Capitalism will eat democracy — unless we speak up | Yanis Varoufakis

Capitalism will eat democracy — unless we speak up | Yanis Varoufakis

Democracy. In the West, we make a colossal mistake
taking it for granted. We see democracy not as the most fragile
of flowers that it really is, but we see it as part
of our society’s furniture. We tend to think of it
as an intransigent given. We mistakenly believe that capitalism
begets inevitably democracy. It doesn’t. Singapore’s Lee Kuan Yew
and his great imitators in Beijing have demonstrated beyond reasonable doubt that it is perfectly possible
to have a flourishing capitalism, spectacular growth, while politics remains democracy-free. Indeed, democracy is receding
in our neck of the woods, here in Europe. Earlier this year,
while I was representing Greece — the newly elected Greek government — in the Eurogroup as its Finance Minister, I was told in no uncertain terms
that our nation’s democratic process — our elections — could not be allowed to interfere with economic policies
that were being implemented in Greece. At that moment, I felt that there could be no greater
vindication of Lee Kuan Yew, or the Chinese Communist Party, indeed of some recalcitrant
friends of mine who kept telling me that democracy would be banned
if it ever threatened to change anything. Tonight, here, I want to present to you an economic case
for an authentic democracy. I want to ask you
to join me in believing again that Lee Kuan Yew, the Chinese Communist Party and indeed the Eurogroup are wrong in believing
that we can dispense with democracy — that we need an authentic,
boisterous democracy. And without democracy, our societies will be nastier, our future bleak and our great, new technologies wasted. Speaking of waste, allow me to point out
an interesting paradox that is threatening
our economies as we speak. I call it the twin peaks paradox. One peak you understand — you know it, you recognize it — is the mountain of debts
that has been casting a long shadow over the United States,
Europe, the whole world. We all recognize the mountain of debts. But few people discern its twin. A mountain of idle cash belonging to rich savers
and to corporations, too terrified to invest it into the productive activities
that can generate the incomes from which you can extinguish
the mountain of debts and which can produce all those things
that humanity desperately needs, like green energy. Now let me give you two numbers. Over the last three months, in the United States,
in Britain and in the Eurozone, we have invested, collectively,
3.4 trillion dollars on all the wealth-producing goods — things like industrial plants, machinery, office blocks, schools, roads, railways, machinery,
and so on and so forth. $3.4 trillion sounds like a lot of money until you compare it to the $5.1 trillion that has been slushing around
in the same countries, in our financial institutions, doing absolutely nothing
during the same period except inflating stock exchanges
and bidding up house prices. So a mountain of debt
and a mountain of idle cash form twin peaks,
failing to cancel each other out through the normal
operation of the markets. The result is stagnant wages, more than a quarter of 25- to 54-year-olds
in America, in Japan and in Europe out of work. And consequently, low aggregate demand, which in a never-ending cycle, reinforces the pessimism of the investors, who, fearing low demand,
reproduce it by not investing — exactly like Oedipus’ father, who, terrified
by the prophecy of the oracle that his son would grow up to kill him, unwittingly engineered the conditions that ensured that Oedipus,
his son, would kill him. This is my quarrel with capitalism. Its gross wastefulness, all this idle cash, should be energized to improve lives, to develop human talents, and indeed to finance
all these technologies, green technologies, which are absolutely essential
for saving planet Earth. Am I right in believing
that democracy might be the answer? I believe so, but before we move on, what do we mean by democracy? Aristotle defined democracy as the constitution
in which the free and the poor, being in the majority, control government. Now, of course Athenian democracy
excluded too many. Women, migrants and,
of course, the slaves. But it would be a mistake to dismiss the significance
of ancient Athenian democracy on the basis of whom it excluded. What was more pertinent, and continues to be so
about ancient Athenian democracy, was the inclusion of the working poor, who not only acquired
the right to free speech, but more importantly, crucially, they acquired the rights
to political judgments that were afforded equal weight in the decision-making
concerning matters of state. Now, of course, Athenian
democracy didn’t last long. Like a candle that burns brightly,
it burned out quickly. And indeed, our liberal democracies today
do not have their roots in ancient Athens. They have their roots in the Magna Carta, in the 1688 Glorious Revolution, indeed in the American constitution. Whereas Athenian democracy
was focusing on the masterless citizen and empowering the working poor, our liberal democracies are founded
on the Magna Carta tradition, which was, after all,
a charter for masters. And indeed, liberal democracy
only surfaced when it was possible to separate fully the political sphere
from the economic sphere, so as to confine the democratic process
