Varoufakis has proposed a system to replace today's capitalism. It
still uses markets for goods and services, but workers are always
co-owners as every enterprise is a cooperative.
I don't understand how the levies on countries for having an imbalance
of trade or payments would function. If this is meant to pressure
countries not to have imbalances, what could they do to avoid them?
I am also worried by the idea that people would make all their
payments using central bank accounts — because that implies tracking,
which is dangerous. And I am not convinced that the 5% flat tax on
business income would bring in enough funds for the state to do its
many jobs.
Perhaps I would see these are not real problems if I understood
better. Perhaps some details could be changed. In any case, it is an
interesting area to explore.