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

1,268,213 views ใƒป 2016-02-15

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ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืžืชืจื’ื: Niva Kaspi ืžื‘ืงืจ: Ido Dekkers
00:13
Democracy.
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ื“ืžื•ืงืจื˜ื™ื”.
00:14
In the West,
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ื‘ืžืขืจื‘,
00:16
we make a colossal mistake taking it for granted.
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ืื ื—ื ื• ืขื•ืฉื™ื ืืช ื”ื˜ืขื•ืช ื”ืขืฆื•ืžื” ืฉืœ ืœืงื‘ืœ ืื•ืชื” ื›ืžื•ื‘ืŸ ืžืืœื™ื•.
00:20
We see democracy
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ืื ื• ืจื•ืื™ื ื“ืžื•ืงืจื˜ื™ื”
00:21
not as the most fragile of flowers that it really is,
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ืœื ื›ืคืจื— ื”ืฉื‘ืจื™ืจื™ ื‘ื™ื•ืชืจ ืฉื”ื™ื,
00:26
but we see it as part of our society's furniture.
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ืืœื ื›ื—ืœืง ืžื”ืจื™ื”ื•ื˜ ืฉืœ ื”ื—ื‘ืจื” ืฉืœื ื•.
00:29
We tend to think of it as an intransigent given.
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ืื ื• ื ื•ื˜ื™ื ืœืจืื•ืช ื–ืืช ื›ืžืฉื”ื• ื ืชื•ืŸ.
00:34
We mistakenly believe that capitalism begets inevitably democracy.
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ืื ื• ื‘ื˜ืขื•ืช ืžืืžื™ื ื™ื ืฉืงืคื™ื˜ืœื™ื–ื ืžื•ื‘ื™ืœ ื‘ืื•ืคืŸ ื‘ืœืชื™ ื ืžื ืข ืœื“ืžื•ืงืจื˜ื™ื”.
00:39
It doesn't.
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ื”ื•ื ืœื.
00:41
Singapore's Lee Kuan Yew and his great imitators in Beijing
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ืœื™ ืงื•ื•ืืŸ ื™ื• ืžืกื™ื ื’ืคื•ืจ ื•ื—ืงื™ื™ื ื™ื• ื”ื’ื“ื•ืœื™ื ืžื‘ื™ื’'ื™ืŸ
00:45
have demonstrated beyond reasonable doubt
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ื”ืจืื• ืžืขื‘ืจ ืœื›ืœ ืกืคืง
00:48
that it is perfectly possible to have a flourishing capitalism,
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ืฉื–ื” ื‘ื”ื—ืœื˜ ืืคืฉืจื™ ืœืงื™ื™ื ืงืคื™ื˜ืœื™ื–ื ืžืฉื’ืฉื’,
00:52
spectacular growth,
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ืฆืžื™ื—ื” ืื“ื™ืจื”,
00:54
while politics remains democracy-free.
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ื‘ื–ืžืŸ ืฉื”ืคื•ืœื™ื˜ื™ืงื” ื ืฉืืจืช ื ื˜ื•ืœืช ื“ืžื•ืงืจื˜ื™ื”.
00:58
Indeed, democracy is receding in our neck of the woods,
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ืื›ืŸ, ื“ืžื•ืงืจื˜ื™ื” ื ืกื•ื’ื” ื‘ืื–ื•ืจื ื•,
01:02
here in Europe.
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ื›ืืŸ ื‘ืื™ืจื•ืคื”.
01:04
Earlier this year, while I was representing Greece --
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ืžื•ืงื“ื ื™ื•ืชืจ ื”ืฉื ื”, ื‘ื–ืžืŸ ืฉื™ื™ืฆื’ืชื™ ืืช ื™ื•ื•ืŸ--
01:07
the newly elected Greek government --
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ื”ืžืžืฉืœื” ื”ื˜ืจื™ื” ืฉืœ ื™ื•ื•ืŸ--
01:10
in the Eurogroup as its Finance Minister,
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ื‘ื™ื•ืจื•ื’ืจื•ืค ื‘ืชืคืงื™ื“ ืฉืจ ื”ื›ืกืคื™ื,
01:12
I was told in no uncertain terms that our nation's democratic process --
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ื ืืžืจ ืœื™ ื‘ื‘ื™ืจื•ืจ ืฉืœืชื”ืœื™ืš ื”ื“ืžื•ืงืจื˜ื™ ืฉืœ ืžื“ื™ื ืชื ื•--
01:17
our elections --
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ืœื‘ื—ื™ืจื•ืช ืฉืœื ื•--
01:19
could not be allowed to interfere
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ืœื ื™ื•ืจืฉื” ืœื”ืคืจื™ืข
01:21
with economic policies that were being implemented in Greece.
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ืœืžื“ื™ื ื™ื•ืช ื”ื›ืœื›ืœื™ืช ืฉื”ื™ืชื” ืžื™ื•ืฉืžืช ื‘ื™ื•ื•ืŸ.
01:25
At that moment,
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ื‘ืื•ืชื• ืจื’ืข,
01:26
I felt that there could be no greater vindication of Lee Kuan Yew,
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ื”ืจื’ืฉืชื™ ืฉืœื ื™ื›ื•ืœื” ืœื”ื™ื•ืช ื”ืฆื“ืงื” ื™ื•ืชืจ ื’ื“ื•ืœื” ืœืœื™ ืงื•ื•ืืŸ ื™ื•,
01:30
or the Chinese Communist Party,
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ืื• ืœืžืคืœื’ื” ื”ืงื•ืžื•ื ื™ืกื˜ื™ืช ืฉืœ ืกื™ืŸ,
01:32
indeed of some recalcitrant friends of mine who kept telling me
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ื•ื’ื ืฉืœ ื›ืžื” ืžื™ื“ื™ื“ื™ ื”ืกืจื‘ื ื™ื ืฉื”ืžืฉื™ื›ื• ืœื•ืžืจ ืœื™
01:36
that democracy would be banned if it ever threatened to change anything.
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ืฉื”ื“ืžื•ืงืจื˜ื™ื” ืชื•ื—ืจื ืื ื”ื™ื ืื™ ืคืขื ืชืื™ื™ื ืœืฉื ื•ืช ืžืฉื”ื•.
01:41
Tonight, here, I want to present to you
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ื”ืขืจื‘, ื›ืืŸ, ืื ื™ ืจื•ืฆื” ืœื”ืฆื™ื’ ื‘ืคื ื™ื›ื
01:44
an economic case for an authentic democracy.
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ื˜ื™ืขื•ืŸ ื›ืœื›ืœื™ ื‘ืขื“ ื“ืžื•ืงืจื˜ื™ื” ืื•ืชื ื˜ื™ืช.
01:48
I want to ask you to join me in believing again
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ืื ื™ ืจื•ืฆื” ืœื”ื–ืžื™ืŸ ืืชื›ื ืœื”ืืžื™ืŸ ื™ื—ื“ ืื™ืชื™
01:53
that Lee Kuan Yew,
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ืฉืœื™ ืงื•ื•ืืŸ ื™ื•,
01:56
the Chinese Communist Party
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ืฉื”ืžืคืœื’ื” ื”ืงื•ืžื•ื ื™ืกื˜ื™ืช ืฉืœ ืกื™ืŸ
01:57
and indeed the Eurogroup
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ื•ืฉื”ื™ื•ืจื•ื’ืจื•ืค
01:59
are wrong in believing that we can dispense with democracy --
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ื˜ื•ืขื™ื ื‘ืืžื•ื ืชื ืฉืื ื• ื™ื›ื•ืœื™ื ืœื”ืคื˜ืจ ืžื“ืžื•ืงืจื˜ื™ื”--
02:03
that we need an authentic, boisterous democracy.
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ืฉืื ื• ืฆืจื™ื›ื™ื ื“ืžื•ืงืจื˜ื™ื” ื—ื™ื” ื•ืื•ืชื ื˜ื™ืช.
02:07
And without democracy,
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ื•ืœืœื ื“ืžื•ืงืจื˜ื™ื”,
02:10
our societies will be nastier,
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ื”ื—ื‘ืจื•ืช ืฉืœื ื• ืชื”ื™ื™ื ื” ืื›ื–ืจื™ื™ื•ืช ื™ื•ืชืจ,
02:13
our future bleak
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ืขืชื™ื“ื ื• ืขื’ื•ื
02:15
and our great, new technologies wasted.
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ื•ื”ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ื”ื—ื“ืฉื•ืช ื”ืขืฆื•ืžื•ืช ืฉืœื ื• ื™ื‘ื•ื–ื‘ื–ื•.
02:18
Speaking of waste,
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ืื ืžื“ื‘ืจื™ื ืขืœ ื‘ื–ื‘ื•ื–,
02:19
allow me to point out an interesting paradox
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ืชืจืฉื• ืœื™ ืœื”ืฆื‘ื™ืข ืขืœ ืคืจื“ื•ืงืก ืžืขื ื™ื™ืŸ
02:22
that is threatening our economies as we speak.
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ืฉืžืื™ื™ื ืขืœ ื”ื›ืœื›ืœื•ืช ืฉืœื ื• ื‘ืจื’ืข ื–ื”.
02:25
I call it the twin peaks paradox.
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ืื ื™ ืงื•ืจื ืœื• ืคืจื“ื•ืงืก ื”ืคืกื’ื•ืช ื”ืชืื•ืžื•ืช.
02:27
One peak you understand --
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ืคืกื’ื” ืื—ืช ืืชื ืžื‘ื™ื ื™ื--
02:28
you know it, you recognize it --
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ืืชื ืžื›ื™ืจื™ื ื•ืžื–ื”ื™ื ืื•ืชื”--
02:30
is the mountain of debts that has been casting a long shadow
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ื”ื™ื ืฉืœ ื”ืจ ื”ื—ื•ื‘ื•ืช ืฉืžื˜ื™ืœ ืฆืœ ืืจื•ืš
02:35
over the United States, Europe, the whole world.
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ืขืœ ืืจืฆื•ืช ื”ื‘ืจื™ืช, ืื™ืจื•ืคื”, ื›ืœ ื”ืขื•ืœื.
02:38
We all recognize the mountain of debts.
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ื›ื•ืœื ื• ืžื–ื”ื™ื ืืช ื”ืจ ื”ื—ื•ื‘ื•ืช.
