Capitalism Hits the Fan: Richard Wolff
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- čas přidán 19. 06. 2014
- This lecture from nationally known economist Dr. Richard Wolff, University of Massachusetts professor emeritus, entitled "Capitalism Hit the Fan, So Now What? Economic Democracy and America's Future," was part of a two-day event at the University of Southern Maine on April 23-24, 2014.
"Capitalism Hits the Fan: The Personal and Societal Effects of the 2008 Economic Crisis" was hosted by the Department of Economics at the University of Southern Maine.
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@26m: Don't forget the Bank of North Dakota, Richard! That also plays a huge role in ND's solvency, it's not just the fracking.
The standard retort to any criticism of capitalism is that "You're a communist!" One can be against BOTH communism AND capitalism.
Also, Weimar produced the Bauhaus School and movement which brought us modern architecture and design.
I'm a fan of professor Wolff. Even though he is a self-avowed Marxist, there is no one better who can provide a fair and thorough critique of capitalism.
You are right. America is a class war plutocracy.
Handyman, are you suggesting that the means of production are not owned privately?
So the factories, machinery, and raw materials are not owned by private individuals/corporations?
The government doesn't own the private individuals/corporations. In fact, the reality is quite the opposite. The government is owned by those very individuals/corporations that own the means of production.
What we have is Capitalism. This is what it has evolved into. Private owners control the means of production, hire laborers, extract the surplus value from their labor, and give it to themselves. That is capitalism. Taxes, regulations, or restrictions and Capitalism are not mutually exclusive. Each of those can and do exist within a Capitalist structure.
Socialism, as compared to Capitalism, is often thought of as "government control," which is of course completely false. Socialism does not mean the government doing something. If you follow this false definition, you may be coaxed into believing that what we have is a "mixed" economy, in which we use parts of Socialism and parts of Capitalism. We don't. The means of production are not owned collectively, they are owned very very privately. The Western European nations are Social Democracies, and thus still exist within a Capitalist framework. Private individuals own the means of production.
You may be confusing the terms "Capitalism" and "Marketism," which are not necessarily synonyms. Capitalism is private ownership, and Socialism is collective ownership. Within these two systems is "free market" and "controlled market." You can have a Market-Based Socialist structure, such as a system built on worker co-ops, which still follow all the same rules of a market except with collective control of production. You can also have Controlled Market Socialism, such as China and the Soviet Union, with large centralized planning structures and fixed prices (although some may argue this was actually a form of State Capitalism, as the means of production were arguably never owned by the mass of people, but simply by government officials). You can also have a Free Market Capitalist economic structure, and this is not what we have. What we have is a Controlled Market Capitalist economic structure. But do not be fooled, this is Capitalism.
The rabbit holes certainly does go down deep.
Fantastic presentation! Entertaining, educational and very amusing.
If you leave the decision about what to do with the money, earned by employees in a corporation, to the CEO, board of directors and the principal investors and stockholders of this corporation, they always give almost all of it to themselves. - Richard Wolff.
Dr Wolff starts at 10:00 min.
There is an old Aesop's fairy tale. A lion, a donkey and a fox make a pact to hunt down, kill, and eat a stag. They find the stag and kill it. The lion tells the donkey: "Divide the spoils." The donkey tries to divide the stag into three portions. Enraged the lion pounces on the donkey and tears him to pieces. The lion then tells the fox to divide the carcass up. The fox, without a word, quietly bites off a small morsel of meat and slinks away. How do you get economic justice facing a ferocious lion?
Spartaculus Jones nicely said.
Pf. Wolfe is a good man
Music must be important or the system would not defend their copyrights so seriously.
POOR PEOPLE SPEND MONEY ! RICH PEOPLE HOARD MONEY !!!
Yea, 'time stamp 1:00' Well done.
nonsense , nonsense and nonsense, Tell me Dr.Wolff when you wrote your books, did you get paid from it? or did you do it for free so not to exploit people paying for your books out of money they might use for other things since they are so underpaid?
Hypocrite
He wrote the books so he gets paid, YOU didn't so you don't..........troll
This argument is always pretty funny to me...
Haaah! You protest environmental destruction, but I bet you DRIVE A CAR!
Haaah! You are against Capitalism, but I bet you TRY NOT TO STARVE!
Etc, etc, etc.
It makes you wonder if these people even hear themselves, or if it's just been drilled so far into their heads they don't even recognize they're uttering sounds.
Amen Brett
Brett Leverett That's like saying you hate the monarchy yet you bow down to the king. You do what you have to in order to survive in the system you're in.
pyro 494 Of course you do. That was my point.
Too polemic for me. This erects the old front lines again that lead to the cold war. How about going beyond the thinking in "isms"?
quinto190 Does that make you a Transismist? ;-)