I ask myself, Why did my employer make 10s of millions ( for my work product ) and would not give more than 3% wage increases. My only leverage was, to quit and ask for more. My net worth in retirement is shocking. You will be worn out and well off. No four week vacations in the USA. Production is extremly efficient, we do not need more workers, We need a 20 hour work week and $50 an hour. . . . . . .
@@jamesmorton7881 Other than Environmental destruction, rising extinctions, Global Warming etc - which all impact human existence in varying ways; along with Private Debt, Retirement might be one of the most dangerous issues we all face - rising costs of living, rising costs of heating, the destruction of Health Care access.... A range of factors could make old age a living hell. In the UK, the 'Old Age Pension' of yesteryear was done away with, with barely a murmur from the general population. Replaced with the 'Trinity Model' > you pay, your employer pays, the state pays ..... In theory, this was a reasonable proposition > but: A. it overlooked the poor regulation of the markets which are very open to corruption (see Max Keiser commentary) B. Western economies are now very fragile, and corporations have a habit of ''re-structuring'' - employment is often precarious and far from steady. Zero hour contracts .... C: In light of MMT and 'money creation' revelations, the State creates money - So, the excuse of 'belt tightening' was bogus in any case. Most people pay very little attention to matters of 'Economics'. It's boring, It's doesn't effect me, I don't have time... I fear by the time they realise, they need to pay at least some attention, it may well be too late for them! + of course, it takes a weight of numbers to push for policy change. Enough people have to care. Have to 'know'.
"It is difficult to get a man to understand something when his salary depends upon his not understanding it" - Upton Sinclair. You can get the working class to understand socialism as it's to their benefit, no matter how intelligent, educated, and moral a member of the owner class is the above will always apply. Change can only be bottom up.
Professor Wolff and I are of the same generation. He was a student at Yale while I was drafted to fight and die in America's war against the people of Indochina in the 1960s.In 1973 I entered Yale to study economics. By the time I graduated in 1977 I was convinced that capitalism was a dead end. The question that vexed me was how can we the people accelerate its demise. Now we are getting closer to finding an answer. Continue your important work professor!
I always enjoy hearing Dr. Wolff's analysis of our economic dilemma. Those at the top benefit from the current system, so will fight tooth and nail to retain it. Those further down fear that any change may further harm them, while people nearer the bottom have little to lose. Those in power understand this so exploit these differences, so the challenge is either waiting for the inevitable collapse or finding some way to reach a critical mass of those desiring real change.
Always a pleasure to listen to Richard, greed perverts the 1% from taking action, it's like knowing when to get out of a stock you don't fully control...
I love this channel. I'm grateful for these interviews. I've been following since the last financial crisis, but rarely comment. Today I'd like to say, another big problem with socialism is all of the countries that describe themselves as socialist, or communist, but really aren't. We have the same problem with democracy. The problem is, obviously, critics of socialism can point to these, let's say, frauds, and use that against legitimate social welfare programs (health, housing, education, etc).
When the gringo dog stops jumping, he won't bite the master who's making a fool out of him. He will just eat anyone smaller than him or the master will send him to fight the Russian/Chinese for some treat.
The "Gig economy" gives as much Job security as the average criminal Organisation. "Come along for the heist/ project, but don't plan a career" You better have no family or people who rely on your income.
Brilliant discussion!! I had a ringside seat for when Neoliberalism took over with the Reagan Revolution. I was thirty three and was shocked at the new thinking. What I didn't realize at the time was the most critical fact, the role that power plays in a society. FDR's New Deal used the government as a countervailing power to corporate might. The Reagan Revolution destroyed that concept by claiming the government was the enemy. The power of corporations became so extreme that they used that power to take over our government. Our democracy was destroyed and replaced by an oligarchy. The resulting concentration of wealth is also destroying our economy and the population has finally woken up.