02:40
But few people discern its twin.
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ืื‘ืœ ืžืขื˜ื™ื ื”ืื ืฉื™ื ืฉืจื•ืื™ื ืืช ื”ืชืื•ื ืฉืœื•.
02:45
A mountain of idle cash
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ื”ืจ ืฉืœ ืžื–ื•ืžื ื™ื ื‘ื˜ืœื™ื
02:48
belonging to rich savers and to corporations,
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ื”ืฉื™ื™ื›ื™ื ืœื—ื•ืกื›ื™ื ืขืฉื™ืจื™ื ื•ืœืชืื’ื™ื“ื™ื,
02:53
too terrified to invest it
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ื”ื—ืจื“ื™ื ืžื“ื™ ื›ื“ื™ ืœื”ืฉืงื™ืข
02:55
into the productive activities that can generate the incomes
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ื‘ืคืขื™ืœื•ื™ื•ืช ืžื•ืขื™ืœื•ืช ืฉื™ื™ืฆืจื• ื”ื›ื ืกื•ืช
02:59
from which you can extinguish the mountain of debts
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ื‘ื”ืŸ ืชื•ื›ืœื• ืœื›ืกื•ืช ืืช ื”ืจ ื”ื—ื•ื‘ื•ืช
03:02
and which can produce all those things that humanity desperately needs,
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ื•ืฉื™ื•ื›ืœื• ืœื™ืฆื•ืจ ืืช ื›ืœ ื”ื“ื‘ืจื™ื ืื•ืชื ื”ืื ื•ืฉื•ืช ืฆืจื™ื›ื” ื‘ื“ื—ื™ืคื•ืช,
03:06
like green energy.
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ื›ืžื• ืื ืจื’ื™ื” ื™ืจื•ืงื”.
03:07
Now let me give you two numbers.
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ืขื›ืฉื™ื• ืชืจืฉื• ืœื™ ืœืชืช ืœื›ื ืฉื ื™ ืžืกืคืจื™ื.
03:10
Over the last three months,
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ื‘ืžืฉืš ืฉืœื•ืฉืช ื”ื—ื•ื“ืฉื™ื ื”ืื—ืจื•ื ื™ื,
03:11
in the United States, in Britain and in the Eurozone,
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ื‘ืืจืฆื•ืช ื”ื‘ืจื™ืช, ื‘ื‘ืจื™ื˜ื ื™ื”, ื•ื‘ืื™ืจื•ื–ื•ืŸ,
03:14
we have invested, collectively, 3.4 trillion dollars
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ื”ืฉืงืขื ื•, ื‘ืžืฉื•ืชืฃ, 3.4 ื˜ืจื™ืœื™ื•ืŸ ื“ื•ืœืจื™ื
03:18
on all the wealth-producing goods --
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ื‘ื›ืœ ืžื•ืฆืจื™ ื”ืคืงืช ื”ื•ืŸ--
03:21
things like industrial plants, machinery,
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ื“ื‘ืจื™ื ื›ื’ื•ืŸ ืžืชืงื ื™ื ืชืขืฉื™ื™ืชื™ื™ื, ืžื›ื•ื ื•ืช,
03:24
office blocks, schools,
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ื‘ื ื™ื™ื ื™ ืžืฉืจื“ื™ื, ื‘ืชื™ ืกืคืจ,
03:26
roads, railways, machinery, and so on and so forth.
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ื›ื‘ื™ืฉื™ื, ืžืกื™ืœื•ืช, ืžื›ื•ื ื•ืช, ื•ื›ืŸ ื”ืœืื”.
03:29
$3.4 trillion sounds like a lot of money
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3.4 ื˜ืจื™ืœื™ื•ืŸ ื ืฉืžืข ื›ืžื• ื”ืจื‘ื” ื›ืกืฃ
03:32
until you compare it to the $5.1 trillion
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ืขื“ ืฉืืชื ืžืฉื•ื•ื™ื ืืช ื–ื” ืขื ื”- 5.1 ื˜ืจื™ืœื™ื•ืŸ
03:36
that has been slushing around in the same countries,
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ืฉืžืกืชื•ื‘ื‘ื™ื ื‘ืžื•ืกื“ื•ืช ื”ืคื™ื ื ืกื™ื
03:39
in our financial institutions,
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ื‘ืื•ืชืŸ ืžื“ื™ื ื•ืช,
03:41
doing absolutely nothing during the same period
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ื•ืžืคื™ืงื™ื ืฉื•ื ื“ื‘ืจ ื‘ืื•ืชื” ืชืงื•ืคื”
03:45
except inflating stock exchanges and bidding up house prices.
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ืžืœื‘ื“ ืœื ืคื— ืืช ื”ื‘ื•ืจืกืื•ืช ื•ืœื”ืขืœื•ืช ืืช ืžื—ื™ืจื™ ื”ื‘ืชื™ื.
03:50
So a mountain of debt and a mountain of idle cash
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ืื– ื”ืจ ืฉืœ ื—ื•ื‘ ื•ื”ืจ ืฉืœ ืžื–ื•ืžื ื™ื ื‘ื˜ืœื™ื
03:55
form twin peaks, failing to cancel each other out
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ื™ื•ืฆืจื™ื ืคืกื’ื•ืช ืชืื•ืžื•ืช ืฉืื™ื ืŸ ืžื‘ื˜ืœื•ืช ืื—ืช ืืช ื”ืฉื ื™ื”
03:59
through the normal operation of the markets.
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ื“ืจืš ืคืขื•ืœื•ืชื™ื”ืŸ ื”ืจื’ื™ืœื•ืช ืฉืœ ื”ืฉื•ื•ืงื™ื.
04:02
The result is stagnant wages,
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ื”ืชื•ืฆืื” ื”ื™ื ืžืฉื›ื•ืจื•ืช ืงืคื•ืื•ืช,
04:05
more than a quarter of 25- to 54-year-olds in America, in Japan and in Europe
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ื™ื•ืชืจ ืžืจื‘ืข ืฉืœ ื‘ื ื™ 25-54 ื‘ืืžืจื™ืงื”, ื™ืคืŸ ื•ืื™ืจื•ืคื”
04:11
out of work.
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ืžื—ื•ืกืจื™ ืขื‘ื•ื“ื”.
04:12
And consequently, low aggregate demand,
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ื•ื›ืชื•ืฆืื” ืžื–ื”, ื‘ื™ืงื•ืฉ ืžืฆืจืคื™ ื ืžื•ืš,
04:14
which in a never-ending cycle,
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ืฉื‘ืžืขื’ืœ ืื™ืŸ ืกื•ืคื™,
04:17
reinforces the pessimism of the investors,
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ืžื—ื–ืงืช ืืช ื”ืคืกื™ืžื™ื•ืช ืฉืœ ื”ืžืฉืงื™ืขื™ื,
04:20
who, fearing low demand, reproduce it by not investing --
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ืฉืžืชื•ืš ืคื—ื“ ืžื‘ื™ืงื•ืฉ ื ืžื•ืš ืžื•ืกื™ืคื™ื ืœื• ื‘ื–ื” ืื™ื ื ืžืฉืงื™ืขื™ื--
04:24
exactly like Oedipus' father,
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ื‘ื“ื™ื•ืง ื›ืžื• ืฉืื‘ื™ื• ืฉืœ ืื“ื™ืคื•ืก,
04:27
who, terrified by the prophecy of the oracle
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ืฉืžืจื•ื‘ ืคื—ื“ ืžื ื‘ื•ืืช ื”ืื•ืจืงืœ
04:29
that his son would grow up to kill him,
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ืฉื‘ื ื• ื™ื’ื“ืœ ื•ื™ื”ืจื’ื•,
04:32
unwittingly engineered the conditions
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ื”ื™ื ื“ืก, ื‘ื”ืกื— ื“ืขืช, ืืช ื”ืชื ืื™ื
04:34
that ensured that Oedipus, his son, would kill him.
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ืฉื”ื‘ื˜ื™ื—ื• ืฉื‘ื ื• ืื“ื™ืคื•ืก ื™ื”ืจื•ื’ ืื•ืชื•.
04:38
This is my quarrel with capitalism.
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ื–ื”ื• ื”ื•ื•ื™ื›ื•ื— ืฉืœื™ ืขื ืงืคื™ื˜ืœื™ื–ื.
04:41
Its gross wastefulness,
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ื”ื‘ื–ื‘ื•ื– ื”ืžืฉื•ื•ืข ืฉืœื•,
04:43
all this idle cash,
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ื›ืœ ื”ืžื–ื•ืžื ื™ื ื”ื‘ื˜ืœื™ื ื”ืœืœื•,
04:44
should be energized to improve lives,
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ืฆืจื™ื›ื™ื ืœื”ื™ื•ืช ืžืชื•ืขืœื™ื ื›ื“ื™ ืœืฉืคืจ ืืช ื—ื™ื™ื ื•,
04:49
to develop human talents,
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ืœืคืชื— ื›ืฉืจื•ื ื•ืช ืื ื•ืฉื™ื™ื,
04:50
and indeed to finance all these technologies,
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ื•ื›ืŸ ืœืžืžืŸ ืืช ื›ืœ ื”ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ื”ืœืœื•,
04:53
green technologies,
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ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ื™ืจื•ืงื•ืช,
04:54
which are absolutely essential for saving planet Earth.
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ืฉื”ืŸ ื”ื›ืจื—ื™ื•ืช ืœื”ืฆืœืช ื›ื“ื•ืจ ื”ืืจืฅ.
04:58
Am I right in believing that democracy might be the answer?
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ื”ืื ืื ื™ ืฆื•ื“ืง ื‘ืืžื•ื ืชื™ ืฉื”ื“ืžื•ืงืจื˜ื™ื” ื”ื™ื ื”ืชืฉื•ื‘ื”?
05:01
I believe so,
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ืื ื™ ืžืืžื™ืŸ ืฉื›ืŸ,
05:02
but before we move on,
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ืื‘ืœ ืœืคื ื™ ืฉื ืžืฉื™ืš,
05:04
what do we mean by democracy?
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ืœืžื” ืื ื• ืžืชื›ื•ื•ื ื™ื ื›ืฉืื ื• ืื•ืžืจื™ื ื“ืžื•ืงืจื˜ื™ื”?
