Economic Update:  Questions about Capitalism

Economic Update: Questions about Capitalism

67 comments

  1. I'm glad we have video. Of course Wolff is jam pack of great explanations, but a lot of the joy of hearing his knowledge comes from his facial expressions and hand gestures.

    This makes it all the more entertaining (from an already entertaining speaker!).

  2. When capitalists said "Communists don't know economics." I think I should study more economy just to make capitalists shut the hell up. Good work professor!

  3. ʔ꧁꧂ *【Ѕӧҫіaʆїᵴ̧m̧】 ๏r 【ӖҲҬӀNҪҬӀӦN】*ᄂ ̅࿙᨞࿙〴༽༼༽༼༼𒊹༽༼ཊཌ༒ says:

    Thank you Prof. Wolff. One day I hope more people realize that the real minority that is destroying their country(and the world) are the rich 1%ers who buy off politicians and corrupt institutions to do their bidding at everyone else's expense. Those are the real "moochers" and "parasites" in my opinion. Not immigrants who are looking for a better life from the horrible Drug War and NAFTA policies.

  4. A good thing to read on economics…https://mafhom.files.wordpress.com/2013/02/23-things-they-dont-tell-you-about-capitalism.pdf for Dr. Wolff's viewers…and himself too.

  5. Dr Wolf, Thank you for your comments.  Let me ask you to put in the best possible light, the notion that Billionaires are better able to manage life and mitigate threats to our ability to secure the blessings of liberty for ourselves and our posterity than our dysfunctional electorate who put Donald Trump in power.  Would have Harvard University been established and supported with public funds? I don't think so.

  6. Hi Prof. Wolff. 82 million a week without a lottery ticket? What's Bill Gates done lately? Who get's a 05% return on anything anymore? We're expected to work two jobs just to break even. If we use credit we pay 20% interest. Quantative Easing didn't do a thing for the working man.

  7. Bill Gates never innovated anything. he parlayed $125 investment in an operating system into an Empire by leasing it to IBM

  8. The thing that gets me irritated the most is when I listen to people talk about the crimes of socialism or communism, but don't consider forcing 60,000 migrants to work ten hours a day for one dollar or causing misery for millions of people in Greece and Puerto Rico crimes by capitalism. Those same people, who never seems to realize the destruction brought about by capitalism, never talk about the environmental damages that is being cause by capitalist companies or the health effects from the environmental damage, such as lung cancer in people who lives near oil refinery, extinction of animals, and birth defects in humans. Moreover, capitalist societies that places profits above the lives of its citizens produces early deaths in infants, doesn't prevent deaths due to preventable diseases, and suicides in the general populace. Those people make the implicit claim that capitalism is better for humanity than socialism or communism without mentioning the detrimental effects coming from capitalism. Both capitalism and socialism/communism has its pro's and con's, but it would be disingenuous and dangerous to claim that living under an capitalist system is the only alternative.

  9. These private universities, and yes even the Ivy League, are a joke. Public Universities are better for society and the private institutions should get zero federal funding including federal aid. This is no different than the charter school problem with k-12 education.

  10. Capitalism is just a more covert form of Feudalism and slavery. Capital can freely move in a market system but labor cannot this is essentially feudalism. Wage labor is renting yourself to be owned for most of your adult life in an in un-democratic workplace. Slavery is a form of capitalism, in fact it is the purist form of maximizing profit at all costs.

  11. Now, I don't watch televised news, but why am I only hearing about this de facto slave labor from this channel? Why isn't this everywhere?

  12. Time to get REAL RICHARD…. America stuck on stupid revisiting original SIN, American Indian ABUSE slow genocide of Native Tribes Once again abuse Locals for pipeline profits. Slavery came later after Americans killed thousands of Native Indians.
    Americans always First to Kill, Nukes, napalm, agent orange, depleted uranium, cluster munitions Drone attacks that flood Europe with refugees thanks USA new but old NAZIS,USA most hated country on Earth. Americans born killers, no past NO FUTURE., you screw yourself every time.

  13. im a juco college student transferring to FIU for a B.A in philosophy and economics. i hope i have some professors such as Dr.Wolff

  14. thank you so much for answering our questions. we are your students on a larger scale. for every one question that makes it to you, many more of us are wondering the same thing. i'm sure many of us would love to pick Dr. Richard Wolff's brain over a few beers with friends for an entire evening!

