Can Capitalism be Fixed? (Debate)
Capitalism’s origins, several centuries ago, can be traced to the expropriation of the commons and its transformation into private property. Since those hoary beginnings, it has evolved into an economic system based on the private ownership of the means of production and its operation for profit. In the last forty years or so capitalism has evolved into its neoliberal phase characterized by deregulation, punishing bubbles, economic crises and jaw-dropping income and wealth inequality. The system’s egregious excesses are sometimes addressed by lawmakers who serve up temporary bromides to placate the restless many. But they are just tinkering around the edges making cosmetic changes. The system is fundamentally the same. There is no alternative we are told. Why isn’t there?
Gillian Tett is an award-winning journalist at The Financial Times where she is chair of the editorial board and U.S. editor-at-large. She is the author of The Silo Effect, Fool’s Gold and Anthro-Vision.
Yanis Varoufakis is a member of the Greek parliament. He served as finance minister of Greece in 2015. He is the founder of MeRA25, a progressive Greek political party. He is the author of many books including Adults in the Room and Another Now.