What is happening to modern capitalism?
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- Опубликовано: 20 окт 2024
- 'The constant revolutionising of production, everlasting uncertainty and agitation - all fixed relations are swept away, all that is solid melts into air.' (Subscribe: bit.ly/C4_News...)
If that sounds like the non-stop pace of our high-tech modern world - it was actually Karl Marx's description of capitalism, 170 years ago. But today's critics of the onward march of free enterprise are not just confined to the far left - some traditional champions of the market economy are also calling for a rethink.
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Either capitalism is broken or it's working exactly as it's meant to...
Korona It is "free" market capitalism that has failed.
Jennifer Akdemir What free market? All the big businesses are propped up with public money. They’d crumble if they had to compete in a free market.
Sam Townsend Precisely! That's why I always use the inverted commas. It's one big scam.
How is it broken? It has allowed both population and standard of living to simultaneously exponentially increase. You only think it has failed because you are comparing it to utopia
Nick F Prosperity increased under social democracy, i.e. controlled capitalism, but inequality has soared under the return to deregulation ushered in by Reagan and Thatcher.
Good on C4 for reporting on things like this. The BBC wouldn't dare undermine capitalism in this way.
The problem with both politics and finance is very simple, it assumes people in power will act responsibly and morally..... they don't.
+Corsair Soul
Of course, they are just like the people who elect them (assuming that one lives in a so-called 'democracy'). (Romans 3:23) 'For all have sinned and fall short of the glory of God.'
Who says that they ought to be held to a higher standard? One should be grateful if the blandishments and perks of power do not lead them to accept a lower standard.
Red Peony please explain that. Is the idea of the state eventually withering away dependent on people being basically good?
+@@beatosu20
That's an excellent question. But it is evident that people are NOT basically good.
History attests to that, being an unending series of conflicts with brief interludes of relative calm, here and there-------------because fighting IS exhausting. Besides, SOME greedy impulses are better served when law and order prevail. Don't the stock markets respond positively when conditions are stable?
(James 4:1-3) 'What is the source of quarrels and conflicts among you? Is not the source your pleasures that wage war in your members? You lust and do not have; you commit murder. You are envious and cannot obtain; you fight and quarrel. You do not have because you do not ask [of God]. You ask and do not receive, because you ask with wrong motives, so that you may spend it on your pleasures.'
How can man transform his own moral condition? How can goodness emerge from corruption? Impossible! Therefore a NEW NATURE must be implanted in man, that he might be capable of DESIRING justice, NOT ONLY for himself and those of his tribe or class, but impartially, as God does. The Bible teaches that this cannot happen apart from spiritual regeneration, apart from 'new birth'. For Jesus said that unless one is 'born again' of the Spirit he cannot see the kingdom of God.
Interestingly, the first Christian church in Jerusalem, which was ethnically Jewish, developed a system in which property was held communally. Wealthy members of the congregation used to sell their property and give the proceeds to the poor, so that all had enough. This was done voluntarily and without regard to State authority, for ONLY the Christian community was involved. Nevertheless resistance to the State was not an option, nor did Jesus or the apostles ever commend that.
(Acts 4:32) 'And the congregation of those who believed were of one heart and soul, and not one claimed that anything belonging to him was his own, but all things were common property to them.'
According to my understanding, this system of care for the poor was a local response to necessity, not the product of ideology. I do not know how long it continued, but in 70 A.D. Jerusalem was destroyed by the Romans.
Cathy Newman speaking about Marx. There's gonna be a lot of angry lobsters in the comments.
@Revolutionary Communist no he's a pillhead now
Well, it was hard to take her seriously after that little number:-/
@@user-uw9zn7ob1s he was Kony 2018 lol
And a lot of happy f**kwits too remember.
Communism killed over 100 million people. It should be banned like the Nazi party is.
If by "rethink" you mean ending, so yes, it is time to rethink capitalism.
You are a moron. Capitalism is reason you are not dying at 30 and have all the luxuries you are currently enjoying. GO TO GULAG!
Cant believe someone just mentioned cuba
+Luciano Pereira
Seeing that the whole world is dominated by that system to unprecedented degree, HOW and with what alternative are you going to replace it? I am speaking in practical terms while claiming political neutrality, more or less.
So long as man remains SINFUL, dominated by selfish instincts, you will NEVER, EVER achieve economic justice on earth-------------though it IS worthwhile fighting (by non-violent means) to make things better for those who are having a hard time. But don't take away from charitable institutions and the welfare State their proper function in society. When Jesus said that we would always have the poor with us, He was not just stating a fact but also indicating our moral duty, until He returns and finally sets right what is wrong on the earth.
