Last May, Shadow Chancellor John McDonnell admitted he wanted to overthrow capitalism with the aim of “transforming our economy”.
He said: “Because I think at the end of the day I want a socialist society. And that means transforming in a way which radically challenges the system as it now is.”
But speaking on BBC Radio 4 Today Programme, the former Greek politician argued leftie political strategies have long failed to challenge the capitalist economic and political system.
The Greek economist claimed the biggest enemy of capitalism is capitalism itself – an economic system in which industry is controlled by private owners for profit while government play a secondary role.
Mr Varoufakis said the “very positive” advancement of technologies funded by believers in capitalism will be the inevitable cause for capitalists to cease to exist.
He said: “When people ask me who is the worst enemy of capitalism, the answer, of course, is not the left.
“The left has proven quite unsuccessful in challenging it.
“The greatest enemy of capitalism is capital accumulation in capitalism itself.
“It has a fantastic, spectacular capacity to generate at once technologies that disrupt the world we live in in a very positive way, mostly.
“But also to undermine the social organisation of capitalism upon which capital depends on its reproduction.
“Most elite people understand that capitalism is creating circumstances that make their own reaches and their own authority very precarious while at the same time condemning the vast majority of the population to constant precarity in the wage labour market.
“Nevertheless, the nature of the beast is such that even the most enlighten amongst capitalists find it impossible to reform existing conventions and existing institutions of capitalism.
“Let’s face it, the very technologies that they are creating are now undermining the very ‘raison d’être’ for the corporations.”