05:06
Aristotle defined democracy
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ืืจื™ืกื˜ื• ื”ื’ื“ื™ืจ ื“ืžื•ืงืจื˜ื™ื”
05:08
as the constitution in which the free and the poor,
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ื›ืžืขืจื›ืช ื‘ื” ื”ื—ื•ืคืฉื™ ื•ื”ืขื ื™,
05:13
being in the majority, control government.
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ื‘ื”ื™ื•ืชื ื”ืจื•ื‘, ืฉื•ืœื˜ื™ื ื‘ืžืžืฉืœื”.
05:17
Now, of course Athenian democracy excluded too many.
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ืขื›ืฉื™ื•, ื›ืžื•ื‘ืŸ, ื“ืžื•ืงืจื˜ื™ื” ืืชื•ื ืื™ืช ื”ื“ื™ืจื” ืจื‘ื™ื.
05:20
Women, migrants and, of course, the slaves.
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ื ืฉื™ื, ืžื”ื’ืจื™ื ื•ื›ืžื•ื‘ืŸ, ืขื‘ื“ื™ื.
05:24
But it would be a mistake
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ืื‘ืœ ื–ื• ืชื”ื™ื” ื˜ืขื•ืช
05:25
to dismiss the significance of ancient Athenian democracy
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ืœืคืกื•ืœ ืืช ืžืฉืžืขื•ืช ื”ื“ืžื•ืงืจื˜ื™ื” ื”ืืชื•ื ืื™ืช ื”ืขืชื™ืงื”
05:28
on the basis of whom it excluded.
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ืขืœ ื‘ืกื™ืก ืžื™ ืฉื”ื™ื ื”ื“ื™ืจื”.
05:31
What was more pertinent,
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ืžื” ืฉื”ื™ื” ื™ื•ืชืจ ื ื›ื•ืŸ,
05:32
and continues to be so about ancient Athenian democracy,
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ื•ืžืžืฉื™ืš ืœื”ื™ื•ืช ื›ืš ื‘ื ื•ื’ืข ืœื“ืžื•ืงืจื˜ื™ื” ื”ืืชื•ื ืื™ืช ื”ืขืชื™ืงื”,
05:36
was the inclusion of the working poor,
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ื”ื•ื ื”ื”ื›ืœืœื” ืฉืœ ื”ืขื•ื‘ื“ ื”ืขื ื™,
05:40
who not only acquired the right to free speech,
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ืฉืœื ืจืง ืงื™ื‘ืœ ืืช ื”ื–ื›ื•ืช ืœื—ื•ืคืฉ ื”ื‘ื™ื˜ื•ื™,
05:45
but more importantly, crucially,
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ืื‘ืœ ื™ื•ืชืจ ื—ืฉื•ื‘, ื”ื›ืจื—ื™,
05:47
they acquired the rights to political judgments
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ืงื™ื‘ืœ ืืช ื”ื–ื›ื•ืช ืœืฉื™ืคื•ื˜ื™ื ืคื•ืœื™ื˜ื™ื™ื
05:50
that were afforded equal weight
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ืฉื•ื•ื™ื ื‘ืžืฉืงืœื
05:52
in the decision-making concerning matters of state.
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ื‘ืชื”ืœื™ื›ื™ ืงื‘ืœืช ื”ื”ื—ืœื˜ื•ืช ืฉืœ ื”ืžื“ื™ื ื”.
05:56
Now, of course, Athenian democracy didn't last long.
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ืขื›ืฉื™ื•, ื›ืžื•ื‘ืŸ, ื“ืžื•ืงืจื˜ื™ื” ืืชื•ื ืื™ืช ืœื ื”ื—ื–ื™ืงื” ืžืขืžื“ ื–ืžืŸ ืจื‘.
05:59
Like a candle that burns brightly, it burned out quickly.
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ื›ืžื• ืœื”ื‘ื” ืฉืœ ื ืจ, ื”ื™ื ื ืฉืจืคื” ื‘ืžื”ื™ืจื•ืช.
06:03
And indeed,
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ื•ืื›ืŸ,
06:04
our liberal democracies today do not have their roots in ancient Athens.
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ื”ื“ืžื•ืงืจื˜ื™ื•ืช ื”ืœื™ื‘ืจืœื™ื•ืช ืฉืœ ื”ื™ื•ื ืœื ืžื‘ื•ืกืกื•ืช ืขืœ ืืชื•ื ื” ื”ืขืชื™ืงื”.
06:09
They have their roots in the Magna Carta,
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ื‘ืกื™ืกืŸ ื‘ืžื’ื ื” ื›ืจื˜ื”,
06:11
in the 1688 Glorious Revolution,
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ื‘ืžื”ืคื›ื” ื”ืžื”ื•ืœืœืช ืฉืœ 1688,
06:14
indeed in the American constitution.
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ื•ื‘ื—ื•ืงื” ื”ืืžืจื™ืงืื™ืช.
06:17
Whereas Athenian democracy was focusing on the masterless citizen
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ื‘ืขื•ื“ ื”ื“ืžื•ืงืจื˜ื™ื” ื”ืืชื•ื ืื™ืช ื”ืชืžืงื“ื” ื‘ืื–ืจื—ื™ื ืœืœื ืื“ื•ื ื™ื
06:22
and empowering the working poor,
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ื•ื‘ื—ื™ื–ื•ืง ื”ืขื•ื‘ื“ ื”ืขื ื™,
06:25
our liberal democracies are founded on the Magna Carta tradition,
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ื”ื“ืžื•ืงืจื˜ื™ื•ืช ื”ืœื™ื‘ืจืœื™ื•ืช ืฉืœื ื• ืžื•ืฉืชืชื•ืช ืขืœ ืžืกื•ืจืช ื”ืžื’ื ื” ื›ืจื˜ื”,
06:29
which was, after all, a charter for masters.
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ืฉื”ื™ื ื”ื™ืชื”, ืื—ืจื™ ื”ื›ืœ, ื›ืชื‘ ื–ื›ื•ื™ื•ืช ืœืื“ื•ื ื™ื.
06:32
And indeed, liberal democracy only surfaced when it was possible
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ื•ืื›ืŸ, ื”ื“ืžื•ืงืจื˜ื™ื” ื”ืœื™ื‘ืจืœื™ืช ืงืžื” ืจืง ื›ืืฉืจ ื”ืชืืคืฉืจ
06:36
to separate fully the political sphere from the economic sphere,
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ืœื”ืคืจื™ื“ ืœื’ืžืจื™ ืืช ื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช ืžื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช,
06:40
so as to confine the democratic process fully in the political sphere,
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ื›ื“ื™ ืœืชื—ื•ื ืืช ื”ืชื”ืœื™ืš ื”ื“ืžื•ืงืจื˜ื™ ืœื’ืžืจื™ ื‘ืชื•ืš ื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช,
06:45
leaving the economic sphere --
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ื•ืœื”ืฉืื™ืจ ืืช ื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช--
06:47
the corporate world, if you want --
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ืขื•ืœื ื”ืชืื’ื™ื“ื™ื, ืื ืชืจืฆื•--
06:49
as a democracy-free zone.
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ื›ืื–ื•ืจ ื—ื•ืคืฉื™ ืžื“ืžื•ืงืจื˜ื™ื”.
06:53
Now, in our democracies today,
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ืขื›ืฉื™ื•, ื‘ื“ืžื•ืงืจื˜ื™ื•ืช ืฉืœื ื• ื”ื™ื•ื,
06:56
this separation of the economic from the political sphere,
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ื”ื”ืคืจื“ื” ื”ื–ื• ื‘ื™ืŸ ื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช ื•ื”ืคื•ืœื™ื˜ื™ืช,
07:00
the moment it started happening,
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ื‘ืจื’ืข ืฉื”ื™ื ื”ืชื—ื™ืœื” ืœืงืจื•ืช,
07:02
it gave rise to an inexorable, epic struggle between the two,
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ื™ืฆืจื” ืงืจื‘ ืงืฉื•ื— ื•ืืคื™ ื‘ื™ืŸ ื”ืฉืชื™ื™ื,
07:06
with the economic sphere colonizing the political sphere,
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ื›ืฉื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช ืžืฉืชืœื˜ืช ืขืœ ื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช,
07:10
eating into its power.
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ื•ื ื™ื–ื•ื ื” ืžื›ื•ื—ื”.
07:12
Have you wondered why politicians are not what they used to be?
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ื”ืื ืชื”ื™ืชื ืžื“ื•ืข ืคื•ืœื™ื˜ื™ืงืื™ื ืื™ื ื ื›ืคื™ ืฉื”ื™ื• ืคืขื?
07:16
It's not because their DNA has degenerated.
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ื–ื” ืœื ืžืคื ื™ ืฉื” DNA ืฉืœื”ื ื”ืฉืชื‘ืฉ.
07:19
(Laughter)
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(ืฆื—ื•ืง)
07:20
It is rather because one can be in government today and not in power,
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ื–ื” ืžืคื ื™ ืฉื”ื™ื•ื ืื“ื ื™ื›ื•ืœ ืœื”ื™ื•ืช ื‘ืžืžืฉืœื” ืื‘ืœ ืœื ื‘ืžื•ืงื“ ื”ื›ื—,
07:25
because power has migrated from the political to the economic sphere,
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ืžืคื ื™ ืฉื”ื›ื— ื”ื™ื’ืจ ืžื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช ืœืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช,
07:28
which is separate.
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ืฉื”ื™ื ืžื•ืคืจื“ืช.
07:31
Indeed,
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ืื›ืŸ,
07:32
I spoke about my quarrel with capitalism.
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ื“ื‘ืจืชื™ ืขืœ ื”ื•ื•ื™ื›ื•ื— ืฉืœื™ ืขื ืงืคื™ื˜ืœื™ื–ื.
07:35
If you think about it,
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ืื ืชื—ืฉื‘ื• ืขืœ ื›ืš,
07:36
it is a little bit like a population of predators,
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ื–ื” ืงืฆืช ื›ืžื• ืื•ื›ืœื•ืกื™ื” ืฉืœ ื˜ื•ืจืคื™ื,
07:41
that are so successful in decimating the prey that they must feed on,
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ืืฉืจ ื›ื” ืžืฆืœื™ื—ื™ื ืœื”ืฉืžื™ื“ ืืช ื”ืงื•ืจื‘ืŸ ืฉืžืžื ื• ื”ื ื ื™ื–ื•ื ื™ื,
07:46
that in the end they starve.