I don't believe as I once did in top-down solutions for economic problems. If anything, I think that more power should be appropriated to local authorities; and if 'socialism' is to be implemented successfully, perhaps it had best be done on humble scale. If practices are not reviewed and criticized on a regular basis at the source, how are they to improve?
@@LR-xt2zr Socialist countries usually had better life expectancy, infant mortality and education than capitalist countries assuming similar levels of economic development. Life expectancy was over 70 in the USSR and after the implementation of capitalism in Russia, life expectancy plummeted. In fact, around 9 million extra people died in Russia after the first 12 years of capitalism, primarily from poverty related problems that were new to capitalist Russia. The number is around 3.5 million for Ukraine.
@@Rb39-ej5hh Nice cooking up the facts.
Yes Comrade, Lets start with cutting all TV presenter salaries.
*salaries.
@@DrRiq Shuuuush, you will disturb his moment, makes him all warm and fuzzy inside.
@@DrRiq Thank you. That was typo. Corrected. Cheers.
@@DrRiq saleries
@@Whoisafraidofreality you also shouldn't capitalise a word after a comma unless it's a proper noun.
Good subject. It’s brave of C4 to dare to air it.
They are always peddling left wing positions . We are under corporatism and state ran crony capitalism .
How is it 'brave' to push left-wing propaganda? They've been doing it since their inception, along with all the other channels.
Disgusting leftie Channel 4 will do anything to brainwash gullible people to be left wing.
@@jasondevon481 Why is questioning and rethinking capitalism seen as left wing?? It is obviously not working for a great deal of society and that is what's really disgusting.
Yeah strange because almost all news outlets peddle to the right wing
YES! Take GREED out of it & put PEOPLE above profit.
Then why are you such a fan of the EU? The EU is a capitalists wet dream, run by the mega rich.
How are you going to take the greed out of people though? Also money tends to move toward competence, so will you be removing that too? People have tried this in every different culture with every different race, it always causes misery, why do you want to try it again here?
@Cowardly Custard Yes, reversing Reaganomics would be a good start
SkyEcho7 Yep and undo all the prosperity that came from it? I don’t think so after the misery of the socialist 70s
@@chrisj9700 You're describing double figure inflation & 3 MILLION unemployed as 'prosperity'! 😶
Should've gotten Ash Sarkar to speak on CH4 about Capitalism.
I'm sure she'd discuss her fantastic idea of 'luxury communism' after discussing how she's going to expropriate rich white men.
That would be the BBC approach; bringing people on they can easily ridicule and mock.
I like Ash, she’s well fit.
Why? She doesn't have much to say, apart from a lot of uninformed waffle really.
Will Pearson all surveys say differently.
Yeh we do. If you don’t reform a broken system then that system will be destroyed
We are long past regulations & reforms being able to do squat my friend. We either dismantle the global economy and replace capitalism with a localised democratic economy that produces to ensure basic needs are met only, not wants, and soon, or we are finished as the dominant species of this earth.
ruclips.net/video/exXBGHxA4BE/видео.html
ruclips.net/video/Chsas3u8k-k/видео.html
ruclips.net/video/wHw7wAsCStE/видео.html
armyofall.wordpress.com/no-future-under-capitalism/
@Anthony Burke A wonderful question to ask Anthony.
The policy:
ruclips.net/video/6DNofdU4tSE/видео.html
The proof of the pudding:
www.uk.coop/sites/default/files/uploads/attachments/worker_co-op_report.pdf
One example of how a poor nation uses this model to build strong worker owned community enterprises that have enabled them to produce 90% of their food cheaply and organically with no loss of top soils nor fossil fueled machines.
If we produced our food in our towns and cities as they do, using no carbon to do so, then we turn the cities into giant carbon sinks and the humans that eat the food into carbon storage.
ruclips.net/video/TZ0tovrhf5Y/видео.html
@ArmyOfAll yeah... They already tried replacing capitalism multiple times in the 20th century. The results were economic collapse, mass starvation, labour camps, police states and 100 million dead bodies.
@Anthony Burke Cuba is a communist state, not a socialist state. Learn the difference then try and join in again. Even so, your comment is somewhat misleading. Do you know what Cuba's biggest export is and do you know who imports it?
It's doctors employed by the US because their education system is better than the United States. It doesn't price out brilliant minds.
The closest we have to socialism these days are the democratic socialist Nordic countries all of which are leading league tables in important areas.
