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By Chewing Grass
Former Greek finance minister Yanis Varoufakis claims capitalism is coming to an end because it is making itself obsolete and giant technology corporations and artificial intelligence will cause the current economic system to undermine itself.
“Firstly the technologies were funded by some government grant; secondly every time you search for something on Google, you contribute to Google’s capital,” he said. “And who gets the returns from capital? Google, not you. So now there is no doubt that capital is being socially produced, and the returns are being privatised. This with artificial intelligence is going to be the end of capitalism.”
“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.”
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