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ืฉืœื‘ืกื•ืฃ ื”ื ื’ื•ื•ืขื™ื ื‘ืจืขื‘.
07:48
Similarly,
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ื‘ื“ื•ืžื” ืœื–ืืช,
07:49
the economic sphere has been colonizing and cannibalizing the political sphere
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ื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช ืฉื•ืœื˜ืช ื•ื˜ื•ืจืคืช ืืช ื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช
07:53
to such an extent that it is undermining itself,
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ืขื“ ืœืžืฆื‘ ื‘ื• ื”ื™ื ืžืขืจืขืจืช ืืช ืขืฆืžื”,
07:57
causing economic crisis.
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ื’ื•ืจืžืช ืœืžืฉื‘ืจ ื›ืœื›ืœื™.
07:58
Corporate power is increasing,
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ื›ื— ื”ืชืื’ื™ื“ื™ื ืžืชืขืฆื,
08:00
political goods are devaluing,
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ืžื•ืฆืจื™ื ืคื•ืœื™ื˜ื™ื™ื ืžื•ืคื—ืชื™ื ืžืขืจื›ื,
08:03
inequality is rising,
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ื—ื•ืกืจ ื”ืฉื™ื•ื•ื™ื•ืŸ ื’ื•ื‘ืจ,
08:05
aggregate demand is falling
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ื‘ื™ืงื•ืฉ ืžื™ืฆืจืคื™ ื ื•ืคืœ
08:06
and CEOs of corporations are too scared to invest the cash of their corporations.
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ื•ืจืืฉื™ ืชืื’ื™ื“ื™ื ืžืคื—ื“ื™ื ืœื”ืฉืงื™ืข ืืช ื”ืžื–ื•ืžื ื™ื ืฉืœ ื—ื‘ืจื•ืชื™ื”ื.
08:13
So the more capitalism succeeds in taking the demos out of democracy,
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ืื– ื›ื›ืœ ืฉืงืคื™ื˜ืœื™ื–ื ืžืฆืœื™ื— ืœื”ื•ืฆื™ื ืืช ื”ื“ืžื•ืก ืžื”ื“ืžื•ืงืจื˜ื™ื”,
08:20
the taller the twin peaks
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ื›ืš ื’ื•ื‘ื”ื•ืช ื”ืคืกื’ื•ืช ื”ืชืื•ืžื•ืช
08:21
and the greater the waste of human resources
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ื•ื›ืš ื’ื•ื‘ืจ ื”ื‘ื–ื‘ื•ื– ืฉืœ ืžืฉืื‘ื™ื ืื ื•ืฉื™ื™ื
08:25
and humanity's wealth.
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ื•ืฉืœ ื”ื•ืŸ ื”ืื ื•ืฉื•ืช.
08:27
Clearly, if this is right,
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ื‘ืจื•ืจ ืฉืื ื–ื” ื ื›ื•ืŸ,
08:30
we must reunite the political and economic spheres
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ืขืœื™ื ื• ืœืื—ื“ ืืช ื”ืกืคื™ืจื•ืช ื”ืคื•ืœื™ื˜ื™ื•ืช ื•ื”ื›ืœื›ืœื™ื•ืช
08:33
and better do it with a demos being in control,
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ื•ื›ื“ืื™ ืœืขืฉื•ืช ื–ืืช ืขื ื“ืžื•ืก ื‘ืฉืœื™ื˜ื”,
08:37
like in ancient Athens except without the slaves
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ื›ืžื• ื‘ืืชื•ื ื” ื”ืขืชื™ืงื” ืจืง ืœืœื ื”ืขื‘ื“ื™ื
08:40
or the exclusion of women and migrants.
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ืื• ื”ื“ืจืชื ืฉืœ ื ืฉื™ื ื•ืžื”ื’ืจื™ื.
08:44
Now, this is not an original idea.
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ื–ื” ืœื ืจืขื™ื•ืŸ ืžืงื•ืจื™.
08:45
The Marxist left had that idea 100 years ago
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ืœืฉืžืืœ ื”ืžืจืงืกื™ืกื˜ื™ ื”ื™ื” ืืช ื”ืจืขื™ื•ืŸ ื”ื–ื” ืœืคื ื™ 100 ืฉื ื”
08:48
and it didn't go very well, did it?
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ื•ื–ื” ืœื ืขื‘ื“ ื›ืœ ื›ืš ื˜ื•ื‘, ื ื›ื•ืŸ?
08:50
The lesson that we learned from the Soviet debacle
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ื”ืฉื™ืขื•ืจ ืฉืœืžื“ื ื• ืžื”ืžืคืœื” ื”ืกื•ื‘ื™ื™ื˜ื™ืช
08:54
is that only by a miracle will the working poor be reempowered,
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ื–ื” ืฉืจืง ื‘ืขื–ืจืช ื ืก ื”ืขื•ื‘ื“ ื”ืขื ื™ ื™ืชื—ื–ืง ืžื—ื“ืฉ,
09:00
as they were in ancient Athens,
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ื›ืคื™ ืฉื”ื™ื” ื‘ืืชื•ื ื” ื”ืขืชื™ืงื”,
09:02
without creating new forms of brutality and waste.
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ืžื‘ืœื™ ืœื™ืฆื•ืจ ืฆื•ืจื•ืช ื—ื“ืฉื•ืช ืฉืœ ืื›ื–ืจื™ื•ืช ื•ื‘ื–ื‘ื•ื–.
09:06
But there is a solution:
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ืื‘ืœ ื™ืฉ ืคืชืจื•ืŸ:
09:08
eliminate the working poor.
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ืœื”ืคื˜ืจ ืžื”ืขื•ื‘ื“ ื”ืขื ื™.
09:11
Capitalism's doing it
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ืงืคื™ื˜ืœื™ื–ื ืขื•ืฉื” ื–ืืช
09:12
by replacing low-wage workers with automata, androids, robots.
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ืขืœ ื™ื“ื™ ื”ื—ืœืคืช ืขื•ื‘ื“ื™ ื”ืฉื›ืจ ื”ื ืžื•ืš ื‘ืจื•ื‘ื•ื˜ื™ื,ืื ื“ืจื•ืื™ื“ื™ื.
09:19
The problem is
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ื”ื‘ืขื™ื” ื”ื™ื
09:20
that as long as the economic and the political spheres are separate,
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ืฉื›ืœ ื–ืžืŸ ืฉื”ืกืคื™ืจื•ืช ื”ื›ืœื›ืœื™ื•ืช ื•ื”ืคื•ืœื™ื˜ื™ื•ืช ื”ืŸ ื ืคืจื“ื•ืช,
09:23
automation makes the twin peaks taller,
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ืžื™ื›ื•ืŸ ื™ืขืฉื” ืืช ื”ืคืกื’ื•ืช ื”ืชืื•ืžื•ืช ืœื’ื‘ื•ื”ื•ืช ื™ื•ืชืจ,
09:28
the waste loftier
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ืืช ื”ื‘ื–ื‘ื•ื– ืœื’ื“ื•ืœ ื™ื•ืชืจ
09:30
and the social conflicts deeper,
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ื•ืืช ื”ืงื•ื ืคืœื™ืงื˜ื™ื ื”ื—ื‘ืจืชื™ื™ื ืœืขืžื•ืงื™ื ื™ื•ืชืจ,
09:32
including --
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ื›ื•ืœืœ--
09:34
soon, I believe --
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ื‘ืงืจื•ื‘, ืื ื™ ืžืืžื™ืŸ--
09:35
in places like China.
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ื‘ืžืงื•ืžื•ืช ื›ืžื• ืกื™ืŸ.
09:38
So we need to reconfigure,
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ืื– ืขืœื™ื ื• ืœืขืจื•ืš ืžื—ื“ืฉ,
09:41
we need to reunite the economic and the political spheres,
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ืขืœื™ื ื• ืœืื—ื“ ืืช ื”ืกืคื™ืจื•ืช ื”ื›ืœื›ืœื™ื•ืช ื•ื”ืคื•ืœื™ื˜ื™ื•ืช,
09:44
but we'd better do it by democratizing the reunified sphere,
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ืื‘ืœ ื›ื“ืื™ ืฉื ืขืฉื” ื–ืืช ืขืœ ื™ื“ื™ ื“ืžื•ืงืจื˜ื™ื–ืฆื™ื” ืฉืœ ื”ืกืคื™ืจื” ื”ืžืื•ื—ื“ืช,
09:50
lest we end up with a surveillance-mad hyperautocracy
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ื›ื“ื™ ืฉืœื ื ืžืฆื ืืช ืขืฆืžื ื• ืขื ืื•ื˜ื•ืงืจื˜ื™ื” ืฉืœ ื”ืฉื’ื—ื” ื•ืžืขืงื‘ื™ื
09:55
that makes The Matrix, the movie, look like a documentary.
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ืฉืœื™ื“ื” ื”'ืžื˜ืจื™ืงืก', ื”ืกืจื˜, ื ืจืื” ื›ืžื• ืกืจื˜ ื“ื•ืงื•ืžื ื˜ืจื™.
10:00
(Laughter)
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(ืฆื—ื•ืง)
10:01
So the question is not whether capitalism will survive
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ืื– ื”ืฉืืœื” ืื™ื ื” ืื ืงืคื™ื˜ืœื™ื–ื ื™ืฉืจื•ื“
10:05
the technological innovations it is spawning.
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ืืช ื”ื—ื™ื“ื•ืฉื™ื ื”ื˜ื›ื ื•ืœื•ื’ื™ื ืฉื”ื•ื ืžืฆืžื™ื—.
