Economic Update: Breaking Up With Capitalism
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- Опубліковано 25 лют 2024
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[EU S14 E08] Breaking Up With Capitalism
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This week's episode of Economic Update hosted by Professor Richard Wolff, we discuss the Philadelphia University of the Arts Faculty Union and its struggles; we clarify what declining inflation does and does not mean; we answer the question: as to why sanctions fail. Finally we interview Essence Magazine's senior news & politics editor, author, and lawyer Malaika Jabali. We discuss her newly released book "It's Not You Its Capitalism".
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The d@w Team
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To those who posted complaints about the loudness of the intro song, many months, or years ago: I am glad that nobody acted upon your suggestions, because I have come to love that intro music, because it helps me know that Richard Wolff is about to emerge onto my screen to spit truths like fire!
Just needs a datpiff voiceover
Great guest. I hope you can have her and Chris Smalls as guests again to give us updates in the future.
Thank you Professor Wolfe, you’re a gem.! 😊
Proffesor Richard Wolff is a beacon of light showing and bringing the truth thank you sadly the mainstream media brings so many lies
That’s funny.
The first half is funny, but I think the second half is accurate.
@@Nemesisnxt
Yes, we can all agree on that second half of his post.
@@bluewater454in the united states there is no mainstream media. The phrase is meaningless our freedom of the press has produced a rainbow of conflicting opinions in many cases 180 degrees apart.here in our great country to say mainstream media implies that the press is all in and on the same page. Pure D bullshit
That is the point, they protecting the system that bring them infinite profits as your expense.
Excellent guest 👍👍👍,, good to see younger people expressing an interest in practical socialism...
"Use up whatever creative talents you might have trying to make ends meet" --- how true!
Human Resources...to be exploited
So well said
If that is what you are doing...all you have proven is that you have no creative talent.
"Necessity is the MOTHER of INVENTION."
@@jgalt308 Still more than yourself, everything being relative.
@@geraldmantel4955 Aw, channeling your inner child?????
Foolish claim and no evidence...now that is creative.
But don't be sad...Wolff can't find anyone to pay for his B.S. either.
Great statement. “We were the means, we were the machines”.
You were always the machine...the question has always been how
useful a machine were you?
@@jgalt308You’re still commenting on these videos? You must not have a life outside of UA-cam.
@@Krooksbane You would know...
Thanks Proffesor Richard Wolff.
Definitely one of the more engaging commentaries! Enjoyed and I’ll watch again when convenient.
I've been watching this channel for nearly 10 years, now.
I've seen it grow from fewer than 15,000 subscribers to having nearly 400,000.
What’s good about it, the mass majority of the subs are people that think they are victims not leaders that create change.
What an amazing young woman. Very inspiring. Thanks
Great guest and conversation ❤
Great guest Prof. I share your view that its wonderful to see young activists taking up the mantle. Solidarity from Scotland.
Yeah Malaika! Ty for the interview
Malaika exposes a huge problem of people blaming others while ignoring the system flaws.
They're not ignorant, they're patriots, serving the evil they love. Nobody fails to understand!
Thats by design. Divide and conquer is how the romans took over most of the known world.
Malaika's observations of the "gender war" mirror my own.
Can't wait to read the book.
Mr. Wolff thank you for another insightful video! As the major media companies push the approved narrative Americans remain blind to the real injustice effecting workers. Hats off to Malaika Jabali your book sounds wonderful, top of my to-read list.
What is the approved narrative?
Apparently it is beyond your compression.
@@ronstephen-wy4ib HaHa!
@@jgalt308 Safe to say they aren't talking about the evils of capitalism
The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications.
You're the best teacher I ever heard, you are fascinating and I'm always spellbound. You never waste our time with silly guests, either.
Old news about what's happening in universities. The business-ification/corporatization of universities really started getting underway in the 90s. All the money is funneled up to key administrators, while everyone thinks professors are making all the cash. University sport coaches > University president > Key administrators under the president > Full professors > Associate professors > Assistant professors > Army of adjunct professors (at will employees). At most public universities, the sport coaches, presidents and top administrators make millions or several hundred thousands every year (top paid people in many states). Full professors (unless they are celebrities in a Medical or Law School) top out somewhere between $100 and $150,000/year. Adjuncts are lucky to make between $20 and $30,000/year.