So have we finally established that socialism is NOT when the government does everything it's about the workers having more power from the bottom. The government must nationalise the utilities and the banks, (for the good of all) but the power has to come from the bottom up, from the people from their various form's of mixed economy, a large proportion of which can be working co-ops, operating side by side with other types of models but given encouragement. That is socialism for the people.
Such an amazing job, Renegade team! Everywhere you look you see great new Socialist (English speaking) media platforms popping up. Hope this soon happens in Germany as well. We need it ASAP. Liberals here are still very much holding public opinion and discourse under wraps. The Right is alarmingly set and eager, although currently stagnating at 10% for the AFD. The Left is scattered.
I recently lived and worked in a socialist country and these are the things I enjoyed about residing there: Virtually ZERO crime throughout the entire country. A friendly, hardworking, kind, united, and happy populace. No homelessness and virtually everyone is employed, no job is too trivial. Modern, clean and efficient cities. Excellent public transportation systems. 80% of high school graduates go on to attend college..at no cost. Good hospitals and health care system free for locals and very low cost for expats. People obsessed with personal hygiene and cleanliness. There is hardly any debt burdening the avg citizen.
Professor Wolf does bot mention the difference between financial capitalism (modern feudalism) and industrial capitalism (socialism) . Financial Capitalism goes back to the Greeks and Romans empires. Adam Smith, John Stewart Mill, Karl Marx developed the philosophy that was anti financial Capitalism which is anti regulation and government controls over the economy of a country which would in a genuine democracy rule in the best interests of the people that vote for them and not the super rich. The best understanding of Bezos (globalist) financial economics is to listen to professor Michael Hudson talks on utube.
Richard Wolfes economic critic of capitalism using analysis on the great recession leaves out one important point . The government intervened in the form of the bail out . True capitalism would have allowed the bankers to fail . It was government that saved them and stopped the self correcting mechanism process within capitalism which prevents the morale dilemma .So what happened was really socialism not capitalism at all . It is socialism that has caused the malaise since the great recession . Please if you are going to play the blame game at least get it right .
....jeez Justin, I bet Prof. Wolff is extremely concerned that he made that faux pas and that he has has an upcoming scholar with your brain. Even brilliant people make errors. You're only human if you do. But I guess you don't make mistakes cause you're not human.q
What does the father of modern economics say? "But the rate of profit does not, like rent and wages, rise with the prosperity and fall with the declension of the society. On the contrary, it is naturally low in rich and high in poor countries, and it is always highest in the countries which are going fastest to ruin." Adam Smith, classical economist Exactly the opposite of today's thinking, what does he mean? When rates of profit are high, capitalism is cannibalising itself by: 1) Not engaging in long term investment for the future 2) Paying insufficient wages to maintain demand for its products and services Today’s problems with growth and demand. Amazon didn't suck its profits out as dividends and look how big it's grown (not so good on the wages). Where does the idea of maximising profit actually come from? The benefits of the system can be passed upwards in dividends or downwards in wages. Both actually detract from the money available for re-investment as Jeff Bezos knows only too well. He didn’t pay dividends, and paid really low wages, to maximise the amount that he could re-invest in Amazon and look how big it’s grown. The shareholders gains are made through the value of the shares. Jeff Bezos hopes other people are paying high enough wages to buy lots of stuff from Amazon; his own workers don’t have much purchasing power. There are three different directions in which the benefits of the system can flow. Milton Freidman said companies should look after shareholders. This means pumping as much as possible out to them to the detriment of the companies themselves and their employees.
The Bankers, the 1% make the laws, they are the winners writing the text books. ############################################################# In Marxist philosophy, the bourgeoisie is the social class that came to own the means of production during modern industrialization and whose societal concerns are the value of property and the preservation of capital to ensure the perpetuation of their economic supremacy in society.