10:07
The more interesting question
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ื”ืฉืืœื” ื”ื™ื•ืชืจ ืžืขื ื™ื ืช ื”ื™ื
10:09
is whether capitalism will be succeeded by something resembling a Matrix dystopia
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ื”ืื ืงืคื™ื˜ืœื™ื–ื ื™ื•ื—ืœืฃ ื‘ืžืฉื”ื• ืฉื“ื•ืžื” ืœื“ื™ืกื˜ื•ืคื™ื” ืฉืœ ื”'ืžื˜ืจื™ืงืก'
10:15
or something much closer to a Star Trek-like society,
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ืื• ืžืฉื”ื• ื™ื•ืชืจ ืงืจื•ื‘ ืœื—ื‘ืจื” ื›ืžื• ื‘ืžืกืข ื‘ื™ืŸ ื›ื•ื›ื‘ื™ื,
10:19
where machines serve the humans
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ื‘ื” ืžื›ื•ื ื•ืช ืžืฉืจืชื•ืช ืืช ื”ืื ืฉื™ื
10:22
and the humans expend their energies exploring the universe
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ื•ื”ืื ืฉื™ื ืžื•ืฆื™ืื™ื ืื ื’ืจื™ื” ืขืœ ื—ืงื™ืจืช ื”ื™ืงื•ื
10:26
and indulging in long debates about the meaning of life
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ื•ืžืชืขืกืงื™ื ื‘ื“ื™ื•ื ื™ื ืืจื•ื›ื™ื ืขืœ ืžืฉืžืขื•ืช ื”ื—ื™ื™ื
10:30
in some ancient, Athenian-like, high tech agora.
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ื‘ืžื™ืŸ ืื’ื•ืจื” (ืฉื•ืง) ื˜ื›ื ื•ืœื•ื’ื™ ืขืชื™ืง ื‘ืกื™ื’ื ื•ืŸ ืืชื•ื ืื™.
10:36
I think we can afford to be optimistic.
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ืื ื™ ื—ื•ืฉื‘ ืฉืื ื—ื ื• ื™ื›ื•ืœื™ื ืœื”ืจืฉื•ืช ืœืขืฆืžื ื• ืœื”ื™ื•ืช ืื•ืคื˜ื™ืžื™ื™ื.
10:41
But what would it take,
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ืื‘ืœ ืžื” ืฆืจื™ืš ืœืขืฉื•ืช,
10:42
what would it look like
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ื•ืื™ืš ื–ื” ื™ืจืื”
10:44
to have this Star Trek-like utopia, instead of the Matrix-like dystopia?
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ื›ื“ื™ ืฉืชื”ื™ื” ืœื ื• ืื•ื˜ื•ืคื™ื™ืช ืžืกืข-ื‘ื™ืŸ-ื›ื•ื›ื›ื‘ื™ื ื‘ืžืงื•ื ื“ื™ืกื˜ื•ืคื™ื™ื” ื‘ืกื’ื ื•ืŸ ื”'ืžื˜ืจื™ืงืก'?
10:50
In practical terms,
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ื‘ืื•ืคืŸ ืžืขืฉื™,
10:51
allow me to share just briefly,
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ืชืจืฉื• ืœื™ ืœื—ืœื•ืง ื‘ืงืฆืจื”,
10:53
a couple of examples.
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ืฉืชื™ ื“ื•ื’ืžืื•ืช.
10:55
At the level of the enterprise,
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ื‘ื“ืจื’ ื”ืžืคืขืœ,
10:56
imagine a capital market,
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ืชืืจื• ืœื›ื ืฉื•ืง ื”ื•ืŸ,
10:59
where you earn capital as you work,
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ืฉื‘ื• ืชืจื•ื•ื™ื—ื• ื”ื•ืŸ ืชื•ืš ื›ื“ื™ ืขื‘ื•ื“ื”,
11:02
and where your capital follows you from one job to another,
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ื•ื‘ื• ื”ื”ื•ืŸ ืฉืœื›ื ื™ืœื•ื•ื” ืืชื›ื ืžืขื‘ื•ื“ื” ืœืขื‘ื•ื“ื”
11:08
from one company to another,
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ืžื—ื‘ืจื” ืœื—ื‘ืจื”,
11:09
and the company --
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ื•ื”ื—ื‘ืจื”--
11:11
whichever one you happen to work at at that time --
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ื–ื• ืฉื‘ื” ืืชื ืขื•ื‘ื“ื™ื ื‘ืื•ืชื• ื–ืžืŸ--
11:14
is solely owned by those who happen to work in it at that moment.
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ื”ื™ื ื‘ื‘ืขืœื•ืชื ื”ื‘ืœืขื“ื™ืช ืฉืœ ืืœื• ืฉืขื•ื‘ื“ื™ื ื‘ื” ื‘ืื•ืชื• ืจื’ืข.
11:19
Then all income stems from capital, from profits,
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ืื– ื›ืœ ื”ื”ื›ื ืกื” ื ื•ืฆืจืช ืžื”ื”ื•ืŸ, ืžื”ืจื•ื•ื—,
11:24
and the very concept of wage labor becomes obsolete.
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ื•ื”ืžื•ืฉื’ ืฉืœ ืขื‘ื•ื“ื” ื‘ืฉื›ืจ ื ื”ื™ื” ืœื ืจืœื•ื•ื ื˜ื™.
11:28
No more separation between those who own but do not work in the company
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ืœื ืขื•ื“ ื”ืคืจื“ื” ื‘ื™ืŸ ื‘ืขืœื™ื ืฉืื™ื ื ืขื•ื‘ื“ื™ื ื‘ื—ื‘ืจื”
11:35
and those who work but do not own the company;
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ืœื‘ื™ืŸ ืขื•ื‘ื“ื™ื ืฉื”ื—ื‘ืจื” ืื™ื ื” ื‘ื‘ืขืœื•ืชื.
11:38
no more tug-of-war between capital and labor;
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ืœื ืขื•ื“ ืžืฉื•ืš ื‘ื—ื‘ืœ ื‘ื™ืŸ ื”ื•ืŸ ืœื›ื— ืขื‘ื•ื“ื”.
11:42
no great gap between investment and saving;
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ืœืœื ืคืขืจ ื‘ื™ืŸ ื”ืฉืงืขื” ืœื—ืกื›ื•ื ื•ืช.
11:46
indeed, no towering twin peaks.
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ืื›ืŸ, ืœืœื ืคืกื’ื•ืช ืชืื•ืžื•ืช ืจืžื•ืช.
11:50
At the level of the global political economy,
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ื‘ื“ืจื’ ืฉืœ ื”ื›ืœื›ืœื” ื”ืคื•ืœื™ื˜ื™ืช ื”ืขื•ืœืžื™ืช,
11:53
imagine for a moment
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ื“ืžื™ื™ื ื• ืœืจื’ืข
11:54
that our national currencies have a free-floating exchange rate,
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ืฉืœืžื˜ื‘ืขื•ืช ื”ืœืื•ืžื™ื™ื ื™ืฉ ืฉืขืจ ื—ืœื™ืคื™ืŸ ื ื™ื™ื“ ื—ื•ืคืฉื™,
11:59
with a universal, global, digital currency,
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ืขื ืžื˜ื‘ืข ื“ื™ื’ื™ื˜ืœื™ ืขื•ืœืžื™ ืื•ื ื™ื•ื•ืจืกืœื™,
12:03
one that is issued by the International Monetary Fund,
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ื›ื–ื” ื”ืžื•ื ืคืง ืข"ื™ ืงืจืŸ ื”ืžื˜ื‘ืข ื”ื‘ื™ื ืœืื•ืžื™ืช,
12:07
the G-20,
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ื”-G-20
12:09
on behalf of all humanity.
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ืœืชื•ืขืœืช ื”ืื ื•ืฉื•ืช ื›ื•ืœื”.
12:11
And imagine further
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ื•ื“ืžื™ื™ื ื• ืขื•ื“
12:12
that all international trade is denominated in this currency --
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ืฉื›ืœ ื”ืกื—ืจ ื”ื‘ื™ื ืœืื•ืžื™ ืžื•ืขืจืš ื‘ืžื˜ื‘ืข ื”ื–ื”--
12:17
let's call it "the cosmos,"
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ื‘ื•ืื• ื ืงืจื ืœื• 'ื”ืงื•ืกืžื•ืก',
12:19
in units of cosmos --
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ื‘ื™ื—ื™ื“ื•ืช ืฉืœ ืงื•ืกืžื•ืก--
12:21
with every government agreeing to be paying into a common fund
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ื›ืฉื›ืœ ื”ืžืžืฉืœื•ืช ืžืกื›ื™ืžื•ืช ืœืฉืœื ืœืงืจืŸ ืžืฉื•ืชืคืช
12:26
a sum of cosmos units proportional to the country's trade deficit,
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ืกื›ื•ื ืฉืœ ื™ื—ื™ื“ื•ืช ืงื•ืกืžื•ืก ื‘ื”ืชืื ืœื’ื™ืจืขื•ืŸ ื”ืžืกื—ืจื™ ืฉืœ ืื•ืชื” ืžื“ื™ื ื”,
12:31
or indeed to a country's trade surplus.
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ืื• ืœืขื•ื“ืฃ ื”ืžืกื—ืจื™ ืฉืœ ืื•ืชื” ืžื“ื™ื ื”.
12:35
And imagine that that fund is utilized to invest in green technologies,
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ื•ื“ืžื™ื™ื ื• ืฉื”ืงืจืŸ ืžืชื•ืขืœืช ืœื”ืฉืงืขื” ื‘ื˜ื›ื ื•ืœื•ื’ื™ื•ืช ื™ืจื•ืงื•ืช,
12:40
especially in parts of the world where investment funding is scarce.
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ื‘ื™ื™ื—ื•ื“ ื‘ืื–ื•ืจื™ื ื‘ืขื•ืœื ืฉื‘ื”ื ื—ืกืจ ืžื™ืžื•ืŸ ืœื”ืฉืงืขื•ืช.
12:46
This is not a new idea.
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ื–ื”ื• ืœื ืจืขื™ื•ืŸ ื—ื“ืฉ.
12:48
It's what, effectively, John Maynard Keynes proposed
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ื–ื” ืžื” ืฉื‘ืขืฆื ื’'ื•ืŸ ืžื™ื™ื ืจื“ ืงื™ื™ื ืก ื”ืฆื™ืข
12:51
in 1944 at the Bretton Woods Conference.
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ื‘-1944 ื‘ื•ื•ืขื™ื“ืช ื‘ืจื˜ื•ืŸ ื•ื•ื“ืก.
12:56
The problem is
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ื”ื‘ืขื™ื” ื”ื™ื
12:57
that back then, they didn't have the technology to implement it.
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ืฉืื– ืœื ื”ื™ื™ืชื” ืœื”ื ื”ื˜ื›ื ื•ืœื•ื’ื™ื” ืœื™ื™ืฉื ื–ืืช.
13:00
Now we do,
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ืขื›ืฉื™ื• ื™ืฉ ืœื ื•,
13:01
especially in the context of a reunified political-economic sphere.