As concise as I can: I'm a former university instructor turned corporate trainer in lieu of profit drive schools. Can't survive off of $48k, so might as well go make $90k, and I'm VERY over qualified.
Also an open socialist since I ran for US Rep in 2020. Say it loud and proud!
Thank you Professor Wolff for creating this platform and introducing us to such fantastic thinkers/activists. You, your team, and these great people are helping us, the ordinary folks to be informed and ultimately rise up for our rights against this sick system. Thank you.
Almost all problems could be solved simply by making it financially worthwhile for people to SHARE the jobs we come together and AGREE we do NEED to have done and work much less...no more building the mansions, yachts and rockets to space for the rich but sharing in doing the things WE all NEED.
Nice sentiment, but I think human nature will prevent that vision from ever becoming reality. Humans are power-loving and hierarchical.
How do you “share a job”?
Good luck 🍀. We are plutocracy now. Trickle down has destroyed real democracy.
@@bluewater454 Means that everyone gets some work time, but each person works less total time. So, instead of a certain number of people working a 40 hour week, everyone works something like 20 hours a week. Everyone gets an opportunity to contribute, but none are overworked.
@@the_gilded_age_phoenix8717that argument as means of dismissing socialism has been disproven so many times, im surprised people are still parroting it at this point.
“Government fighting inflation”.
What a funny phrase.
Stop the presses!!!!!! ( double entendre )
@08Stop business owners raising prices!
It's hard to get business owners to stop wanting to take a profit. They keep raising prices. Funny how they figure they can blame the government when it's the business owner that is responsible for setting the price of their product. Gotta make a profit even if it destroys the economy.
Stop raising the costs of doing business.
@@jgalt308Cut your profits.
Scraping by on part time jobs. That’s my career at Parsons in NYC. I used to be FT faculty but was fired in the middle for having a baby and put back to PT, 17 years into my career there. When I was paid well as FT, I was a very different teacher because I was thriving, not mined.
How were you fired for having a baby?
That’s terrible, there are laws about being fired for going on maternity leave. You should look into it.
thank you! I didn’t take any maternity leave at all- but my boss doubled my schedule and told me I would have to wrote a resignation letter if I found it “onerous”. I was too scared and desperate to fight back as I had an 8 and 9 year old home in addition to my newborn so I accepted their tiny part time offering at a tiny fraction of the income. I never got over how eve I’ll that was.@@kimberlychodur3508 thank you!
I read in a recent essay, "And it is also, therefore, in elite interest to reduce traits of common sense, curiosity and physical reality in the active population."
Plenty of capitalistic ammo, there ...
So why are the "socialists" doing that?
The privatized internet works to keep truth irrelevant.
thank you
The very last thing the parasitic elite want in this country is a literate working class. That is why the average adult American reads at or below the 6th grade level. This is a national security issue and should be dealt with as such. During the 1950s, after the Soviets got the jump on us with Sputnik, it was obvious that higher education had to be opened to more people. A similar crisis exists today. Resources should be directed in an agenda-less effort to increase the literacy rate of the working population. First, teach the children HOW to read (see spot run) then let THEM decide what to believe in.
1:17: 💸 Challenges in American higher education, job crisis, and inflation trends discussed.
4:48: 💼 Higher education system struggles with part-time faculty, impacting quality and quantity of arts education.
9:40: 💰 Struggles of adjuncts in academia, low wages, and healthcare challenges amid rising inflation.
14:55: 📚 Discussion with Young Author on Economic System Challenges in the US
18:32: 💔 Challenges of societal gender norms intertwined with capitalism impact relationships and personal identity.
22:32: 💔 Challenges of individualism in Western Society under capitalism, advocating for socialism and empathy.
26:33: 💡 Realization of flaws in economic system through personal experiences and education.
Timestamps by Tammy AI
You got my attention with that jayz intro😊
Great job Sister Malaika Jabali. Proud of you my Sister, great job!
