this post was submitted on 19 Aug 2026
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In a Q&A, Yanis Varoufakis was asked something like “you say you can have markets without capitalism — if capitalism and markets are not equivalent, then what constitutes capitalism?” and his answer was “easy: anonymous transferable shares of ownership”.
I thought that was an impressively concise explanation, cuz every single word is significant.
No coincidence that some of the first joint-stock companies were the Dutch East India Company and the British East India Company. Capitalism helped fund colonialism.