On Ancient Greece, the Nature of Money, and the End of Capitalism

I am ugly, but I can buy for myself the most beautiful of women. Therefore I am not ugly, for the effect of ugliness – its deterrent power – is nullified by money. I, according to my individual characteristics, am lame, but money furnishes me with twenty-four feet. Therefore I am not lame. I am bad, dishonest, unscrupulous, stupid; but money is honoured, and hence its possessor. Money is the supreme good, therefore its possessor is good. Money, besides, saves me the trouble of being dishonest: I am therefore presumed honest. I am brainless, but money is the real brain of all things and how then should its possessor be brainless? Besides, he can buy clever people for himself, and is he who has power over the clever not more clever than the clever? Do not I, who thanks to money am capable of all that the human heart longs for, possess all human capacities? Does not my money, therefore, transform all my incapacities into their contrary?

K. Marx

1. Do you agree with Marx? 

2. What are some benefits of money?

Watch the opening part of a lecture by Former Greek finance minister Yanis Varoufakis:

On Ancient Greece And The Nature of Money



1:30 - 3:30


1. What was unbeknownst to the young Yanis?

2. What was the young Yanis showered with? Why?

3. What was bestowed upon him?

4. What (or who) did he come across later in life?

- What do these phrases have in common?


4. In way did Yanis' experience as a young boy resonate with Marx's view of money?


4. Yanis sees money as "value's ethereal alter ego"? What does he mean?

Discuss

Capitalism is ending because it has made itself obsolete, former Greek finance minister Yanis Varoufakis says

What do you think the dictionary definition of capitalism is? 

capitalism

ˈkapɪt(ə)lɪz(ə)m/

noun

1. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
2. 
   

Discuss this quote:

"it is easier to imagine an end to the world than an end to capitalism"

(attributed to Fredric Jameson)

Exclusive: Former economics professor says rise of artificial intelligence will spell end of neoliberal system.

Reading:

a) undermine   b) the private means    c) capitalism    d) destroy

e) the people    f) dividend     g) redistributive       h) obsolete

Former Greek finance minister Yanis Varoufakis has claimed capitalism is coming to an end because it is making itself 1_______.  

The former economics professor told an audience at University College London that the rise of giant technology corporations and artificial intelligence will cause the current economic system to 2______ itself. 

Warning Karl Marx “will have his revenge”, the 56-year-old said for the first time since capitalism started, new technology “is going to 3______ a lot more jobs than it creates”.

He added: “Capitalism is going to undermine 4_______, because they are producing all these technologies that will make corporations and 5_______ 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 6_______ 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 7______. Out of this a "universal basic 8_______" could be paid to every citizen.