The fundamental lesson we must all learn from the last 50 - 70 years: the next window for change must see systemic changes WHICH CANNOT BE REVERSED. If this isn't the case: there's every possibility conversations like the one above will be repeated in c. 100 years from now; Of course, if late stage Capitalism isn't thwarted, conversations like this may become a secondary matter, to mere survival! The Oligarchs of the future? Who's got the best caves, and the most flints .... It's our poor unfortunate peer species I feel most sorry for. What sin have they all committed to be saddled with a life adjacent to our own :-/ #MMT #BDS #MoneyCreation #AnimalRights #GoVegan #EatTheRich #StopWar #DirectDemocracy
You are confusing brexit (freedom from Bruxelles) self determination and your own gvt. actions or lack of. Until big money in gvt. is eliminated nothing will change. eg. America! Capitalist and extremely 'SOCIALIST:" The socialist part is BAIL-OUT big business when it fails as in 2008 at taxpayers expense! None of culprits held accountable. I would take this (bloated) man seriously, he forgot to mention F.D.R. plan, saved capitalism. America's golden years decline begun with Reagan's tax cuts to big business, and cherry on cake supreme court ruling company=person in 2009-10. World wide, with exception of few countries, there isn't much competence in leaders;............least competent 3 stooges at EU.
@@peetsnort Depending on points of view. Main question, was the average American better-off before FDR's presidency, or after? Without forgetting WW2 boosting it's economy. Don't really understand your definition of gold currency
I've lived in Spain now for the last 3 years. The socialist government tax the life out of us, in particular the self employed. The government has full access to your bank account and will place an embargo on it if you don't have enough funds. The young people can't afford to buy or rent a house and are therefore still living at home. Central Spain is practically empty because of Franco's policies in the 60's. Yet, nothing has been done to improve the situation. Slavery ain't dead, it's taking different drugs, DEBT.
PSOE is a social-democratic party which is another pseudonym for liberalism and free market ideology disguised as socialism..... Like most other social party's in EU it is a common strategy to discredit socialsm.
"Bitcoin is the largest wealth distribution you can imagine from, those that decide to get on Bitcoin vs those that decide to wait until the CBDC, Central Bank Digital Currency creates communism on a blockchain" ~ Simon Dixon
Think Decentralism. It is a more sophisticated view. Marx critique of capitalism stands but fails to understand that we are another system OF nature Nature is decentralised in both essence and action. This matters. Democracy tries to decentralise but fails to because it is not direct democracy and centralises to the representatives who are always weak and buy-able Capitalism should be decentralised but fails because democracy fails Communism was meant to disaggregate economic concentration but centralised power corrupts it These are all just Feudalism re-branded To get beyond feudalism we must decentralise and disaggregate power literally into our pockets To do this we need to go back to the cypher punk movement and build tech to continue to enact the revolution quietly from below. Building on the decentralisation of Bitcoin it can be done Bitcoin is a decentralised value transfer convention Bitcoin is not "crypto" That is the opposite! A distraction pumped up by legacy VC money to milk, scam and destroy the possibilities of Bitcoin Think Decentralism Speak Decentralism Disaggregate power
![Global Capitalism: Marxism: From Critique of Capitalism to Alternative System [May 2022]](http://i.ytimg.com/vi/mlfo1HKlQz8/mqdefault.jpg)
I love professor Wolff. He’s so down to earth. And I believe he’s right.
This is brilliant, thank you! The bleeped out profanity made me laugh. Marx was right about the problems with capitalism.
I ask myself, Why did my employer make 10s of millions ( for my work product ) and would not give more than 3% wage increases. My only leverage was, to quit and ask for more.
My net worth in retirement is shocking. You will be worn out and well off. No four week vacations in the USA.
Production is extremly efficient, we do not need more workers, We need a 20 hour work week and $50 an hour. . . . . . .
@@jamesmorton7881 Other than Environmental destruction, rising extinctions, Global Warming etc - which all impact human existence in varying ways; along with Private Debt, Retirement might be one of the most dangerous
issues we all face - rising costs of living, rising costs of heating, the destruction of Health Care access....
A range of factors could make old age a living hell.
In the UK, the 'Old Age Pension' of yesteryear was done away with, with barely a murmur from the general population.