Socialism or indeed democratic socialism may not be the answer to this problem but if we continue with our increasingly extremist capitalism then we will destroy the planet. At it's current rate of progress, capitalism stands to kill more than all fascists and communists combined. Capitalism would be fine if it didn't require vast wealth inequality and the destruction of the natural world to function.
Please look up the differences between socialism, communism and democratic socialism. How can you truly form an opinion on a subject that you are clearly ignorant about?
ArmyOfAll I'm thinking the solution is indeed the collapse of the global economy. No more transporting pineapples around the globe and cheap flights to Majorca......I'm guessing that the world will become a much bigger place with travel and goods restricted to the top 1% ruling elite. One thing's for sure, if we do see an implosion of globalization, the ruling elite will continue unhindered. Bastards.....
Workers of the world U N I T E
The problem is commies seldom work.
@@jameswhiteley6843 seldom?
Nah you Tories are right. Let's just keep accumulating billionaires and let the income equality gap increase, and the climate go to $hit. That's working a treat. Why fix what isn't broken?
Comrade dog thank you for this message
@@comanchio1976 it's fine, most of the world's billionaires are backing the climate change hoax.
The problem is that elderly individuals are trying to turn the clock back to the world as they remember it.
I said to a builder friend earlier, "I am not meaning to be horrible nor disrespectful to the older gens in any way, many of them are on our side, but, we are literally waiting for a generation to die off for the grip on power of those above us to be weakened. Most of the older gens beliefs about the world have been built by a lifetime of main media and their own comforts no longer available to millennials and younger, and those older gens don't want change because if change worked, that would mean having to admit that their beliefs are wrong"
@C R I have not been made to believe it is their individual fault, I blame a system of economics and information via main media that manufactures their consent into voting and believing as they do.
@@Nine-Signs You seem to forget that history didn't begin when you were born, you have no concept of respect if you believe anyone that's older than you is wrong. Propaganda has been around long before you..
@@Nine-Signs lol The waiting game? gl with that. The waiting game is what we always do, and they just reproduce!
@@thespeckler1 If you can show me where I said all people that were older than me are wrong then you will have a point.
It's insanity to promote infinite consumption on a finite planet.
Cromwellian Protectorate Republican , the joys of living on an ruined, dying planet. Thanks for the reply CPR 😊
Cromwellian Protectorate Republican . Spoken like a true consumer 👍
Cromwellian Protectorate Republican are you always this angry and abusive ? Or is it only when your world view is questioned ?
Late stage capitalism. Time for a change before there’s a revolution
the revolution will never come
No I'd say people like those in the Labour Party are become more extreme
Joe Wedg I'm sure things will be much better when the people who run the companies you hate get jobs in government and have the power of taxation and a police force at their disposal and don't have to compete with each other for customers.
@@jackshiels3239 Maybe it will, maybe it won't. Doesn't matter since either way people will die...
"Are they going to be run better in state hands?"
Well put it this way, I've had five letters declared 'lost' in two years with Royal Mail. The ten years before privatisation, you're lucky if there was one. I used to get my mail early, now it's sometime in the afternoon. The postman used to have a happy countenance, now they're fucking miserable.
Just saying.....
Lex772 I was tempted to look up the statistics and read some studies on the privatisation of the mail service. Fortunately I saw your story about losing some letters and disliking your new postman. Now I have all the evidence I need and a solid understanding of the issue. Thank you.
and thats probably cause of tory tax cuts in every national service, everyone's depressed because they dont pay them enough
the post 1945 nationalised industries grew at a faster rate than comparative businesses in the private economy.
@Rubber Tiger I mean if you were disabled you would want to be able to get a job wouldn't you, like think if you were in their position and don't just think about yourself
thats not what happens though, the jobs that people dont go into is what these people go for, no one wants to be a postman if you have any sense of education anyway, but what youre saying is that they shouldnt have a chance of getting a job cause of their disability. Like what. People need to work at least theyre contributing to society.
Stop printing money out of thin air.
Sounds like you don’t understand how money works.
@@CarlyonProduction Fractional reserve banking is a ponzi scheme, banks lend out money 10x what is in their deposit.
Bobby Dee how is fractional reserve banking a Ponzi scheme?
@@niklas4895 ''It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipts.''
Exactly! The world should drop the oil based fiat petro-dollar and bring back the gold standard!
Great piece. The BBC would never dare to cover something like this.
We need to be thinking of the effects of automation, artificial intelligence and computers on our workforce.
These are surface issues, not systemic.