fully in the political sphere, leaving the economic sphere — the corporate world, if you want — as a democracy-free zone. Now, in our democracies today, this separation of the economic
from the political sphere, the moment it started happening, it gave rise to an inexorable,
epic struggle between the two, with the economic sphere
colonizing the political sphere, eating into its power. Have you wondered why politicians
are not what they used to be? It’s not because their DNA
has degenerated. (Laughter) It is rather because one can be
in government today and not in power, because power has migrated
from the political to the economic sphere, which is separate. Indeed, I spoke about my quarrel
with capitalism. If you think about it, it is a little bit like
a population of predators, that are so successful in decimating
the prey that they must feed on, that in the end they starve. Similarly, the economic sphere has been colonizing
and cannibalizing the political sphere to such an extent
that it is undermining itself, causing economic crisis. Corporate power is increasing, political goods are devaluing, inequality is rising, aggregate demand is falling and CEOs of corporations are too scared
to invest the cash of their corporations. So the more capitalism succeeds
in taking the demos out of democracy, the taller the twin peaks and the greater the waste
of human resources and humanity’s wealth. Clearly, if this is right, we must reunite the political
and economic spheres and better do it
with a demos being in control, like in ancient Athens
except without the slaves or the exclusion of women and migrants. Now, this is not an original idea. The Marxist left
had that idea 100 years ago and it didn’t go very well, did it? The lesson that we learned
from the Soviet debacle is that only by a miracle
will the working poor be reempowered, as they were in ancient Athens, without creating new forms
of brutality and waste. But there is a solution: eliminate the working poor. Capitalism’s doing it by replacing low-wage workers
with automata, androids, robots. The problem is that as long as the economic
and the political spheres are separate, automation makes the twin peaks taller, the waste loftier and the social conflicts deeper, including — soon, I believe — in places like China. So we need to reconfigure, we need to reunite the economic
and the political spheres, but we’d better do it
by democratizing the reunified sphere, lest we end up with
a surveillance-mad hyperautocracy that makes The Matrix, the movie,
look like a documentary. (Laughter) So the question is not
whether capitalism will survive the technological innovations
it is spawning. The more interesting question is whether capitalism will be succeeded
by something resembling a Matrix dystopia or something much closer
to a Star Trek-like society, where machines serve the humans and the humans expend their energies
exploring the universe and indulging in long debates
about the meaning of life in some ancient, Athenian-like,
high tech agora. I think we can afford to be optimistic. But what would it take, what would it look like to have this Star Trek-like utopia,
instead of the Matrix-like dystopia? In practical terms, allow me to share just briefly, a couple of examples. At the level of the enterprise, imagine a capital market, where you earn capital as you work, and where your capital follows you
from one job to another, from one company to another, and the company — whichever one you happen
to work at at that time — is solely owned by those who happen
to work in it at that moment. Then all income stems
from capital, from profits, and the very concept
of wage labor becomes obsolete. No more separation between those
who own but do not work in the company and those who work
but do not own the company; no more tug-of-war
between capital and labor; no great gap between
investment and saving; indeed, no towering twin peaks. At the level of the global
political economy, imagine for a moment that our national currencies
have a free-floating exchange rate, with a universal,
global, digital currency, one that is issued
by the International Monetary Fund, the G-20, on behalf of all humanity. And imagine further that all international trade
is denominated in this currency — let’s call it “the cosmos,” in units of cosmos — with every government agreeing
to be paying into a common fund a sum of cosmos units proportional
to the country’s trade deficit, or indeed to a country’s trade surplus. And imagine that that fund is utilized
to invest in green technologies, especially in parts of the world
where investment funding is scarce. This is not a new idea. It’s what, effectively,
John Maynard Keynes proposed in 1944 at the Bretton Woods Conference. The problem is that back then, they didn’t have
the technology to implement it. Now we do, especially in the context
of a reunified political-economic sphere. The world that I am describing to you is simultaneously libertarian, in that it prioritizes
empowered individuals, Marxist, since it will have confined
to the dustbin of history the division between capital and labor, and Keynesian, global Keynesian. But above all else, it is a world in which we will be able
to imagine an authentic democracy. Will such a world dawn? Or shall we descend
into a Matrix-like dystopia? The answer lies in the political choice
that we shall be making collectively. It is our choice, and we’d better make it democratically. Thank you. (Applause) Bruno Giussani: Yanis … It was you who described yourself