Replaced with the 'Trinity Model' > you pay, your employer pays, the state pays .....
In theory, this was a reasonable proposition > but:
A. it overlooked the poor regulation of the markets which are very open to corruption (see Max Keiser commentary)
B. Western economies are now very fragile, and corporations have a habit of ''re-structuring''
- employment is often precarious and far from steady. Zero hour contracts ....
C: In light of MMT and 'money creation' revelations, the State creates money -
So, the excuse of 'belt tightening' was bogus in any case.
Most people pay very little attention to matters of 'Economics'. It's boring, It's doesn't effect me, I don't have time...
I fear by the time they realise, they need to pay at least some attention, it may well be too late for them!
+ of course, it takes a weight of numbers to push for policy change. Enough people have to care. Have to 'know'.
"It is difficult to get a man to understand something when his salary depends upon his not understanding it" - Upton Sinclair. You can get the working class to understand socialism as it's to their benefit, no matter how intelligent, educated, and moral a member of the owner class is the above will always apply. Change can only be bottom up.
Professor Wolff and I are of the same generation. He was a student at Yale while I was drafted to fight and die in America's war against the people of Indochina in the 1960s.In 1973 I entered Yale to study economics. By the time I graduated in 1977 I was convinced that capitalism was a dead end. The question that vexed me was how can we the people accelerate its demise. Now we are getting closer to finding an answer. Continue your important work professor!
I always enjoy hearing Dr. Wolff's analysis of our economic dilemma. Those at the top benefit from the current system, so will fight tooth and nail to retain it. Those further down fear that any change may further harm them, while people nearer the bottom have little to lose. Those in power understand this so exploit these differences, so the challenge is either waiting for the inevitable collapse or finding some way to reach a critical mass of those desiring real change.
Always a pleasure to listen to Richard, greed perverts the 1% from taking action, it's like knowing when to get out of a stock you don't fully control...
never delete this priceless document
This discussion brought out the best in Richard Wolff, excellent 👍
Mindblowing> Prof. Wolff speaks with so much clarity and passion.
I love this channel. I'm grateful for these interviews. I've been following since the last financial crisis, but rarely comment. Today I'd like to say, another big problem with socialism is all of the countries that describe themselves as socialist, or communist, but really aren't. We have the same problem with democracy. The problem is, obviously, critics of socialism can point to these, let's say, frauds, and use that against legitimate social welfare programs (health, housing, education, etc).
When the gringo dog stops jumping, he won't bite the master who's making a fool out of him. He will just eat anyone smaller than him or the master will send him to fight the Russian/Chinese for some treat.
Just found this channel recently. Thanks Ross for all the work you put in. So many discussions that are incredibly valuable in today's world.
The "Gig economy" gives as much Job security as the average criminal Organisation. "Come along for the heist/ project, but don't plan a career" You better have no family or people who rely on your income.
I love this guy! Been hooked since I first came across his speeches in the church on RUclips 5 years ago.
Brilliant discussion!! I had a ringside seat for when Neoliberalism took over with the Reagan Revolution. I was thirty three and was shocked at the new thinking. What I didn't realize at the time was the most critical fact, the role that power plays in a society. FDR's New Deal used the government as a countervailing power to corporate might. The Reagan Revolution destroyed that concept by claiming the government was the enemy. The power of corporations became so extreme that they used that power to take over our government. Our democracy was destroyed and replaced by an oligarchy. The resulting concentration of wealth is also destroying our economy and the population has finally woken up.
great episode
So have we finally established that socialism is NOT when the government does everything it's about the workers having more power from the bottom. The government must nationalise the utilities and the banks, (for the good of all) but the power has to come from the bottom up, from the people from their various form's of mixed economy, a large proportion of which can be working co-ops, operating side by side with other types of models but given encouragement. That is socialism for the people.
Don't forget Pope Francis denounced capitalism as "evil".
The S&M words LOL
Socialism and Marxism
Such an amazing job, Renegade team!