@@snowstrobe something only a robot would say
Karl Marx, in the end, was warning working class people about their future under capitalism.
He was right and now society needs to understand why and what can it do to save the future.
Capitalism needs to be challenged. Need more regulations on corporations.
We are long past regulations being able to do squat my friend. We either dismantle the global economy and replace capitalism with a localised democratic economy that produces to ensure basic needs are met only, not wants, or we are finished as the dominant species of this earth.
ruclips.net/video/exXBGHxA4BE/видео.html
ruclips.net/video/Chsas3u8k-k/видео.html
ruclips.net/video/wHw7wAsCStE/видео.html
armyofall.wordpress.com/no-future-under-capitalism/
big corporations love regulations because they are the only ones who can afford the costs of navigating them. they hate free markets because it's harder for them to maintain a competitive advantage in them. more regulations only create bigger big corporations.
@@user-ue9bi2ui2q precisely that's why we don't have true free market capitalism today. But Corporatism
Capitalism= profit over people... what’s the point in capitalism if we don’t really benefit from it and only a few do
Well, it was originally designed as a tool to generate economic strength, which could then be used to accomplish our actual, y'know, goals.
Somewhere along the way, it seems to have turned into some kind of religion.
..which is never a good sign.
Capitalist societies are the wealthiest in human history. Even our poor are rich compared to other systems.
John Price so a homeless person in the uk who’s frozen to death not eaten in days is better off then other countries? You can’t just say the poor are better of here then other places when they are still suffering immensely you can’t use that as an excuse for poor people unable to afford basic things
John Price where are the poor in capitalist societies better of? Brazil? Course they have death squads killing homeless, the uk which is getting more capitalist? So many working people can’t even afford to stay warm or buy food, America? Yeah course people are left to die due to no healthcare insurance which is a fraud in itself, I could go on but capitalism is to make people self sufficient when the reality is most people can’t be self sufficient as most people’s minds aren’t wired that way to own businesses or be doctors or surgeons most people just want to go to work earn a decent wage to afford the necessary bills and have a few luxuries. But they can’t due to giant corporations and having no safety nets and being paid such low wages and being given low hour jobs to raise profits for the big bosses
@@mrmagno5955 I'm not saying that it's right, I'm saying that by the alternatives yes they are in general better off than other countries. If people want to help the poor set up soup kitchens and get them into entry level employment. It's worked in the past, the great depression saw much greater numbers of people all over the west literally living in shacks. The majority were out of poverty within 20 years under the free market.
I don’t know why there are so many downvotes. Even if you believe the basic ideas of capitalism (which is fair enough), it’s not difficult to accept that when it goes too far, it just doesn’t work for everybody.
Capitalism is all about the riches getting richer. Some systems installed a small additional social component to achieve a trickle down effect to the middle class and the poor. This works as long as there are infinite natural ressources. As we approach planetary borders the capitalistic system is bound to fail. The new system’s foundations will have to be altruism, democracy, regionality, sustainability, sufficiency. Either we suceed in changing or we are going to die.
XR, FFF 🍀
Columbus, Ohio has an extreme shortage of 1 bedroom 1 bath single apartments for under $450/Month ( for poor people, homeless, for medically disabled, etc)!!! We need at least 56,000+ units!!!!
I hate labels. But since everyone wants to put on other people. I think I will go with Progressive Capitalist. It’s the best I’ve been able to come up with without scaring people
If you dont own the means of production you are not a capitalist, you are just a bootlicker xx
@@remiacab8229 you need to read a bit of basic history mate. Average working hours for adults in europe have come down from nearly 80 per week 80 years ago, to under 40 hours presently. And they are still decreasing. And then on top of that, the amount of paid holidays has steadily increased. In countries like germany the standard is 25 days for full time workers. We've never had so much leisure time whilst being employed by for-profit companies. And employee rights to protect against unfair dismissal etc are much better now than even just 20 years ago (although there's still work to be done on some fronts). It's just historically illiterate to suggest that if you're an employee, in any company at all, that you're a bootlicker. Actually that's a rather moronic statement in general.
capitalism will be our dark past and democratic socialism our bright future :)
No
@@EdekLay is your username a reference to only fools and horses?
Thank you, This made me hard
Rail service is a joke.. elec and gas is at all times high... I say give us a Nationalised service and hopefully they improve if not then guess what we get to vote out the boss in a general election!
mhm, have fun with the gov taking your cash, giving themselves bonuses with a part of it, and then choosing what services it can be spent on...
@@ultravioletxrays125 and the rail companies do not do that?