in your bios as a libertarian Marxist. What is the relevance
of Marx’s analysis today? Yanis Varoufakis: Well, if there was
any relevance in what I just said, then Marx is relevant. Because the whole point of reunifying
the political and economic is — if we don’t do it, then technological innovation
is going to create such a massive fall in aggregate demand, what Larry Summers
refers to as secular stagnation. With this crisis migrating
from one part of the world, as it is now, it will destabilize
not only our democracies, but even the emerging world that is not
that keen on liberal democracy. So if this analysis holds water,
then Marx is absolutely relevant. But so is Hayek, that’s why I’m a libertarian Marxist, and so is Keynes, so that’s why I’m totally confused. (Laughter) BG: Indeed, and possibly we are too, now. (Laughter) (Applause) YV: If you are not confused,
you are not thinking, OK? BG: That’s a very, very Greek
philosopher kind of thing to say — YV: That was Einstein, actually — BG: During your talk
you mentioned Singapore and China, and last night at the speaker dinner, you expressed a pretty strong opinion
about how the West looks at China. Would you like to share that? YV: Well, there’s a great
degree of hypocrisy. In our liberal democracies,
we have a semblance of democracy. It’s because we have confined,
as I was saying in my talk, democracy to the political sphere, while leaving the one sphere
where all the action is — the economic sphere — a completely democracy-free zone. In a sense, if I am allowed to be provocative, China today is closer to Britain
in the 19th century. Because remember, we tend to associate
liberalism with democracy — that’s a mistake, historically. Liberalism, liberal,
it’s like John Stuart Mill. John Stuart Mill was particularly
skeptical about the democratic process. So what you are seeing now in China
is a very similar process to the one that we had in Britain
during the Industrial Revolution, especially the transition
from the first to the second. And to be castigating China for doing that which the West did
in the 19th century, smacks of hypocrisy. BG: I am sure that many people here
are wondering about your experience as the Finance Minister of Greece
earlier this year. YV: I knew this was coming. BG: Yes. BG: Six months after, how do you look back
at the first half of the year? YV: Extremely exciting,
from a personal point of view, and very disappointing, because we had an opportunity
to reboot the Eurozone. Not just Greece, the Eurozone. To move away from the complacency and the constant denial
that there was a massive — and there is a massive
architectural fault line going through the Eurozone, which is threatening, massively,
the whole of the European Union process. We had an opportunity
on the basis of the Greek program — which by the way, was the first program
to manifest that denial — to put it right. And, unfortunately, the powers in the Eurozone, in the Eurogroup, chose to maintain denial. But you know what happens. This is the experience
of the Soviet Union. When you try to keep alive an economic system
that architecturally cannot survive, through political will
and through authoritarianism, you may succeed in prolonging it, but when change happens it happens very abruptly
and catastrophically. BG: What kind of change
are you foreseeing? YV: Well, there’s no doubt that if we don’t change
the architecture of the Eurozone, the Eurozone has no future. BG: Did you make any mistakes
when you were Finance Minister? YV: Every day. BG: For example?
YV: Anybody who looks back — (Applause) No, but seriously. If there’s any Minister of Finance,
or of anything else for that matter, who tells you after six months in a job, especially in such a stressful situation, that they have made no mistake,
they’re dangerous people. Of course I made mistakes. The greatest mistake
was to sign the application for the extension of a loan agreement in the end of February. I was imagining that there was a genuine interest
on the side of the creditors to find common ground. And there wasn’t. They were simply interested
in crushing our government, just because they did not want to have to deal with
the architectural fault lines that were running through the Eurozone. And because they didn’t want to admit that for five years they were implementing
a catastrophic program in Greece. We lost one-third of our nominal GDP. This is worse than the Great Depression. And no one has come clean from the troika of lenders
that have been imposing this policy to say, “This was a colossal mistake.” BG: Despite all this, and despite the aggressiveness
of the discussion, you seem to be remaining
quite pro-European. YV: Absolutely. Look, my criticism
of the European Union and the Eurozone comes from a person
who lives and breathes Europe. My greatest fear is that
the Eurozone will not survive. Because if it doesn’t, the centrifugal forces
that will be unleashed will be demonic, and they will destroy the European Union. And that will be catastrophic
not just for Europe but for the whole global economy. We are probably the largest
economy in the world. And if we allow ourselves to fall into a route
of the postmodern 1930’s, which seems to me to be what we are doing, then that will be detrimental to the future of Europeans
and non-Europeans alike. BG: We definitely hope
you are wrong on that point. Yanis, thank you for coming to TED. YV: Thank you. (Applause)