  15. Is this what goes to FSTV? This is a great presentation. This is a nice intimate setting and Richard is great on camera.

    For YouTube consider not only posting the full show but also breaking the show down into shorter videos for each segment. People can share a video of coverage for one particular issue.

  16. Reality can be a hard thing to pin down, but Richard seems to do a better job than most. Thank you for sharing your insights

  17. Richard Wolff what you are doing with your time is greatly appreciated. This kind of behavior is sure to pay exponential dividends for the betterment of society.

  18. at 20:50 to about 21:05 Dr. Wolff says that,

    "private higher education is dependent on the economic system and if it is not a just system then that education will reflect that…"

    I can accept that. I think our system is corrupt. Thinking in terms of speed to attain a high quality of life, however, seems to be where Socialists and Capitalists are talking past each other. Many economists have observed that it is the nature of man to be corrupt. Socialist education can also be corrupt or isn't that what Mr. Putin represents? I am not advocating that things remain as they are. What needs changing is the respect for our justice system's results. We are back at the Magna Carta level of distrust of the system.

  19. Once again thank you professor and DAW for producing these valuable educational programs.

    Free Markets are not achievable under Capitalism due to the
    competition and the predatory nature of the system

    Corporations exist to make profit and eliminate the
    competion; CEO’s can gross salaries in excess of up to 3000 times the average
    worker, in addition to annual bonuses.

    Corporations usually have a CEO ,selected board and
    shareholders, the workers have very little input in what is produced, where it
    is produced, how it is produced and most importantly ,sharing the profits.

    There is no such thing as a “Free Market”
    eventually two of three large corporations will dominate the market, dictating
    supply and demand, through patents.

     

    Free market Economists argue “greed is part of human nature,
    so you should not constrain it “but when people talk about INEQUALITY, they say
    “oh that’s envy, that’s not a good thing “well I thought you were supporting
    human nature have its free regain, this is a very disingenuous argument.

    Ha-Joon Chang

  20. video format is A1. question for the viewers: I'm reading "the anatomy of fascism" and in it the author mentions a Marxist idea that Capitalism fosters Fascism when capitalism is in deep trouble. could anyone recommend some reading on this idea? thanks in advance!,

  21. “U.S.
    $6-10 trillion behind on proper infrastructure for transportation,
    hospitals, schools, sanitation, water, parks, facilities for youth; and
    everything else necessary for a healthy 21st century (future) society… thank
    you U.S. Military and Wall St. (oligarchs and bailouts) for robbing the future
    BLIND!!   the leaders, the people, the rich… all left blind !!”

  22. Watch The Zeitgeist Movement Moving Forward to see how a Natural Law Resource Based Economy would work. This is what we will eventually transition to.

  23. Your claim is false that single people only making $200,000 a year or more were the ones to pay for Obama-Care. I only made 29,000 and was being forced to pay $700 for not carrying government mandated health care with expectations for the penalty to raise consecutively each following year. My federal tax return was $600, state $100, both of which was stolen from me for not being able to afford Obama-Care.

  24. I just watched Rick's interview on Lionel Nation, and I was thrilled to see he broached the subject of running in 2020. I would get behind that immediately. With 3 years to grow that movement, I believe the Bernie phenomenon could be a drop in the bucket! Let's make some noise and get the ball rolling! #Wolff2020

  25. Although this was utterly depressing it was equally eye-opening, I'm struggling with how we move from late-Capitalism to Marxist-type socialican/production but Mr. Wolff provides so much good information. Merci, merci! i will share this excellent videio as much as i can.

  26. Bad banks and corrupted / stupid politicians screw up countries after countries.

    Need to change.

    It is ok to have rich individuals but the big question is how they would better the country and community – or simply drain more resources /money from the society leaving the mass in despair.

  27. the only adjective that comes to mind to describe the current american economic system is "sociopathic". good luck everyone

  28. Ahhh, Richard Wolff! So you think that Bill Gates only "deserve" some money for creating Microsoft? And that he doesn't deserve all his billions despite creating one of the most successful companies on the planet? With all duo respect, go fuck yourself Mr Wolff.You Stupid commie.

  29. I've learned so much just keeping up with these updates, thank you all. But I am curious to learn more about what what a fascist economy looks like. And what we're dealing with in the near future. Unless that video already exists?