While we maintain the culture of consumerism nothing will be done about climate change
If you don’t like capitalism move country
Hay Gary Gibbon when J C said he’s a “Threat” he meant to the Media. Please clarify or apologise. Channel 4 level the playing field usually!
I'm so jealous that the UK has media like this. There's no way anyone would even dare to question capitalism in Poland...
If you want a future for your kids then yes.
Capitalism doesn't require investment funding and spending nor any increase in wages. It's inherent requirement is profit and gain. Thus reform will change nothing. This is nothing more than talk.Nothing will be done.
I think AI and the next wave of automation is going to kill it off.
That or is will kill off the middle class.
Thank heavens Channel 4 is discussing this rationally . Well done .
You think this is rational??? HAHAHAHA
@@jerryjones9799: In what way is it not rational to question the long term sustainability of free market capitalism?
Monty Cantsin because it’s asking the wrong question. We don’t have anything near a free market
If some want to question the benefits or deficiencies of capitalism then find some convincing arguments.
Not that load of baloney shown here. So Boris is not going to cut corporation tax after all. Well that’s not surprising 19 percent is pretty low. And reducing tax might, indeed often does, increase revenue but there are limits. Reducing tax to zero won’t necessarily increase revenue.
Channel Four is a disgrace. No honourable person would work for Channel Four or the BBC.
Graham Turner: "Tell me what China are doing wrong?"
Oh yeah, of course, nothing wrong there.
This made me switch off and force a recharge for a moment. Gary Gibbons telling us it's plausabile to take economic lessons from a country that is openly manufacturing what feels like a modern day holocaust... I understand this documentary is not about that, but it's worth an all but brief mention, surely?
Economically, China are doing the right things compared to neo-liberal countries like the US and UK.
@@Rb39-ej5hh You're correct, but I feel it unwise to give them credit where credit's due yet not condemn their ongoing atrocities.
@@transpozednb5216 Fair enough. I'm sure you would agree that if we just look at economic policy, increased use of state planning as a regulator of production is seemingly quite successful. However, if we look at China as a whole, the terrible actions of the country must be taken into account. I guess motorways and nazi Germany are a similar example. Nazi Germany did not make motorways bad, but motorways do not make nazi Germany good. If we just look at Nazi Germany's infrastructure projects, then they were doing things correctly, however if we look at the bigger picture, we obviously see that things are not so good overall.
@@Rb39-ej5hh China has lower taxes on the rich than the UK. Bet you didn't know that. Not a single commie knows that I am sure.
I agree, let's follow china: no quality rules, workers are expendable (there's hundreds of millions of them), lower taxes on the rich :)
Nothing needs repairing. Modern CEO’s are happy to keep the graph going up by cutting staff, freezing wages, whatever needs to be done. As long as they take home astronomical money.
Capitalism needs a reboot every now and then, pure and simple.
We rebooted in the 1940s because a generation that had won the war didn't want a repeat of the Great Depression.
We rebooted in the late 1970s because an oil crisis had initiated stagflation.
We should reboot now because of unsustainable private sector debt, income and wealth inequality, underemployment, wage and productivity stagnation and climate crisis.
Time to rethink C4 "News."
Were are not in a free market we are in the EU a closed and highly regulated market. You can’t complain it is uncompetitive and not performing when it isn’t a true free market
I didn't learn much from the interview and I don't think it lead us to a way forward. I know there are time limits but is it possible to do analysis, learning and finding a way forward on this show?
The excellent Channel4 News interview with Nobel economics winner Esther Duflo is so inspiring and educational.
Could we have her and others looking at the problems and finding solutions that work, all on the show?
The only problem is ... There is a old democracy in a modern world . The parliament is full of old people who don't really care about anyone . And the only reason why they want to keep the very old democracy is because of the paycheck. Nothing new to expect in the near future .
Shut up and enjoy:)
I'd have preferred if this debate was hosted by Gary Gibbon in one of his longer podcasts and not like this.
Anyone who's seen any of Gary's previous clips will agree. The discourse is often of a high quality and highly informative.
Interesting to see some willingness to think alternative ways of managing the world.
Sorry, neoliberal conservatives, but MUH FREE MARKETS just isn’t cutting it anymore. We had some successes with embedded liberalism, but even that had major pitfalls.
It’s time to completely rethink our economies because they aren’t working well for the vast majority of people.
The unbelievably obvious reason and trivial solution being still too complex for your "simple person simple mind" you want to reset everything and go to the other extreme.
More proof confirming than IQs have dropped by 14 percent in the past century.