Danny Hutson

100 thoughts on “Capitalism will eat democracy — unless we speak up | Yanis Varoufakis

  1. I have to admit that this guys' ability to disguise bullshit is remarkable.
    I gave up when he talked this common currency (cosmos, means world in Greek), I would love to be in the room full of G20 leaders discussing on how to invest this huge pot of money in full harmony and co-operation…

  2. And ASI will eat Capitalism! The Singularity is near (around 2028)

  3. Capitalism will eat democracy…, claims Marxist economist. Any and all governments move towards totalitarianism. This is the nature of government. This idea that the poor can run the country… is laughable. The Marxist always believe more government is the answer. This is the problem. Here we go… Star Trek… ancient Athens… impose… impose… IMF for all humanity. Great an international bank to solve all our problems. Like the old saying,” there are Capitalist who are Communist and Communist who are capitalists!” He just endorsed the IMF…

  4. It is SO FUNNY that when money runs out, people ALWAYS complain about "a lack of democracy" and support types like Varoufakis. Fortunately, reality is a much more consistent concept.

  5. I just 'love' the fact that in german news he was/is always referred to as absolutely insane.

    7:1 never forget

  6. This guy is a clown. Pandering to the EU because they keep his country afloat. Full of lies and deception. Tricking the useful idiots

  7. If capitalism ate democracy, it would be the equivalent of eating air. Democracy has never existed.

  8. The only reason star-trek seems to work is because of the replicator. With out it people will need to earn and unfortunately jobs would be in scarce availability. Unless ghe build 3000 to 4000 man star ships to keep everyone busy. Still though your talking 99% cooperation from the masses?? highly unlikely. And you still would have all the power in a few hands. The only way humans will ever see 100% equality is if earth gets assimilated by the borg collective.

  9. I dont believe in 100 percent equal pay to employees of the shares of the companies profits since greater effort and risk of ones life should rewarded a bit more for putting in the effort, that expands innovation and the will to work. But going much more in that direction is no just good, it is needed.

  10. Μάθετε λίγο μπαλίτσα από Λορντ Βόλντεμορτ.