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ื‘ืžื™ื•ื—ื“ ื‘ื”ืงืฉืจ ืฉืœ ืกืคื™ืจื” ืคื•ืœื™ื˜ื™ืช-ื›ืœื›ืœื™ืช ืžืื•ื—ื“ืช ืžื—ื“ืฉ.
13:08
The world that I am describing to you
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ื”ืขื•ืœื ืื•ืชื• ืื ื™ ืžืชืืจ ืœื›ื
13:11
is simultaneously libertarian,
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ื”ื•ื ื‘ื• ื‘ืขืช ืœื™ื‘ืจื˜ื™ืื ื™,
13:13
in that it prioritizes empowered individuals,
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ื‘ื›ืš ืฉื”ื•ื ืžืขื“ื™ืฃ ื™ื—ื™ื“ื™ื ื‘ืขืœื™ ื›ื—,
13:18
Marxist,
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ืžืจืงืกื™ืกื˜ื™,
13:19
since it will have confined to the dustbin of history
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ืžื›ื™ื•ื•ืŸ ืฉื”ื•ื ืฉื ื‘ืคื— ื”ื”ื™ืกื˜ื•ืจื™ื”
13:22
the division between capital and labor,
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ืืช ื”ื—ืœื•ืงื” ื‘ื™ืŸ ื”ื•ืŸ ืœื›ื— ืขื‘ื•ื“ื”,
13:25
and Keynesian,
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ื•ืงื™ื™ื ืกื™ืื ื™,
13:27
global Keynesian.
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ืงื™ื™ื ืกื™ืื ื™ ื’ืœื•ื‘ืืœื™.
13:30
But above all else,
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ืื‘ืœ ืžืขื‘ืจ ืœื›ืœ,
13:31
it is a world in which we will be able to imagine an authentic democracy.
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ื–ื”ื• ืขื•ืœื ื‘ื• ื ื•ื›ืœ ืœื“ืžื™ื™ืŸ ื“ืžื•ืงืจื˜ื™ื” ืื•ืชื ื˜ื™ืช.
13:37
Will such a world dawn?
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ื”ืื ืขื•ืœื ื›ื–ื” ื™ืคืฆื™ืข?
13:40
Or shall we descend into a Matrix-like dystopia?
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ืื• ืฉื ืฉืงืข ืœืชื•ืš ื“ื™ืกื˜ื•ืคื™ื™ื” ื‘ืกื’ื ื•ืŸ ื”ืžื˜ืจื™ืงืก?
13:44
The answer lies in the political choice that we shall be making collectively.
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ื”ืชืฉื•ื‘ื” ื˜ืžื•ื ื” ื‘ื‘ื—ื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช ืฉื ืขืฉื” ื‘ื™ื—ื“.
13:49
It is our choice,
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ื–ื• ื”ื‘ื—ื™ืจื” ืฉืœื ื•,
13:51
and we'd better make it democratically.
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ื•ื›ื“ืื™ ืฉื ืขืฉื” ืื•ืชื” ื‘ื“ืจืš ื“ืžื•ืงืจื˜ื™ืช.
13:54
Thank you.
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ืชื•ื“ื”.
13:55
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
14:01
Bruno Giussani: Yanis ...
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ื‘ืจื•ื ื• ื’ื™ื•ืกืื ื™: ื™ืื ื™ืก...
14:03
It was you who described yourself in your bios as a libertarian Marxist.
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ื–ื” ื”ื™ื™ืช ืืชื” ืฉืชืืจืช ืืช ืขืฆืžืš ื‘ื‘ื™ื•ื’ืจืคื™ื” ื›ืžืจืงืกื™ืกื˜ ืœื™ื‘ืจื˜ื™ืื ื™.
14:10
What is the relevance of Marx's analysis today?
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ืžื” ื”ืจืœื•ื•ื ื˜ื™ื•ืช ืฉืœ ื”ืชืื•ืจื™ื” ืฉืœ ืžืจืงืก ื”ื™ื•ื?
14:14
Yanis Varoufakis: Well, if there was any relevance in what I just said,
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ื™ืื ื™ืก ื•ืจื•ืคืงื™ืก: ื˜ื•ื‘, ืื ื”ื™ืชื” ืื™ื–ื• ืฉื”ื™ื ืจืœื•ื•ื ื˜ื™ื•ืช ื‘ืžื” ืฉืืžืจืชื™ ืคื”,
14:17
then Marx is relevant.
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ืื– ืžืจืงืก ื”ื•ื ืจืœื•ื•ื ื˜ื™.
14:18
Because the whole point of reunifying the political and economic is --
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ืžืคื ื™ ืฉื›ืœ ื”ืขื ื™ื™ืŸ ื‘ืื™ื—ื•ื“ืŸ ืฉืœ ื”ืคื•ืœื™ื˜ื™ืงื” ื•ื”ื›ืœื›ืœื” ื”ื•ื--
14:22
if we don't do it,
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ืื ืœื ื ืขืฉื” ื–ืืช,
14:23
then technological innovation is going to create
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ื—ื“ืฉื ื•ืช ื˜ื›ื ื•ืœื•ื’ื™ืช ืชื’ืจื•ื
14:25
such a massive fall in aggregate demand,
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ืœื ืคื™ืœื” ื›ื” ืขืฆื•ืžื” ื‘ื‘ื™ืงื•ืฉ ืžื™ืฆืจืคื™,
14:27
what Larry Summers refers to as secular stagnation.
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ืžื” ืฉืœืืจื™ ืกื•ืžืจืก ืงื•ืจื ืœื• ืงื™ืคืื•ืŸ ืกืงื•ืœืืจื™.
14:32
With this crisis migrating from one part of the world,
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ืขื ืžืฉื‘ืจ ื›ื–ื” ื”ืžื”ื’ืจ ืžื—ืœืง ืื—ื“ ื‘ืขื•ืœื,
14:35
as it is now,
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ื›ืคื™ ืฉืงื•ืจื” ืขื›ืฉื™ื•,
14:37
it will destabilize not only our democracies,
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ื–ื” ื™ื’ืจื•ื ืœื—ื•ืกืจ ืื™ื–ื•ืŸ ืœื ืจืง ืฉืœ ื”ื“ืžื•ืงืจื˜ื™ื•ืช ืฉืœื ื•,
14:39
but even the emerging world that is not that keen on liberal democracy.
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ืืœื ื’ื ืฉืœ ื”ืขื•ืœื ื”ื—ื“ืฉ ืฉืœื ืžืชืœื”ื‘ ืžื“ืžื•ืงืจื˜ื™ื” ืœื™ื‘ืจืœื™ืช.
14:44
So if this analysis holds water, then Marx is absolutely relevant.
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ืื– ืื ื”ืื ืœื™ื–ื” ื”ื–ื• ื ื›ื•ื ื”, ืื– ืžืจืงืก ื”ื•ื ืœื’ืžืจื™ ืจืœื•ื•ื ื˜ื™.
14:48
But so is Hayek,
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ืื‘ืœ ื’ื ื”ื™ื™ืง,
14:49
that's why I'm a libertarian Marxist,
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ื•ื‘ื’ืœืœ ื–ื” ืื ื™ ืžืจืงืกื™ืกื˜ ืœื™ื‘ืจื˜ื™ืื ื™,
14:51
and so is Keynes,
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ื›ืžื• ื’ื ืงื™ื™ื ืก,
14:52
so that's why I'm totally confused.
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ื•ื‘ื’ืœืœ ื–ื” ืื ื™ ืžื‘ื•ืœื‘ืœ ืœื’ืžืจื™.
14:54
(Laughter)
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(ืฆื—ื•ืง)
14:56
BG: Indeed, and possibly we are too, now.
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ื‘.ื’.: ืื›ืŸ, ื•ื™ื™ืชื›ืŸ ืฉื’ื ืื ื—ื ื• ืขื›ืฉื™ื•.
14:58
(Laughter)
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(ืฆื—ื•ืง)
14:59
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
15:01
YV: If you are not confused, you are not thinking, OK?
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ื™.ื•.: ืื ืืชื” ืœื ืžื‘ื•ืœื‘ืœ, ืืชื” ืœื ื—ื•ืฉื‘, ื ื›ื•ืŸ?
15:04
BG: That's a very, very Greek philosopher kind of thing to say --
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ื‘.ื’.: ืืœื• ืžื™ืœื™ื ืžืื“ ืžืื“ ื˜ื™ืคื•ืกื™ื•ืช ืœืคื™ืœื•ืกื•ืฃ ื™ื•ื•ื ื™--
15:07
YV: That was Einstein, actually --
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ื™.ื•.: ื–ื” ืื™ื™ื ืฉื˜ื™ื™ืŸ, ืœืžืขืฉื”--
15:09
BG: During your talk you mentioned Singapore and China,
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ื‘.ื’.: ื”ื–ื›ืจืช ืืช ืกื™ื ื’ืคื•ืจ ื•ืกื™ืŸ ื‘ื”ืจืฆืื” ืฉืœืš,
15:11
and last night at the speaker dinner,
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ื•ืืชืžื•ืœ ื‘ืืจื•ื—ืช ื”ืขืจื‘ ืฉืœ ื”ืžืจืฆื™ื,
15:13
you expressed a pretty strong opinion about how the West looks at China.
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ื”ื‘ืขืช ื“ืขื•ืช ื—ื–ืงื•ืช ื‘ื ื•ื’ืข ืœื“ืจืš ืฉื‘ื” ื”ืžืขืจื‘ ืจื•ืื” ืืช ืกื™ืŸ.
15:18
Would you like to share that?
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ื”ืื ืชืจืฆื” ืœื—ืœื•ืง ืืช ื–ื”?
15:20
YV: Well, there's a great degree of hypocrisy.
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ื™.ื•.: ื˜ื•ื‘, ื™ืฉ ืžื™ื“ื” ืฉืœ ืฆื‘ื™ืขื•ืช.
15:23
In our liberal democracies, we have a semblance of democracy.
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ื‘ื“ืžืงื•ืจื˜ื™ื•ืช ื”ืœื™ื‘ืจืœื™ื•ืช ืฉืœื ื• ื™ืฉ ืžืจืื™ืช ืขื™ืŸ ืฉืœ ื“ืžื•ืงืจื˜ื™ื”.
