Former Greek Finance Minister: Universal Basic Income Is Now A Necessity

Yanis Varoufakis and Noam Chomsky discuss the concept of a basic income guarantee also known as a universal basic income.
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    (Photo: Russell Shaw Higgs/Creative Commons)

    (Photo: Russell Shaw Higgs/Creative Commons)

    Published in partnership with acTVism.

    In this video, former finance minister of Greece, professor of economics, author, and founder of the Democracy in Europe Movement 2025 (DiEM25), Yanis Varoufakis, argues why the Basic Income is a necessity today. His arguments take into account a macro socio-economic, psychological, philosophical and moral perspective. In addition to the speech, Varoufakis addresses a wide range of questions from the public.

    • What is the social democratic tradition about? And how did influence Capitalism in the 20th century?
    • Why is Social Democracy coming to an end? And how is the process of financialization & the rise of technology contributing to its demise?
    • What is Bankruptocracy? What problems is it posing to our society?
    • What is the current narrative on the relationship between the markets & state in terms of wealth generation? And how and why is a change required in this narrative in order to make the Basic Income a reality?
    • What are the arguments are against a Basic Income? And how should they be confronted?
    • How is a Basic Income aligned with the Libertarian philosophy? Will it promote freedom of choice and self-determination?
    • How will a Basic Income promote creativity in our society?

    All of these questions and much more are addressed in the video:

    About Yanis Varoufakis:

    former finance minister of Greece and founder of DiEM25 (Democracy in Europe Movement 2025), Yanis Varoufakis,

    Yanis Varoufakis is a professor of Economic Theory at the University of Athens, founder of the Democracy in Europe Movement 2025 (DiEM25) and former finance minister of Greece.

    As finance minister of Greece he resigned shortly after he found out that his prime minister decided to cave into the austerity program of the Troika that the majority of Greece rejected in the historic OXI vote.

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    • Guy

      I totally believe that the time has come for a basic income for all adults .How this will translate into the capitalist system ,I do not know.Some say that the capitalist system,as we know it today,will morph into something entirely different from how we understand capitalism today. Perhaps what the prognosticators said many years ago that the politics of the West will meet the East and peace would finally be established upon the earth .Whether right or wrong ,I think it is a good thought.

      • tapatio

        It’s easy to accommodate a universal basic income into the capitalist system – eliminate the predatory capitalist system.

        It’s far past time that ALL of the human controlled systems on Earth were operated to SERVE HUMANITY – not the 1/10th of one percent in the US and Europe.

      • TeeJae

        The problem is we don’t currently have a capitalist economic system. We have a crony capitalist system, in which government and industry work hand in hand. So, the only way a basic income would be implemented is if industry could recognize how it would benefit themselves. Otherwise, they’ll lobby government against it.

    • James Wherry

      Great. Then pay for it. Greece is not my country and it’s welcome to do what it likes, including leaving the Euro-zone, if being in it is such a bad thing. It can also stop borrowing money and balance its budget, along the way.