Varoufakis: Capitalism is dead, now we are living worse

Economy
Wed, 27 Sep 2023 10:10 GMT
Yannis Varoufakis, who served as the Finance Minister of Alexis Tsipras for 5.5 months in the first term of SYRIZA government and now is the chairman of the Mera25 party, said: "Capitalism is dead, now we are living worse".
Varoufakis: Capitalism is dead, now we are living worse

According to the news in Independent Turkish, Greek economist Varoufakis, who gave an interview to journalist Cadwalladr from the Observer newspaper, stated that we are no longer shaped by the global financial system, but by the "fiefdoms" of technology companies and said: "Those we see as capitalists are now only subjects. If you are producing something, you are done. You can no longer be the ruler of the world."

Cadwalladr quoted the following lines from Varoufakis' book, which is scheduled to be published this month:

"Imagine the following scene from a science fiction book: You go to work and teleport to a town full of people trading clothes, shoes, books, songs, games and films. At first everything seems normal. Then you start to realise that something strange is happening. It turns out that all the shops and even every building belongs to a man named Jeff. And everyone walks down different streets and sees different shops because everything is determined by his algorithm... an algorithm that plays Jeff's trumpet."

Speaking with reference to Jeff Bezos, Varoufakis compares the current situation to feudalism, arguing that the owner of Amazon does not actually produce capital, but instead only receives rent.

He says that the oppressed, whom he calls "cloud serfs", are communities that lack class consciousness and do not realise that they produce value for technology companies through their sharing.

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