15:27
It's because we have confined, as I was saying in my talk,
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ื–ื” ืžืคื ื™ ืฉืชื—ืžื ื•, ื›ืคื™ ืฉืืžืจืชื™ ื‘ื”ืจืฆืื”,
15:30
democracy to the political sphere,
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ืืช ื”ื“ืžื•ืงืจื˜ื™ื” ื‘ืชื•ืš ื”ืกืคื™ืจื” ื”ืคื•ืœื™ื˜ื™ืช,
15:32
while leaving the one sphere where all the action is --
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ื‘ื–ืžืŸ ืฉืžืฉืื™ืจื™ื ืืช ื”ืกืคื™ืจื” ื‘ื” ืงื•ืจื™ื ื›ืœ ื”ื“ื‘ืจื™ื--
15:35
the economic sphere --
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ื”ืกืคื™ืจื” ื”ื›ืœื›ืœื™ืช--
15:36
a completely democracy-free zone.
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ืื–ื•ืจ ืœื—ืœื•ื˜ื™ืŸ ื—ื•ืคืฉื™ ืžื“ืžื•ืงืจื˜ื™ื”.
15:39
In a sense,
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ื‘ืฆื•ืจื” ื›ืœืฉื”ื™,
15:40
if I am allowed to be provocative,
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ืื ื™ื•ืจืฉื” ืœื™ ืœื”ื™ื•ืช ืคืจื•ื‘ื•ืงื˜ื™ื‘ื™,
15:43
China today is closer to Britain in the 19th century.
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ืกื™ืŸ ื”ื™ื•ื ื”ื™ื ืงืจื•ื‘ื” ื™ื•ืชืจ ืœื‘ืจื™ื˜ื ื™ื” ืฉืœ ื”ืžืื” ื”-19.
15:48
Because remember,
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ืžืคื ื™ ืฉืชื–ื›ืจื•,
15:49
we tend to associate liberalism with democracy --
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ืฉืื ื• ื ื•ื˜ื™ื ืœืฉื™ื™ืš ืœื™ื‘ืจืœื™ื–ื ืœื“ืžื•ืงืจื˜ื™ื”--
15:51
that's a mistake, historically.
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ื–ื• ื˜ืขื•ืช ื”ื™ืกื˜ื•ืจื™ืช.
15:53
Liberalism, liberal, it's like John Stuart Mill.
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ืœื™ื‘ืจืœื™ื–ื, ืœื™ื‘ืจืœ, ื–ื” ื›ืžื• ื’'ื•ืŸ ืกื˜ื™ื•ืืจื˜ ืžื™ืœ.
15:56
John Stuart Mill was particularly skeptical about the democratic process.
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ื’'ื•ืŸ ืกื˜ื™ื•ืืจื˜ ืžื™ืœ ื”ื™ื” ืกืงืคื˜ื™ ื‘ืžื™ื•ื—ื“ ื‘ื ื•ื’ืข ืœื”ืœื™ืš ื”ื“ืžื•ืงืจื˜ื™.
16:00
So what you are seeing now in China is a very similar process
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ืื– ืžื” ืฉืืชื ืจื•ืื™ื ื›ืขืช ื‘ืกื™ืŸ ื”ื•ื ืชื”ืœื™ืš ืžืื“ ื“ื•ืžื”
16:06
to the one that we had in Britain during the Industrial Revolution,
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ืœื–ื” ืฉื”ื™ื” ืœื ื• ื‘ื‘ืจื™ื˜ื ื™ื” ื‘ื–ืžืŸ ื”ืžื”ืคื›ื” ื”ืชืขืฉื™ื™ืชื™ืช,
16:09
especially the transition from the first to the second.
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ื‘ืžื™ื•ื—ื“ ื”ืžืขื‘ืจ ื‘ื™ืŸ ื”ืจืืฉื•ื ื” ืœืฉื ื™ื”.
16:12
And to be castigating China
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ื•ืœื’ืขื•ืจ ื‘ืกื™ืŸ
16:15
for doing that which the West did in the 19th century,
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ืขืœ ื›ืš ืฉื”ื™ื ืขื•ืฉื” ืืช ืžื” ืฉื”ืžืขืจื‘ ืขืฉื” ื‘ืžืื” ื”-19,
16:18
smacks of hypocrisy.
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ืžืจื™ื— ื›ืžื• ืฆื‘ื™ืขื•ืช.
16:21
BG: I am sure that many people here are wondering about your experience
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ื‘.ื’.: ืื ื™ ื‘ื˜ื•ื— ืฉืื ืฉื™ื ืจื‘ื™ื ื›ืืŸ ืชื•ื”ื™ื ืขืœ ื ืกื™ื•ื ืš
16:25
as the Finance Minister of Greece earlier this year.
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ื›ืฉืจ ื”ื›ืกืคื™ื ืฉืœ ื™ื•ื•ืŸ ืžื•ืงื“ื ื™ื•ืชืจ ื”ืฉื ื”.
16:27
YV: I knew this was coming.
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ื™.ื•.: ื™ื“ืขืชื™ ืฉื–ื” ื™ื’ื™ืข.
16:29
BG: Yes.
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ื‘.ื’.: ื›ืŸ.
16:30
BG: Six months after,
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ื‘.ื’.: ืฉื™ืฉื” ื—ื•ื“ืฉื™ื ืื—ืจื™,
16:32
how do you look back at the first half of the year?
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ืื™ืš ืืชื” ืจื•ืื” ืืช ื”ื—ืฆื™ ื”ืจืืฉื•ืŸ ืฉืœ ื”ืฉื ื”?
16:35
YV: Extremely exciting, from a personal point of view,
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ืžืื“ ืžืจื’ืฉ ืžื‘ื—ื™ื ื” ืื™ืฉื™ืช,
16:38
and very disappointing,
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ื•ืžืื“ ืžืื›ื–ื‘,
16:39
because we had an opportunity to reboot the Eurozone.
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ืžืคื ื™ ืฉื”ื™ื™ืชื” ืœื ื• ื”ื–ื“ืžื ื•ืช ืœืืชื—ืœ ืืช ื”ื™ื•ืจื•ื–ื•ืŸ.
16:43
Not just Greece, the Eurozone.
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ืœื ืจืง ื™ื•ื•ืŸ, ื”ื™ื•ืจื•ื–ื•ืŸ.
16:45
To move away from the complacency
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ืœื”ืชืจื—ืง ืžื”ืฉืื ื ื•ืช
16:48
and the constant denial that there was a massive --
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ื•ื”ื”ื›ื—ืฉื” ื”ืชืžื™ื“ื™ืช ืฉื”ื™ื”
16:51
and there is a massive architectural fault line
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ื•ืฉื™ืฉ ืฉื‘ืจ ืืจื›ื™ื˜ืงื˜ื•ืจืืœื™ ืขืฆื•ื
16:54
going through the Eurozone,
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ืฉืขื•ื‘ืจ ื“ืจืš ื”ื™ื•ืจื•ื–ื•ืŸ,
16:56
which is threatening, massively, the whole of the European Union process.
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ื•ืžืื™ื™ื ื‘ื’ื“ื•ืœ ืขืœ ื›ืœ ืชื”ืœื™ืš ื”ืื™ื—ื•ื“ ื”ืื™ืจื•ืคืื™.
17:00
We had an opportunity on the basis of the Greek program --
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ื”ื™ืชื” ืœื ื• ื”ื–ื“ืžื ื•ืช ืขืœ ื‘ืกื™ืก ื”ืชื›ื ื™ืช ื”ื™ื•ื•ื ื™ืช--
17:04
which by the way,
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ืฉื“ืจืš ืื’ื‘,
17:05
was the first program to manifest that denial --
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ื”ื™ืชื” ื”ืชื•ื›ื ื™ืช ื”ืจืืฉื•ื ื” ืฉื”ื•ื›ื™ื—ื” ืืช ื”ื”ื›ื—ืฉื” ื”ื–ื•--
17:09
to put it right.
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ืœืชืงืŸ ืืช ื–ื”.
17:11
And, unfortunately,
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ื•ืœื“ืื‘ื•ื ื™,
17:12
the powers in the Eurozone,
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ืžื•ืงื“ื™ ื”ื›ื— ื‘ื™ื•ืจื•ื–ื•ืŸ,
17:14
in the Eurogroup,
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ื•ื‘ื™ื•ืจื•ื’ืจื•ืค,
17:16
chose to maintain denial.
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ื‘ื—ืจื• ืœื”ืžืฉื™ืš ื‘ื”ื›ื—ืฉื”.
17:18
But you know what happens.
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ืื‘ืœ ืืชื” ื™ื•ื“ืข ืžื” ืงื•ืจื”.
17:19
This is the experience of the Soviet Union.
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ื–ื” ื”ื ืกื™ื•ืŸ ืฉืœ ื‘ืจื™ืช ื”ืžื•ืขืฆื•ืช.
17:21
When you try to keep alive
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ื›ืฉืืชื” ืžื ืกื” ืœื”ืฉืื™ืจ ื‘ื—ื™ื™ื
17:23
an economic system that architecturally cannot survive,
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ืžืขืจื›ืช ื›ืœื›ืœื™ืช ืฉืื™ื ื” ื™ื›ื•ืœื” ืœืฉืจื•ื“ ืืจื›ื˜ื™ืงื˜ื•ืจืืœื™ืช,
17:28
through political will and through authoritarianism,
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ื“ืจืš ืจืฆื•ืŸ ืคื•ืœื™ื˜ื™ ื•ื“ืจืš ืกืžื›ื•ืชื™ื•ืช,
17:31
you may succeed in prolonging it,
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ืื•ืœื™ ืชืฆืœื™ื— ืœื”ืืจื™ืš ืืช ื—ื™ื™ื”,
17:32
but when change happens
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ืื‘ืœ ื›ืฉืžื’ื™ืข ืฉื™ื ื•ื™
17:34
it happens very abruptly and catastrophically.
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ื”ื•ื ืžื’ื™ืข ื‘ืคืชืื•ืžื™ื•ืช ื•ื‘ืงื˜ืกื˜ืจื•ืคืœื™ื•ืช.
17:37
BG: What kind of change are you foreseeing?
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ื‘.ื’.: ืื™ื–ื” ืกื•ื’ ืฉืœ ืฉื™ื ื•ื™ ืืชื” ื—ื•ื–ื”?
