because I love Greece and want to vote in the next election. I was very happy to hear that you were running for Prime Minister. My friend introduced me to you 5 years ago and I was intrigued. I would like to hear more of your plans for the economy for a better Greece. Thank you !!!
Research the name Drake (not the pop singer). The founder of Churchill family looks better though he just ownefd sheeps at the beginning of the "sheeps" era.
Varoufakis a Marxist (self proclaimed) lives his life as an elitist. Only an idiot would believe he would trade his life for a Marxist proletariat life.
Matina, it sounds like you're getting a bit confused. The sheep owners and the peasants are not the same people.
The dirty merchants were dirty, not necessarily because they were poor. They were dirty because in societies before merchants came to rule, merchants were considered morally impure, unlike the nobles with their "noble pursuits", ie. war and sacrifice.
In other words, the fact that you equate "dirty" with "not rich" shows us that we live in a merchant society of sorts.
The US forgot to add Civil in Civilization.
Wonderful man ....
Cars are built by engineers and they less resilient and reliable than they were fourty, fifty years ago despite the huge tech evolution.
Same with mobile phones and other machinerys/products
the point 18-20 minutes in ..is my view on the future if there are no jobs because of robots..how will people without jobs ..get the money to buy good from corporation ..or anyone prodi=ucing stuff..without job or an initial way to get money in their hands ..
All robots, software and corporations will be taxed at a rate that will provide an income for those rendered redundant by technology. This will of course only happen when there are no jobs left and people vote for the political structure that will supply it.
@@MrJonRiouniversal basic income = road to socialism
0:25 well you know its not like the Austrian school wasnt going on and on about the housing bubble for years like peter schiff and robert murphey but you know whatever
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Why not do the suttle ' wealth-creation ' using non-political , but new institutional accreditation of social status , that Abram Badal R. suggested in www.oppressedpeople.com , since 2002 , describing the age of or New Phase of Fictitious Kapital after 1971-1979 , that others termed it neo-liberalism (falsely !) A social Status of individuals in proportion of their social activities, registered in communes, of registered member of Open Social University Global community networks !! ?
How desperate for political affirmation must the audience members be that cheered when Yanis quipped "the left is useless"?
Desperate enough to mistake a leftist's ability to self critique as that affirmation it would seem.
The left is useless. I'm a leftist.
Not sure we can say Capitalism started in the 17/18th Century, maybe in isolated areas.
Ancient Romans - in 400BC, imported a whole variety of materials: beef, corn, glassware, iron, lead, leather, marble, olive oil, perfumes, purple dye, silk, silver, spices, timber, tin and wine. The main trading partners were in Spain, France, the Middle East and North Africa. Britain exported lead, woolen products and tin.
atlantic capitalism has its roots in the 1500s . that's the capitalism hes on about. its the roots of the modern form of it.
Capitalism isn't just any market economy. It's an economy where labour is a commodity sold to propriators of capital
She is a horrible interviewer
A very long-winded explanation for the lack of demand since 2008. The truth is simple: the proportion of GDP taken by labour has fallen substantially and the proportion of GDP taken as corporate profits has risen substantially. The results are a lack of disposable income amongst consumers and huge cash balances held by corporates. The corporates do not invest because they know that their workers do not have the income to buy new products. Strange that a self-professed Marxist doesn't say this. Or perhaps he chooses not to, as the reason for the suppression of wages is mass immigration into the EU and the USA.
Varoufakis also fails to explain why global savings is so high. The nominally socialist Chinese government has decided to suppress consumption by its workers in order to finance the expansion of its global influence (as well as to let its workers be treated in a manner that no capitalist European country would permit).
Some incisive observations; wish you could put them directly to the professor for his response.
I don't think that this man is talking about Capitalism.. but instead he is talking about a form of slavery which has been ongoing since those serfs were enslaved. Capitalism is not slavery. But socialism and communism are forms of slavery. All the countries in the world seem to have some form of slavery based upon their money being controlled by an elite class that remains hidden but pulls the levers behind the curtains. Capitalism is fair and doesn't demand that Joe the laborer work just to serve "the common good". Capitalism says that Joe the laborer can do whatever he wants to do. Socialism or Communism would put a strong young Joe behind a plow or on a big machine and possibly give him that job for life and say that he now will earn a roof over his head and food. Period.
LOL @ you
No, he's talking about Capitalism.
BS...I prefer Max Keiser
otondo vasquez
Max is just a genius
@@princehectoroftroy8340 i apologize for his "genius" and for thinking you know anything. Have a nice life.
Left winger and democracy ....lol
Hes not a "left winger", hes a leftist. Huge difference. But you also must know the political terminology as well to grasp that. But hes most definitely not a left winger lol. That implies that he supports capitalism. In which, he doesn't.
Left wingers do not support Capitalism
Capitalism and democracy.... lol
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