  11. Capitalism makes us unequally rich and Socialism equally poor!
    Capitalists want equal opportunity Socialists want equal outcome!
    China has STATE CAPITALISM as does Sweden! In ABUNDANCE Peter Diamandis foresees a bright future for Humans because of amazing technology advances . So be optimistic!

  12. Varoufakis is a renowned Economist but in the greek elections he was proposing to keep the borders open to the illegal immigrants even though unemployment is 20%,not to develop the natural gas deposits in the Ionian sea which the bankrupt country desperately needs and enforce the Prespes Agreement which imposes the burden on Greece to invest and develop the multiethnic Skopia state!

  13. More bullshit from a narcissistic fool who thinks of himself as a messianic figure who will change the world and capitalism as we know it. His arrogance and ego have no bounds. Because of him as Economics Minister in the first six months of the destructive SYRIZA Government, Greece was nearly thrown out of not only the Eurozone but the EU as well. Because of this self proclaimed genius’ policies, he added another 100,000,000,000 Euros to Greece’s debt, further deepening Greece’s economic crisis and forcing his own PM, Tsipras, to replace him. This man nearly destroyed Greece and now he has the gall to boast about his “achievements” and pompously lecture others as to how economies should work. If anyone wants to see their country go bankrupt, then follow this fool’s advice. I should know, I am Greek and lived threw the dark days of his, and his leftist government’s administration. Thank God for Greece that the lies are now over and we have a new responsible elected government in power.

  14. Yanis is a liar blaming the financial issues on capitalism…The financial crisis was caused by FRAUD and the bailout was another fraud that went to financial elite bankers act ect…Their fraud was known before the crisis and they operated for years ABOVE THE LAW….That isn't capitalism, it's fraud AKA Crony Capitalism AKA Fascism..Same ole thing…That guy Yanis is trying to basically tell you communism is the answer…YIKES! The financial problems are directly caused by the slow implementation of marxism which has been in motion in the U.S. for years….Communsim/Socialism/Fascism, forget the semantical arguments distinguishing them because they are basically the same and they rely on fraud to operate…They are all totalitarian systems and the result is the same.
    Yanis is a marxist..Look at Karl Marx communist manifesto (how to implement communism into a nation) plank number 5..It calls for the installation of a Central Bank which is exactly what the Federal Reserve is..That occurred in 1913….Now people discontent with the financials issues in the U.S. and other nations completely unaware they are operating under fascist/communist banking systems looking for answers and here comes Yanis, a marxist pushing for more of the same thing that brought about these issues….What he's pushing for is the final step for totalitarian control…..

  15. The greek media have been throwing dirt on his name ever since he resigned from the ministry of finance in 2015. Even though he did what he promised he would do, there are very few Greeks to take him seriously nowadays. I'm very glad to see him and his party get elected into the parliament.

  16. You non Greeks who support Varoufucker are out of your mind! He is INSANE and doesn't know what he is talking about.


  18. Capitalism is the only moral system that is in harmony with man's nature! And allows his intelligence to flourish and the ONLY system that says, MAN IS FREE! It allows for man's survival qua man, and protects man from physical force and other forms of force! There is no other system EVER that man can survive under as rational beings, and live free, than under capitalism!

  19. He is very confusing. I didn't walk away with much from that. I do believe we need a true democracy though. We should be able to vote on everything, including budgets.

  20. If you are a diehard anti-capitalism type of person, then you belong to an atheistic church and have little distinction from religious zealots. Take off the fucking goggles and see try for an original thought. These capitalism vs communism debates are so simplistic and boring (and unhelpful).

  21. Probably the level of the audience required explanation of some socialism ideas by giving examples of Matrix and Star treck. That's funny. Capitalism and democracy… what an absurd.

  22. Worker-owned co-ops and a global fund that nations around the world pay into (according to their ability) that is used to help in-need nations develop green economies. Sounds like a great plan for the future. ?