Superstitious Climate Clown
I said it’s “time to completely rethink our economies,” not “go to the other extreme” - and clearly we do need to rethink our economies. Neoliberalism has been an abject failure for most people in western society, particularly in America (and throughout the world, really).
A few little touch ups here or there will not solve the massive problems of our current economies.
But nice straw-man you constructed. Next time before you imply someone to be a fool, perhaps you should look in the mirror before opening your mouth.
Good day.
@@KrazyKatPosse "MUH FREE MARKETS IS NOT WORKING" "completely rethink our economies"
What I am supposed to read that and think it's not about changing everything and removing free markets?
I think we should start by executing the central bank criminals. Stop literally giving money to the rich. Stop this insane debt bubble cycle. Hitler/Stalin gets elected once a century because of this bs. It is a simple fix.
Workers cannot be fairly rewarded if governement or a central bank LITERALLY prints trillions and throw it at the rich via the stock market or the lowest interest rates in human history.
The solution to inequality and the rise of populism (Trump Boris / socialists) is so obvious so simple no need to rethink everything. It is so frustrating that the solution is that obvious and no one knows about this.
“What has China done wrong?” Uhhh the uyghur’s would like a word...
Obviously a poor choice of words but clearly he was speaking in terms of the broad economic context.
@@MegaJolaus let's not forget the fact that they pay their workers next to zero. The same reason your shiny LCD tv in the lounge is so cheap.
Ian Smith Uhhh so would Isis.... funny how Islamic extremism is fine when it's not "us" that's being attacked .....
Bucko Haram not to mention the patents for that LCD tv that was “borrowed” from the west.
@@lewdchew you sure you have facts to back up the claims? Or are you spreading fake news again from western media that love to lie and make china as the boogeyman.
I would support this if they would do it without a complete demographic replacement
Capitalism has always worked perfectly to the benifit of the rich and to the detriment of the poor.
So how come the poor are so much richer than they used to be?
Then why on average are people earning more in the private sector than the public sector?
If you can come up with something better then be my guest, but if you're going to suggest we try Marx's theory one more time then you're out of luck.
@@Philiptanzer No I did not suggest that. it's a fact though that the wealth gap between the rich and the poor keeps growing every year. 28 of the world's richest people have the equvilant wealth of roughly half the population of the planet, that's 3.5 million people. Hundreds of millions of people are living in poverty. I stand by my comment. All the best
@@darrenrogerseire Why does wealth distribution matter? How would you change it? Do you believe handing out other people's money would solve any of the problems you see? Who would you trust to say "we've achieved a reasonable balance, let's stop"? Are you sure what you're planning will not risk all the benefits capitalism has brought (the lowest paid in my country eat, live in warmth, have healthcare, can fly to other countries for a holiday once a year, have access to a device which holds all human knowledge, etc)?
"Tell me what [China] is doing wrong"... um...
So what point should I start with? Uhgurs, totalitarian government, forced labour camps, wow you could write a whole essay on this
Any discussion about capitalism that omits the global ecological crisis is just ridiculous.
We don’t have a free market economy....... housing market heavily regulated/restricted...... and labour market open to huge flows of deflationary pressure....... no need for business owners to invest in productivity inducing technology........ therefore high living costs (housing) and low wages ....... therefore the people screwed from both sides
Edwin Morgan is absolutely full of it!
Socialize the banking/finance system is the only solution
We need to make the very important distinction between state and private mixed economies, capitalism, and a democratic worker led and owned economy
How is this even a question? Of course when you have the top 400 people in the world with an average net worth of $4.02B and the average human having a net worth of $100,00..that’s a massive disparity. That’s 42,000 times the average person (globally ~6.8 Billion people) There’s so much wealth at the top is disgusting.
Not a fan of capitalism either but Communism has literally been tried like 30 times and resulted in anywhere from 60 to 100 Million people dying. Maybe that's a slight hint to it not being a viable system.
@KLJF So how exactly was the USSR, a superpower in it's own right, been "sabotaged"?
@KLJF You're the one making the claim.
peoples needs, housing(3d print government owned),food(ration to stop greed),internet(easy),education(vital),heathcare(yes). The greedy home owners are the greatest threat. They want a 20 billion world population and no building so they're equity increases, free money for them selfs. Housing becoming a commodity that acquires weath based on shortages is HUGE problem
What medication are you being spiked with? When you say "the greedy homeowners" are you trying to win the award for making the most blatantly jealous comment in the history of youtube? Don't moan when millions of people do what you cannot. I own a home and I don't want a 20 billion world population, no one does! The problem is that they stopped building enough houses and then invited millions of foreigners into the country in a short period of time. Blame the wealthy establishment and the EU, not ordinary home owners.