Everywhere you look you see great new Socialist (English speaking) media platforms popping up.
Hope this soon happens in Germany as well. We need it ASAP. Liberals here are still very much holding public opinion and discourse under wraps. The Right is alarmingly set and eager, although currently stagnating at 10% for the AFD. The Left is scattered.
Lenine on imperialism is so current as well! 📚 📚 📚…
I recently lived and worked in a socialist country and these are the things I enjoyed about residing there:
Virtually ZERO crime throughout the entire country.
A friendly, hardworking, kind, united, and happy populace.
No homelessness and virtually everyone is employed, no job is too trivial.
Modern, clean and efficient cities.
Excellent public transportation systems.
80% of high school graduates go on to attend college..at no cost.
Good hospitals and health care system free for locals and very low cost for expats.
People obsessed with personal hygiene and cleanliness.
There is hardly any debt burdening the avg citizen.
Professor Wolf does bot mention the difference between financial capitalism (modern feudalism) and industrial capitalism (socialism) .
Financial Capitalism goes back to the Greeks and Romans empires. Adam Smith, John Stewart Mill, Karl Marx developed the philosophy that was anti financial Capitalism which is anti regulation and government controls over the economy of a country which would in a genuine democracy rule in the best interests of the people that vote for them and not the super rich. The best understanding of Bezos (globalist) financial economics is to listen to professor Michael Hudson talks on utube.
Great interview., thanks. Like professor W, Ray Dalio is warning everyone that the system is dying. I believe you both....
Richard Wolfes economic critic of capitalism using analysis on the great recession leaves out one important point . The government intervened in the form of the bail out . True capitalism would have allowed the bankers to fail . It was government that saved them and stopped the self correcting mechanism process within capitalism which prevents the morale dilemma .So what happened was really socialism not capitalism at all . It is socialism that has caused the malaise since the great recession . Please if you are going to play the blame game at least get it right .
....jeez Justin, I bet Prof. Wolff is extremely concerned that he made that faux pas and that he has has an upcoming scholar with your brain.
Even brilliant people make errors. You're only human if you do.
But I guess you don't make mistakes cause you're not human.q
@@georgewilder7423 Hi George Thank you for your comment . Could you elaberate a bit more . I would agree that we re all human and make mistakes .
What does the father of modern economics say?
"But the rate of profit does not, like rent and wages, rise with the prosperity and fall with the declension of the society. On the contrary, it is naturally low in rich and high in poor countries, and it is always highest in the countries which are going fastest to ruin." Adam Smith, classical economist
Exactly the opposite of today's thinking, what does he mean?
When rates of profit are high, capitalism is cannibalising itself by:
1) Not engaging in long term investment for the future
2) Paying insufficient wages to maintain demand for its products and services
Today’s problems with growth and demand.
Amazon didn't suck its profits out as dividends and look how big it's grown (not so good on the wages).
Where does the idea of maximising profit actually come from?
The benefits of the system can be passed upwards in dividends or downwards in wages.
Both actually detract from the money available for re-investment as Jeff Bezos knows only too well.
He didn’t pay dividends, and paid really low wages, to maximise the amount that he could re-invest in Amazon and look how big it’s grown.
The shareholders gains are made through the value of the shares.
Jeff Bezos hopes other people are paying high enough wages to buy lots of stuff from Amazon; his own workers don’t have much purchasing power.
There are three different directions in which the benefits of the system can flow.
Milton Freidman said companies should look after shareholders.
This means pumping as much as possible out to them to the detriment of the companies themselves and their employees.
Does anyone know what that painting is, hanging on the wall, just above Richard Wolff?
I just love him.
Prof Wolff got into this interview. Lot's of cussing. Love it
The 1%rs are not inside the train. This is a remote controlled train, that's why .
Marx is a bit of an enigma and debates continue till todate
till todate till todate till todate till todate 😂
The Bankers, the 1% make the laws, they are the winners writing the text books.
