Greece’s former finance minister Yanis Varoufakis and Irish economist David McWilliams on the hope for a global new deal * Coronavirus – latest updates * See all our coronavirus coverage DAVID MCWILLIAMS: I think it is fair to say that capitalism – in the course of this unprecedented crisis – has been suspended. We are not going back to where we were, to business as usual. The state has come back, and this episode will not be forgotten by the electorate. I don’t know where we are going, but one thing seems clear: we are not going back. YANIS VAROUFAKIS: I like this phrase: capitalism has been suspended. The last time capitalism was suspended in the west was during the second world war, with the advent of the war economy: a command economy that fixed prices. The war economy marked the transcendence of the standard capitalist model. Continue reading...
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