@@youtubecensorsyouropinions6638 supply isn't being kept up with demand and its intentional. to keep prices high. when corporations do this with commodities they are rightly criticised.By your logic, Jesus spoke out about the problem of equality, so he too , must have been jealous!
@@raymondsinclair4 I agree completely with your first point about artificially high prices. However, I cannot comment about Jesus because he was a bit before even my time.
Alf Garnett a society which gives equal opportunity and manages its resources fairly isn’t too much to ask. I don’t want to see millions protesting on the streets like they have done in other country’s but that’s where it’s heading.
Why do capitalists think its wrong for government officials to follow 'capitalisms incentive'?
Its not government that corrupts capitalism at all. Its rich capitalists paying the government to do their bidding. This means its actually capitalism that corrupts government.
Cringe. Read one coherent history or economics book and you will know the answer. You can borrow some of mine.
It's about time, Thatcher ended that consensus and brought hers, time this old consensus comesback
China has a "vision" but it also has a lot of regional autonomy. Rather than, for example, saying that their strategy is to make Beijing an international city and to suck all the nation's growth and investment into that urban area.
shhhh, they are the red devil communists stealing all our ideas, stop making them sound like reasonable logical forward thinking people who plan and build for decades ahead who via a load of marxian communists have managed their capitalism far better than any western nation resulting in them leapfrogging us in terms of technology and maintaining an above 10% wage increase across the nation for the last 25 years in a row.
2 years ago I heard and watched a Chinese diplomat say to a reporter who asked about Chinese democracy,
"In China you cannot change politicians this is true, but you can and we do change our economic policies to meet the needs of our people, in the west you change politicians all the time but never your economic policies"
Capitalism is currently only applied to the poor and working people who clearly need the harsh lessons of the market. Socialism on the other hand is embraced with enthusiasm by the rich who enjoy government subsidies and the shifting of all monetary risk to the public sector.
Don't even know why I looked into the comments section, it's a dumpster fire of pseudo-intellectuals talking nonsense
Yep
So nobody, except a few commenters here, mentions central banking and money printing? as long as interest rates are below 4% we will have massive mall investments, no real productivity growth, and the wealth gap will continue to grow as it did in the past 10 years.
Let rates go free and they system will automatically reform.
Give Me The Power To Create The Money of A Nation And I Care Not Who Makes its Laws.. Works for A Few Fails For The Masses
sam banks Yes.
As the great Magazine said: "I just want know while the revolution lasts, will it enable me to swallow broken glass."
Johnson was always going to retract the tax cuts
Tax and retribution through regulation is not the answer. The answer is getting the so called 1% to spend more money on a wider scale. If you don't understand why then you will never understand why we have economies at all.
the world would never know the life in taking what u need and giving back what's left, preparing for the future is never needed if everyone knows they r safe and will be helped when they need, it's a world that's not selfish but gratful
Great job channel 4!!!!!! Wow!!!!!
40 years of Thatherism 😀🎳🎳🎳 Take more 40 years of Ree - Mogg - ism 👍😀🎳🤓😀😀😥
Get woke go broke
Funny how woke was used to describe conspiracy theorists who had woken up to see the system for what it really is, the name itself taken from the Matrix.
@@linkofvev it wasn't a question keep your mind of useless information to yourself Einstein
@@paulb1123 Calm down zombie, don't want to think too hard.
Not the open market - Not the State. Both fail because they have the same result - they concentrate power into the hands of the few by the kettling of our wealth. Modern technology means we can now do without either, now we can directly fund essential services run locally and collectively.
Well done 4 for at least raising this issue on the news.
Please explain how this could be achieved without ending up with corporate overlords such as Jeff Bezos, Mark Zuckerberg and Rupert Murdoch becoming the new corporate state.
@@MeAtHome5 erm, that's exactly what is happening now... under capitalism.
@@snowstrobe I agree, however I don't see how reducing the power of the state accomplishes different results, it would exacerbate the problem. The only solution I can see is increasing the power of the state while increasing the accountability of the state to it's citizens. One possible solution proposed by Labour is incentivising cooperative business structures so that decisions are more democratic.
An interesting piece as usual c4.
yes
When an economist praises the Chinese for their growth of economy whilst ignoring the appalling abuses of power and corruption as well as a brutal dictatorship does not inspire confidence.
what i find strange is the fact that the reason China has done so well is because they have opened themselves up to the free market. Yes they still govern mostly with a communist style system but it was only when they started to open up to the free market that wealth started to roll in, they have done so well because they adopted parts of our system... the part we now want to get rid of
because he wants to put his boot on your stupid face. Y you dont like it ? too bad.