This interview is like a dream come true. Have been following both of them for years 🫶🏾
Do a longer interview with this writer please, and please, all due respect Mr Wolfe, be more prepared for asking illuminating questions. She probably wants her work to be taken seriously, not patronizing praise
Another magnificent & crucial guest as well as informative & insightful show...Thanks for all you continue to do, Prof Wolff!
💯
Dr./Prof. Wolff :
Tks., much appreciative.
Dr Wolfe always an excellent review. Your guest Malaika Jabali is spot on!! New subscriber.
You'll get over it.
@@jgalt308Why don't you go troll a drag queen,, chester?
We with moral IQs don't "get over" moral lessons. People like you can't understand that.@@jgalt308
@@vivalaletayou don’t have morals or an IQ. You lie and run away when you get confronted with facts that prove you wrong
As long as we keep supporting capitalism it will always take advantage of us. It's easy to crush capitalism! Stop paying bills ,stop going to work. When we all collectively do this watch the so called capitalists pull their fingers out of their greedy arses. Stop complying people! It's the only way! Thank you Richard. Listening to you is always highly educational. Much love and respect. Hopefully some day we'll have a leader who has your prospective on how the world should be.
I think tariffs and sanctions also drive inflation a bit, too. Thanks, professor!
Thank you, professor.
America needs a teacher like Prof. Wolff!
I think it's also important to explain that this is about class struggle not ideologies or system vs system, the rich throughout history will always want to keep the poor impoverished, on edge with wars, debts , tax, work etc. .so like a willing, unsuspected host we allow the parasites (rich) to live and exploiting us until something gives then everyone dies. It's a dumb way for everyone on earth to spend our time here.
Yeah, you could be extinct like the Neanderthals and the Desnovians.
It's about Capitalism. The system is responsible for everything you wrote. Before Capitalism it was Feudalism and slavery. All the same division of surplus - a minority of the wealthy vs everyone else.
@@jgalt308 true, but I feel like we're stuck arguing with ppl communism vs capitalism, it's a never ending discussion. average ppl don't have the capacity to understand how everything works in each system. We need to make it simpler for ppl to see the root of the problem. professor Wolff has been doing a great job at simplifying everything, however, I just think we have to emphasize on rich vs poor with historical context so ppl understand that it's an ongoing war since beginning of time and they need to be on the right side and start taking correct actions
@@bigfist0 It's not the economic system but the people in control of it and
that has always been government under the threat of force that is where the
true power lies.
If you understand it as the protection racket that it is then you can choose the path
that you are best suited for and insulate yourself from it as best you can. It takes most
people a long time to catch on to this and most never do, and the pace of
change has accelerated rapidly, so things are more out of control now than they
have ever been.
It's not all that organized as all the players are vying for power so if you keep your wits
about you, you can slip through the cracks unnoticed.
The factions of the oppressed are of no use to you since their only goal is to change
places with their oppressors...and that never ends well.
@@jgalt308- You got lost. Or.... you are blind. The government rules nothing in this country. They are wholly owned by Moloch. If you don't know who Moloch is..... oh boy.
awesome guess Professor! Please have her back on to discuss further the book and general strategy of outreach.
Sorry, Economic Update only offers 15 minutes of fame or less.
@@jgalt308Whereas YOU offer insight and enlightenment huh? In-
Sell...
@@micnorton9487 Of course...and there's is plenty of it available right here every week.
Easy enough to find if you look.
Forgot to mention the cost of running the university as a business to society as a whole. Forcing 80% of the low-paid part-time instructors to spend all their personal time and energy surviving, dimishes the quality of society as a whole. We are all deprived of what may have been if only everyone's energies had not been wholly consumed by basic human survival needs.