  23. What’s the requirement to host a Ted-Talk. . . Well, this is an incite full man with good taste in TV shows.

  24. This fool and his games added a 100 billion more to the already astronomical debt levels of Greece. Greek people are wondering how on earth he is so much promoted by the anglosaxon establishment, but the answer is obvious : they love him, he is one of their best clowns servicing their interests. People think that the Angloamerican establishment is all about promotnig capitalism when in reality it is the opposite : the Angloamerican establishment promotes socialism, in the past mostly to those countries they wanted to keep down, now even inside the temple of capitalism, America. The very rich prefer socialist systems, not free-markets since in free-markets their entrenched positions are under attack at all times by wanna be socio-economical climbers hence the need for socialist measures that put a glass-ceiling and stop them.

    Varoufakis is a very poisonous man. He s a good orator but like so many of them he is a liar. He represents all what is most dirty. He comes from an extremely dirty family, fanatical communists who were the right-hands of ultra-capitalists, you get the point, literal lickers of powerful people, representing their oligarchical interests. He grew up in the inner circle of the Papandreou family, the very family that wrecked the economy and society of Greece. It is sickening to hear him talk about "the average man" out there when they see themselves as an elite that is destined-by-god to rule over the plebeians.

  25. Well said!
    It's now 2019 and the Matrix dystopia is becoming all the more established!
    Clash of the Titans, to commence very soon!

  26. the big corporations they will and destroy democracy not capitalism capitalism should be under control extreme capitalism destroys democracy supply and demand is the worst way of doing business period capitalism but under control pay your share in society and the CEO making 20 and 50 million of dollars that's what destroys democracy period socialism and communism should be out dictionary those are for dreamers only is not reality people have to be practical and capitalism works olny if people controlled not the corporations period

  27. Dr. Richard Wolfe talks about the important role of credit unions in productive economies, they tend to invest in small businesses and dont speculate!! Germany has a large number of credit unions, which partly explains the large number of small industries!!

  28. δώσε τους μαθήματα δημοκρατίας Γιάναρε, απολαυστικότατος

  29. Yanis Varoufakus, I’m thinking perhaps you are full of Yanis Varufakis. It’s probably not a good thing.

  30. Simply ask him "what if China offering your country much more capital than eurozone does?"

  31. Sorry, folks, ah, you? never considered granting a bigger backyard.

    Describing injustice until peace, as the union of American-Middle Eastern politics.

    Maybe some generous organization would allow innocent discussions. Democracy does.

    Better for a flat moral compass to spin than its negative aspect to win.

    The serious questioning of something more prudent isn't a beautiful contest to feed.

    Unfathomable emphasis on any! irritability, as the gavel to waste.

  32. WHYYYY? Why can’t these propagandists (or ignorants) not comprehend that capitalism did not cause ANY of this!!! Corporations are simply tools of the bankers and secret societies that JFK spoke of publicly before he was Axed. They use govt to favor cronies while suffocating their competition through the highest tax rate in the world which doesn’t effect the cronies because they have they profits in banksters off shore tax havens, and regulations and hostile policies on business. While at the same time our govt run education system and crony corporate college scam will not teach anyone how to live in a real capitalist system, no entrepreneurship education, no learning how to grow food, or monetary education or any real history. There’s so much more but we are under immense propaganda esp from msm. Karl Marx was propped up by the bankers and the result was Govt murdering well over 100 million of its own people in the last 100 yrs. that’s why this guy even says he’s confused. Nobody explained that capitalism can’t exist with the manipulation of the markets, currency, interest rates, inflation, stock market, and society in general.

  33. Ωμμμ…in order to eat democracy ,they have to widespread eating with hands, or change diet to desert sand food products…!!! Huuummm

  34. Well he may sound very flamboyant and smart to you, but to us Greeks he proved to be one of the most incompetent and arrogant ministers we have had in years. In theory, we are all experts but in politics only results matter

  35. I'm glad that I found your channel. After listening to you speak as a proponent of Marxism, you should realize that you are unwittingly and inadvertently, working precisely for the same goals of the world bankers and corporatist's New World Order agenda.