Wow so many people below are ready for a master
@Cowardly Custard if you believe that then it's probably true for you.
@Cowardly Custard yes
I wonder if Labour will introduce the sort of planning agreements that Tony Benn had in mind in the early 1970s.
Go back to the gold standard, the petrodollar based pound is no acceptable in this environmentally conscious era...
Time for a shift to Stakeholder Capitalism!
Ohh my goodness, this dude at 3:49 is killin' it! Awesome.
The rich get richer the poor get poorer sums it up perfectly 💩💩
Potential labour minister saying UK should copy Chinese economic model.
That doesn't mean copying everything China does.
Which other economic system has lifted 800 million from poverty since 1990?
Yes
I don't mind rethinking capitalism, but please don't use Marx on your thumbnail for whose ideas died so many people.
Time to *replace* capitalism
The friends of capitalism are those with verve.
It is those with the energy to make. The friends
of capitalism are the creators, the innovators
and those who want to create. That is OK.
It is very OK. Renouncing them and the world
is in ruins.
Now, however, the circumstances and relationships
among the members of the economic community
do not remain static. New strong, big and powerful
players enter the playing field.
And the most important thing, new forms of
production for what the friends of capitalism
contrive, appear on the horizon. The makers want
and should remain. Consumers want and must stay.
However, the instruments of production and most
of the managing intelligence of the economy are
migrating into new powerful arms of Artificial
Intelligence. A conclusion must be drawn from
this. And this does not mean:
capitalism as before.
At some point the hole in the wall will inform you by phone what to do for credits
More like abolish it.
share your pay cheque with the commentators Cathy Newman, and distribute it evenly please.
Capitalism is Broken! So borrow! Borrow! Borrow! And get in debt for generations!
Get in debt to those very same rich people that you condem! That's is the way, that is the truth.....
.....these people are nuts.
The current economic model evolved in the industrial age; we are now entering the cybernetic age and the assumptions of the industrial age are no longer valid. Mass labour isn't needed to create value being a prime example; productivity in the auto industry has gone from 3 autos per worker a year to 40.
And that's before you add global environmental management into the mix.
We still need capitalism as business has become more capital intensive than ever, just look at the capital investment per worker in a chip foundry, but the nineteenth century model is falling apart.
Karl Marx was correct. The Bolsheviks Lenin and all the rest were not. Russia continues to suffer for the events perpetuated after 1914 1917. Karl Marx and what He talked about should be revisited and big business needs to be challenged based upon poverty everywhere rich people need to be prevented from taking advantage through indiscriminate firing and low wages. The rich cannot continue to create wealth by the labor who then become destitute. People who are not filthy rich cannot afford basic needs because of rich people and the fees ridiculous which keep people poor as they try to put together their lives. They can lose everything be based upon the stupid programs which do not work at all. Yet people need help. They do not need what they're getting. Which these forms of services are paid essentially for no service rendered.
People tried and constantly failed.
Tell me what China is doing wrong...
John Thomas crimes against humanity towards the Uighur. No freedom
Christopher Jennings I’m sure we could both think of plenty of things wrong with China, hence why my rhetorical question was also one of disbelief.
@@JohnThomas-yo1no they are economically successful though, but they are bad at wealth redistribution and have horrible human rights records. their culture also plays large role in the way they are successful, Chinese save lots of money to buy property and businesses. while most westerners tend to spend all their money in town on the weekend. Chinese worker longer hours for less of a rate making them more competitive on world stage. there is a reason why china is doing well and most of it is something the uk can not really do out side of improve work ethic but that would mean losing payed holidays and working for slave wages which i think will not improve the country at all. the British government does not have access to billions of people or loads of resources either. what is a good strategy for one country does not always mean it would be great to emulate it for another. uk needs reform but looking to china will not be the answer.
There are many versions of capitalism with America pushing the most ruthless and cutthroat version.
Gary was quick off the mark.
Is capiltalism the problem or the type of capitalism?
Democratic socialist capitalism seems to work the best in 2019 essentially giving the people the ability to be wealthy millionaires but not billionaires so that everyone has the bare minimum of Education, Housing, Food, Water, Healthcare
@@karlmarx1868 I'm liking it😁
No thanks comrade cathy maybe if you leftist change your replacement migration policies we can talk about it
Hold din kæft