17:39
YV: Well, there's no doubt
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ื™.ื•.: ื•ื‘ื›ืŸ, ืื™ืŸ ืกืคืง
17:40
that if we don't change the architecture of the Eurozone,
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ืฉืื ืœื ื ืฉื ื” ืืช ื”ืืจื›ื™ื˜ืงื˜ื•ืจื” ืฉืœ ื”ื™ื•ืจื•ื–ื•ืŸ,
17:43
the Eurozone has no future.
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ืœื™ื•ืจื•ื–ื•ืŸ ืื™ืŸ ืขืชื™ื“.
17:44
BG: Did you make any mistakes when you were Finance Minister?
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ื‘.ื’.: ื”ืื ืขืฉื™ืช ื˜ืขื•ื™ื•ืช ื›ืฉื”ื™ื™ืช ืฉืจ ื”ื›ืกืคื™ื?
17:47
YV: Every day.
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ื™.ื•.: ื›ืœ ื™ื•ื.
17:49
BG: For example? YV: Anybody who looks back --
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ื‘.ื’.: ืœืžืฉืœ? ื™.ื•.: ื›ืœ ืžื™ ืฉืžื‘ื™ื˜ ืื—ื•ืจื”--
17:51
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
17:56
No, but seriously.
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ืœื, ืื‘ืœ ื‘ืจืฆื™ื ื•ืช.
17:57
If there's any Minister of Finance, or of anything else for that matter,
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ืื ื™ืฉื ื• ืฉืจ ื›ืกืคื™ื ืื—ื“, ืื• ื›ืœ ืฉืจ ืœืฆื•ืจืš ื”ืขื ื™ื™ืŸ,
18:01
who tells you after six months in a job,
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ืฉืื•ืžืจ ืœืš ืื—ืจื™ ืฉื™ืฉื” ื—ื•ื“ืฉื™ื ื‘ืขื‘ื•ื“ื”,
18:03
especially in such a stressful situation,
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ื‘ืžื™ื•ื—ื“ ื‘ืžืฆื‘ ืœื—ืฅ ืฉื›ื–ื”,
18:07
that they have made no mistake, they're dangerous people.
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ืฉื”ื•ื ืœื ืขืฉื” ืฉื•ื ื˜ืขื•ืช, ื”ื•ื ืื™ืฉ ืžืกื•ื›ืŸ.
18:09
Of course I made mistakes.
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ื‘ื•ื•ื“ืื™ ืฉืขืฉื™ืชื™ ื˜ืขื•ื™ื•ืช.
18:11
The greatest mistake was to sign the application
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ื”ื˜ืขื•ืช ื”ื’ื“ื•ืœื” ื‘ื™ื•ืชืจ ื”ื™ืชื” ืœื—ืชื•ื ืขืœ ื”ื‘ืงืฉื”
18:13
for the extension of a loan agreement
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ืœื”ืืจื›ืช ื”ืกื›ื ื”ื”ืœื•ื•ืื”
18:16
in the end of February.
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ื‘ืกื•ืฃ ืคื‘ืจื•ืืจ.
18:17
I was imagining
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ื“ืžื™ื™ื ืชื™
18:18
that there was a genuine interest on the side of the creditors
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ืฉื”ื™ื” ืขื ื™ื™ืŸ ืืžื™ืชื™ ื‘ืฆื“ ืฉืœ ื”ืžืœื•ื•ื™ื
18:21
to find common ground.
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ืœืžืฆื•ื ืื™ื–ื•ืจ ืžืฉื•ืชืฃ.
18:23
And there wasn't.
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ื•ืœื ื”ื™ื”.
18:24
They were simply interested in crushing our government,
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ื”ื ื”ื™ื• ืคืฉื•ื˜ ืžืขื•ื ื™ื™ื ื™ื ืœืจืกืง ืืช ื”ืžืžืฉืœื” ืฉืœื ื•,
18:27
just because they did not want
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ืจืง ืžืฉื•ื ืฉื”ื ืœื ืจืฆื•
18:28
to have to deal with the architectural fault lines
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ืœื”ืชืขืกืง ืขื ืงื• ื”ืฉื‘ืจ ื”ืืจื›ื™ื˜ืงื˜ื•ืจืืœื™
18:31
that were running through the Eurozone.
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ืฉืขื‘ืจ ื“ืจืš ื”ื™ื•ืจื•ื–ื•ืŸ.
18:33
And because they didn't want to admit
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ื•ืžืฉื•ื ืฉื”ื ืœื ืจืฆื• ืœื”ื•ื“ื•ืช
18:35
that for five years they were implementing a catastrophic program in Greece.
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ืฉื‘ืžืฉืš ื—ืžืฉ ืฉื ื™ื ื”ื ื™ื™ืฉืžื• ืชื›ื ื™ืช ืงื˜ืกื˜ืจื•ืคืœื™ืช ื‘ื™ื•ื•ืŸ.
18:39
We lost one-third of our nominal GDP.
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ืื‘ื“ื ื• ืฉืœื™ืฉ ืžื”ืชื•ืฆืจ ื”ืžืงื•ืžื™ ื’ื•ืœืžื™ (GDP) ื”ื ื•ืžื™ื ืœื™ ืฉืœื ื•.
18:42
This is worse than the Great Depression.
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ื–ื” ื™ื•ืชืจ ื’ืจื•ืข ืžื”ืฉืคืœ ื”ื’ื“ื•ืœ.
18:44
And no one has come clean
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ื•ืื™ืฉ ืœื ื™ืฆื ืœื”ื•ื“ื•ืช,
18:45
from the troika of lenders that have been imposing this policy
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ืžืงื‘ื•ืฆืช ื”ืžืœื•ื•ื™ื ืฉื”ื˜ื™ืœื” ืืช ื”ืžื“ื™ื ื™ื•ืช ื”ื–ื•,
18:48
to say, "This was a colossal mistake."
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ื•ืœื•ืžืจ, "ื–ื• ื”ื™ืชื” ื˜ืขื•ืช ืงื•ืœื•ืกืœื™ืช".
18:51
BG: Despite all this,
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ื‘.ื’.: ืœืžืจื•ืช ื›ืœ ื–ื”,
18:52
and despite the aggressiveness of the discussion,
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ื•ืœืžืจื•ืช ื”ืื’ืจืกื™ื•ื•ื™ื•ืช ืฉืœ ื”ื“ื™ื•ืŸ,
18:55
you seem to be remaining quite pro-European.
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ื ืจืื” ืฉื ืฉืืจืช ืคืจื•-ืื™ืจื•ืคืื™.
18:57
YV: Absolutely.
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ื™.ื•.: ืœื—ืœื•ื˜ื™ืŸ.
18:58
Look, my criticism of the European Union and the Eurozone
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ืชืจืื”, ื”ื‘ื™ืงื•ืจืช ืฉืœื™ ืฉืœ ื”ืื™ื—ื•ื“ ื”ืื™ืจื•ืคืื™ ื•ื”ื™ื•ืจื•ื–ื•ืŸ
19:02
comes from a person who lives and breathes Europe.
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ื‘ืื” ืžืื“ื ืฉื—ื™ ื•ื ื•ืฉื ืื™ืจื•ืคื”.
19:07
My greatest fear is that the Eurozone will not survive.
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ื”ืคื—ื“ ื”ื’ื“ื•ืœ ื‘ื™ื•ืชืจ ืฉืœื™ ื”ื•ื ืฉื”ื™ื•ืจื•ื–ื•ืŸ ืœื ื™ืฉืจื•ื“.
19:11
Because if it doesn't,
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ืžืคื ื™ ืฉืื ื”ื•ื ืœื,
19:12
the centrifugal forces that will be unleashed
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ื”ื›ื•ื—ื•ืช ื”ืฆื ื˜ืจื™ืคื•ื’ืœื™ื ืฉื–ื” ื™ืฉื—ืจืจ
19:15
will be demonic,
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ื™ื”ื™ื• ื›ื” ืฉื˜ื ื™ื™ื,
19:17
and they will destroy the European Union.
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ื•ื”ื ื™ื”ืจืกื• ืืช ื”ืื™ื—ื•ื“ ื”ืื™ืจื•ืคืื™.
19:19
And that will be catastrophic not just for Europe
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ื•ื–ื” ื™ื”ื™ื” ืงื˜ืกื˜ืจื•ืคืœื™ ืœื ืจืง ืœืื™ืจื•ืคื”
19:21
but for the whole global economy.
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ืืœื ืœื›ืœ ื”ื›ืœื›ืœื” ื”ืขื•ืœืžื™ืช.
19:23
We are probably the largest economy in the world.
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ืื ื• ืงืจื•ื‘ ืœื•ื•ื“ืื™ ื”ื›ืœื›ืœื” ื”ื’ื“ื•ืœื” ื‘ืขื•ืœื.
19:27
And if we allow ourselves
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ื•ืื ื ืจืฉื” ืœืขืฆืžื ื•
19:29
to fall into a route of the postmodern 1930's,
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ืœื™ืคื•ืœ ืœื“ืจืš ืฉืœ ืฉื ื•ืช ื”ืฉืœื•ืฉื™ื ื”ืคื•ืกื˜ืžื•ื“ืจื ื™ื•ืช,
19:32
which seems to me to be what we are doing,
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ืฉื–ื” ื ืจืื” ืœื™ ืžื” ืฉืื ื• ืขื•ืฉื™ื,
19:34
then that will be detrimental
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ื–ื” ื™ื”ื™ื” ื”ืจืกื ื™
19:36
to the future of Europeans and non-Europeans alike.
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ืœืขืชื™ื“ ืฉืœ ืื™ืจื•ืคืื™ื ื•ืฉืœ ืœื-ืื™ืจื•ืคืื™ื.
19:40
BG: We definitely hope you are wrong on that point.
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ื‘.ื’.: ืื ื• ื‘ื”ื—ืœื˜ ืžืงื•ื•ื™ื ืฉืืชื” ื˜ื•ืขื” ื‘ื ืงื•ื“ื” ื–ื•.
19:42
Yanis, thank you for coming to TED.
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ื™ืื ื™ืก, ืชื•ื“ื” ืœืš ืขืœ ืฉื‘ืืช ืœ TED.
19:44
YV: Thank you.
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ื™.ื•.: ืชื•ื“ื” ืœื›ื.
19:45
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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