#############################################################
In Marxist philosophy, the bourgeoisie is the social class that came to own
the means of production during modern industrialization and whose societal
concerns are the value of property and the preservation of capital
to ensure the perpetuation of their economic supremacy in society.
@@jamesmorton7881 till todate
I think the mass of people can't even think like the dog.
The fundamental lesson we must all learn from the last 50 - 70 years: the next window for change must see systemic
changes WHICH CANNOT BE REVERSED.
If this isn't the case: there's every possibility conversations like the one above will be repeated in c. 100 years from
now;
Of course, if late stage Capitalism isn't thwarted, conversations like this may become a secondary matter, to mere
survival!
The Oligarchs of the future? Who's got the best caves, and the most flints ....
It's our poor unfortunate peer species I feel most sorry for. What sin have they all committed to be saddled with a
life adjacent to our own :-/
#MMT #BDS #MoneyCreation #AnimalRights #GoVegan #EatTheRich #StopWar #DirectDemocracy
❤️
So i as a brexiteer must take this bloated man seriously....
You are confusing brexit (freedom from Bruxelles) self determination and your own gvt. actions or lack of. Until big money in gvt. is eliminated nothing will change. eg. America! Capitalist and extremely 'SOCIALIST:" The socialist part is BAIL-OUT big business when it fails as in 2008 at taxpayers expense! None of culprits held accountable. I would take this (bloated) man seriously, he forgot to mention F.D.R. plan, saved capitalism. America's golden years decline begun with Reagan's tax cuts to big business, and cherry on cake supreme court ruling company=person in 2009-10.
World wide, with exception of few countries, there isn't much competence in leaders;............least competent 3 stooges at EU.
@@letranger6750 FDR ruined gold currency
@@peetsnort Depending on points of view. Main question, was the average American better-off before FDR's presidency, or after? Without forgetting WW2 boosting it's economy.
Don't really understand your definition of gold currency
@@letranger6750 he outlawed the private ownership of gold
@@peetsnort Thank you for info. being in France, was not aware.
Will look into tomorrow morning.
De nouveau, merci
I've lived in Spain now for the last 3 years. The socialist government tax the life out of us, in particular the self employed. The government has full access to your bank account and will place an embargo on it if you don't have enough funds.
The young people can't afford to buy or rent a house and are therefore still living at home.
Central Spain is practically empty because of Franco's policies in the 60's. Yet, nothing has been done to improve the situation.
Slavery ain't dead, it's taking different drugs, DEBT.
That doesn't sound like socialism to me
Spain is NOT a socialist country.
@@Mazeisaspace
They masquerade as Socialists and have done for years. Power corrupts, simple. I didn't say "Spain is a socialist country" either.
PSOE is a social-democratic party which is another pseudonym for liberalism and free market ideology disguised as socialism..... Like most other social party's in EU it is a common strategy to discredit socialsm.
@@annarock8966 Thank you.
"Bitcoin is the largest wealth distribution you can imagine from, those that decide to get on Bitcoin vs those that decide to wait until the CBDC, Central Bank Digital Currency creates communism on a blockchain" ~ Simon Dixon
Think Decentralism. It is a more sophisticated view.
Marx critique of capitalism stands but fails to understand that we are another system OF nature
Nature is decentralised in both essence and action. This matters.
Democracy tries to decentralise but fails to because it is not direct democracy and centralises to the representatives who are always weak and buy-able
Capitalism should be decentralised but fails because democracy fails
Communism was meant to disaggregate economic concentration but centralised power corrupts it
These are all just Feudalism re-branded
To get beyond feudalism we must decentralise and disaggregate power literally into our pockets
To do this we need to go back to the cypher punk movement and build tech to continue to enact the revolution quietly from below.
Building on the decentralisation of Bitcoin it can be done
Bitcoin is a decentralised value transfer convention
Bitcoin is not "crypto" That is the opposite! A distraction pumped up by legacy VC money to milk, scam and destroy the possibilities of Bitcoin
Think Decentralism
Speak Decentralism
Disaggregate power