    Those of whom you speak against, were the ones who brought about Communism in the first place, following the Bolshevik Revolution. Of course, that version of Communism was a corruption of Marx's viewpoints of the ideology that he had in mind. This made him quite angry at Lenin.

    Of course Lenin was only a puppet for the Rothschild's growing worldwide central banking cartel of the period, those who planned, orchestrated and profited from the Bolshevik Revolution, by which many millions of people perished by bullet and mass starvation. I'm certain that you know of that history.

    The Rothschild's were the true, iron fisted power over the Soviet Union and satellite countries they eventually absorbed. It should be noted, the Rothschild's are not Jewish by any means of the definition. No offense meant to you personally, but this always is a point of contention for the uneducated around the world.
    Of course the Rothschild's and their ancestors, have propagandized the world's inhabitants for centuries, making them believe otherwise.

    Of course, you might likely deny that Socialism and Communism i.e. Marxism are entirely unrelated. Such is not the case.
    The end result, is any variable type of authoritarian bureaucratic dictatorship, each and every time. The state controls every aspect of the national infrastructures, as well as the lives of people.

    Some blindly view Marxism as a goal towards Utopianism. Utopian society is nothing more than wishful thinking, an unattainable pipe dream if you will. Dystopian society is always the final result. One supreme ruler, along with the Politburo, ruling over the subjugated proletariat workers class. The collective.

    Here, equality has become a reality, only by the notion that the working class collective, are equally kept in the throws of poverty by the ruling class.

    The only time that Communism, or rather Communalism has actually found beneficial success, were in the microcosmic religious monastic orders across Europe and Asia.

    As a side note, you should realize that Marx was an avid follower and adherent to Satan. You can find the proof of this by searching online, his writings, poetry and verses to Satan.
    I'm looking forward to your reply. Be well

  36. I don't understand how constant growth and giving dividends out every month is good. It causes wars and the destruction of countries to steal their natural resources. Really? To satisfy stock holders? An evil system. Remember the crash of 1929? The wealthy killed themselves. Our governments cannot bail out wall street like they did in the 1980's. In Chicago the Stock Exchange people hung a huge banner outside the window that said "We are the 1%" Robots are going to replace the poor working class because they are making hugh amounts of money by killing people by food, phamacutulicals, cancers etc? To some extent. But what are the owners going to do when their robots turn on them?

  37. Emerging world? They have always been out of the trade of prefered nations. That is why the "third" world remains poor, By design of the powers that BE.

  38. Socialism ate "democracy" too. And also we must remember that capitalism and socialism are economic systems. While democracy is a system of government. But what is democracy really?

    We have democracy when the ordinary citizen
    1. Becomes a governor, after random selection, for a very short time (along with many others)
    2. He is legislator, for all of his life (along with everyone else)
    3. Becomes a judge, after random selection, just for a single case (along with many others)

    Everything else is NOT democracy. It's oligarchy. Lighter or heavier.

  39. Much of AI technology will be too dangerous to be allowed in civilization due to reality it will destroy it. Existing examples: dynamite, RPGs, stinger missles etc. Citizens have a right to demand that technology not destroy their lives and their civilization.

  40. Εσύ ρε ΕΞΥΠΝΑΚΙΑ γιατι δεν μοιράζεις τις δικές σου καταθέσεις στους φτωχούς να δώσεις το καλό παράδειγμα….

  41. Basic premise is flawed IMO. While Capitalism has its issues and does tilt towards imbalance, other forms of economy are much worse. A brief glance at history clearly demonstrates this. Capitalist countries have far lower poverty and a much higher standard of living in every single case. Capitalism is self evidently not perfect, but its far better then the alternative. Just ask the folks in Venezuela.

  42. Democracy is a terrible form of government but I can also see the failures of capitalism so this is a tough one

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  44. It's not capitalism that destroys democracy it is corruption and not following the tenants of the Magna Cata. e.g. Epstein, Saville.

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