“Capitalism is going to undermine capitalism, because they are producing all these technologies that will make corporations and the private means of production obsolete. And then what happens? I have no idea.”
Describing the present economic situation as “unsustainable” and fearing the rise of “toxic nationalism”, Mr Varoufakis said governments needed to prepare for post-capitalism by introducing redistributive wealth policies.
He suggested one effective policy would be for 10 per cent of all future issue of shares to be put into a “common welfare fund” owned by the people. Out of this a “universal basic dividend” could be paid to every citizen. ”
Or perhaps technology is making “capitalism” obsolete (it’s not even clear, however, that “capitalism” is what’s being displaced, so much as an ad hoc set of public-private power relations mixed in with semi-free flowing capital and quasi-free markets…)