  30. The largest group that are evading taxes are homeowners and college students. The evil sobs should not get a tax deduction, they should being paying taxes on the difference between interest rate and inflation rate. Thus if inflation is 3% and interest is 3%, they should be getting no tax break. Spit on the Marxists and have a good day.

  31. Prof. Wolf. I suggest that instead of calling the movement "socialism" which has negative connotations in usa. To instead coin the phrase if I may, "REVERSE CAPITALISM". Why? Because capitalism in usa, in general still has a positive view compared to other economic systems, surprisingly. Just a simple marketing strategy to make "social" fairness more palatable. Everyone wants social fairness and democracy in work place, but to call an economic system anything other than capitalism even partly is an uphill battle. "Reverse Capitalism", in my interpretation/view, is simply to make capitalism FAIRER from the BOTTOM UP, not TOP DOWN. That's it. The way traditional capitalism works has been, as you well know, top down, which has always exploited our country and workers in general. A "reverse capitalist" view goal is to make the priority the "BOTTOM" FIRST, the "WORKER" FIRST, then all else second. It's in a simple sense, capitalism "reversed". Should be simple enough for anyone to understand.

    Democracy at work is great too, but I think people still love capitalism in this country, because its mostly associated to "opportunity". Which is understandable, but what about opportunity in a fairer framework for the labor involved? Where it's not just 1 person at the top, but various workers as owners, who have the opportunity to share in the prosperity. Capitalist opportunity, but within a fairer framework for the labor involved.

    It may not make a difference at all, but thought I'd share anyway,.

    That's my 2 cents.
    Thanks and God bless.
    Dave Mondragon-Del Castillo

  32. GDP is a funny number. I don't see why it should include Gov't spending at any level. That seems too much like double counting.

  33. can you do an excerpt on the impact of philly's sugar tax. there were some unitended consequences like job loss and education price increases

  34. A 94% tax rate of all income over 10 million seems right. Let's disincentivize obscene accumulations of wealth.

  35. This speech that you have given us very informative and a very bitter reality that we live with.  Capitalism does not deserve to continue to breath any more in this world

  36. This guy always starts out ok and ends in plain stupidity. Appealing to Christian morres (with a straight face) to bash billionaires for benefiting from reoccurring fruits of their efforts. One may as well say farmers can only have one fruit from the harvest because they only planted once and all the surplus ought to be distributed to others.

  37. We will know soon enough if capitalism is on its last legs. A good barometer is the class struggle itself. If more demonstrations are about unjust taxes, low wages, corruption, working conditions, cuts to working class credits and benefits, health care and social security and less about global warming, race and gender then the demonstrations are moving away from the abstract issues toward the more concrete injustices of daily life under capitalism. Capitalism cripples itself it does not kill itself, for that it needs to be a direct threat to workers. Corporate and political blows and attacks are not a direct threat of the ability of the working class to survive, I suspect would be considered a success for capitalism.

  38. Damn, that's $51,250 per hour Bill Gates makes just off his investments, with no actual work on his part required! No wonder Steve Jobs could go and make a big deal that he took in $0 each year as the CEO of Apple. That was, by that time, basically just volunteer work. Must be nice for them! I on the other hand, bring in only about $12,000 a year living on disability. That's just $5.76 an hour and I spend my time doing volunteer work for a local nonprofit when I'm able. WOW! I'm a real catch! Anyone want my number? I'll take you to 7-11 for dinner and we could go listen to the echoes of Hamilton playing at the theater from the outside of the building to make the night just perfect! Hit me up!

  39. Harvard all happened because one brave man busted a stain glass window depicting slavery. Shows you the power that exists in a single individual.

  40. Nope, why should they get paid the same, that is so very not fair. A stupid person getting the same pay, I can make 50 of these a day, this guy makes 25 sorry for the slow and stupid people. Peace work in other words pay by the amount of work ok 10 dollars for my 50 of these I made 10 dollars for the 25 stupid made. THEY WILL STILL CRY.And i'm not asking to be paid as much as the electrician or the company engineer.

  41. Why can't Greece and Puerto Rico simply refuse to pay back their debt? Wouldn't the cost to lenders seeking to collect on their debt be prohibitive?..and couldn't Greece and Puerto Rico put the money owed into an internal infrastructure such that no further loans are necessary?

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