Kajsa Ekis Ekman: Everybody Talks About Capitalism – But What is It? (Transcript)

Kajsa Ekis Ekman

Kajsa Ekis Ekman was born in Stockholm 1980. She is a journalist and author of two books, “Being and being bought” about trafficking in women, and “Stolen Spring” about the eurocrisis and its consequences for Greece. Her books have been translated into several languages and she lectures around the world about crisis theory, women’s rights and Latin American politics. She is a critic at Sweden’s major daily Dagens Nyheter and an op-ed writer for the newspaper ETC. She is the founder of the climate action movement Klimax and the solidarity network NFG.

Following is the full text of her TEDx Talk: Everybody Talks About Capitalism – But What is It? at TEDxAthens.



We heard today about inventions, about economy and about war, but there’s one word that has not been mentioned the whole day and, yet, is the force that drives all of these things.

Okay, I’m not a Jehovah’s Witness that’s talking about God, right? It’s another word, “capitalism.”

Do you know what that is? What is it then? I didn’t hear anything.

See, that’s the interesting thing. When I went to school, I learned that we were living in a society that was governed by democracy, right? And if you didn’t know exactly how many MPs were in your parliament, you didn’t pass the test.

So when I got out of school and I looked for a job and I got a job, I didn’t see no democracy there. The boss was ruling like in a dictatorship.

When I was going to buy my first apartment, I didn’t see no democracy there either. When you go to the stores, where’s democracy?

And I realized there is another force that’s guiding society that’s much more powerful than democracy, and this force is capitalism.

Now, I know what you’re thinking now, that I’m going to talk about capitalism being bad and all that. It’s not the point.

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The point is we have to understand what this thing is, we have to understand the mechanisms of it. I came to this point when I came to Athens in 2011 to write my book about the euro crisis.

This was at a time when — When I landed in Athens, Syntagma was full of tents, full of people talking, having meetings and things like that, sharing experiences. It was a time when the whole European media was talking about Greeks being lazy, not working enough, retiring too early and so on, facts that later on have been disproven.

I mean, I’ve been an investigative journalist for about ten years. I don’t think it’s ever been so easy for me to check facts. I looked at the ECB, the OECD, the ILO, Eurostat, and you see that nowhere are those facts to be proven.

However, when I was going around Sweden and talking what were the causes of the crisis, I realized that crises today are much more difficult to understand than, say, 500 years ago. Five hundred years ago, as the historian Fernand Braudel describes really well, crises were easy to explain.

There were too many people and too little food.

When population grew at the same time as there was a natural disaster, all of a sudden people didn’t have enough to eat. Today’s crises look very different.

We have stores full of food, but outside, there are people who are hungry and begging for money. So, there must be something wrong in the mechanism.

Now, let me give you a definition of capitalism. A lot of people think capitalism is free market, it’s free choice, it’s individualism – No. Capitalism is production for profit in private hands, as opposed to, for example, what’s happening in China, where we have state’s capitalism, where the state produces for profit, but it’s not owned in private hands; or as opposed to production in private hands that’s not made for profit.

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