thank you Prof Wolff for bringing on guests like these ! I needed a new book to read
Ever since becoming cognizant of Prof. Wolf, I have profoundly been far more so capable of discerning the grandeur socioeconomic & many political picture/s. In my opinion, he & others, as holding similar or like views, rationales & positions, etc. should actually potentiate a third party. Which maybe for the first few years. Simply concentrates on laying its foundational underpinnings, etc. Although, it will now be considered as being a second party, as the gop / maga party potentially are soon to be defunct. Anyhow, I have ever progressively developed for the most part an identical rationale throughout the course of my life. Which I emphatically know many other intellectuals also hold. The mistake of the gop / maga party, was in the belief that changing, modifying Democracy is a tenable & viable option. In reality Democracy needs to be further potentiated & yes also modified. What needs to be replaced is capitalism, for numerous reasonings, one being, it has basically been allowed to morph into a blatant, Corporate, Greed is Good scenario. 😮
I can't imagine what relationship problems this woman having but her intelligence would have me gazing in her eyes all day and promising things too😂....OMG❤ Her work is a must buy..my little sister was kinda trying to tell me the same thing, that my worth shouldn't be measured by my accomplishments and things as a man. I couldn't relate but I surely thought it would be great to be a bum for a day😂.
Thank you. Your theme music gets me inspired every time!
Great presentation Prof WOLFF AND MARLARKA. ⭐️⭐️⭐️⭐️⭐️ 29:30
That's what the powers that be want. Struggle and Stress. Struggle and Stress. Struggle and Stress. Repeat... 😶
Thanks!
I wish D@W would cover the crisis in the Kensington neighborhood in Philly. It has everything, libertarian entrepreneurship, gentrification, dystopian drug addiction and homelessness. It’s the ultimate consequences of capitalism.
You give me hope!
Malaika Jabala is a gem since she's showing us how to understand the failures of capitalism; that's it's not our fault our lives are a mess.
We won't have anything nice in this country until the teachers focus all their attention on teaching the people how to end capitalism. The fact that they haven't done that is why we're here now in this predicament.
They have already succeeded...how do you think you got here?
@@jgalt308You again,, don't tell me,, George Soros has turned the American Federal Reserve into a socialist haven run by Barack Obama and his wife mike, and they're sucking American taxpayers dry to drain the world's jails and mental wards to come to America to vote for the libtards right? I wonder how you people get from here to there...
What are you yammering about?@@jgalt308
Ha yes, how dare you? Socialism is the road to communism! And for you, communism is evil. Hollywood will confirm.And all members of Congress.
Expand to teach geo-political economic lifecycles. Yes, we need to evolve our thinking & learning to see capitalism as only one stage of many, then how to transition thru it. See physics, chemistry, biology for all the obvious examples. Yes, man-made constructs have them too ♻️
Absolutely love to hear a brilliant leftist speak of the never ending injustices being inflicted upon different groups of people. Thank you Professor Wolff!
Hvala.
Ms. Jabali's observations about "housing" costs are true enough but do not focus on the heart of the cause of affordability. New housing units can be produced almost everywhere for the same costs. This is particularly the case when the components are manufactured and then brought to the location for final assembly. The reason why the same housing unit costs $1 million in one part of the nation and $400,000 in another part of the nation is in large part the cost of the location, the land. There is a general correlation between high employment and high land prices across the nation. Land prices climb in response to rising demand, but also rise in response to the amount of land that is acquired and held purely for speculation rather than development. However, what we know from economic theory is that speculation in land can be eliminated from our economic system by getting local governments and school districts to move as quickly as possible to a land-value only form of real estate taxation.
Here is the basic economics: Every parcel or tract of land has some potential annual rental value, a value that is societally-created based on the quality of public goods and services brought to the location, which translates into the particular demand for control over locations. Under the existing tax regime, there is a net imputed income stream generated to the owner based on the difference between the annual tax obligation and the annual increase in rental value. This net imputed income stream is capitalized by market forces into a potential selling price for land. Impose an annual tax on the owner equal to its potential annual rental value, and the price of land will fall (and, theoretically) could fall close to zero. Do this and land is returned to the common wealth and is no longer a commodity to be bought and sold as our the things we actually produce.
Thank you very much. I now have a lot of time to wonder where the fruits of our collective labors for the past 40-50 years went, now seeing that people today can't afford the basic life and liberty resources we were bequeathed. I'm livid at the crimes- even wars- committed that got us here. No justice, no peace.
Thank FDR, he gave you fiat, socialism, and a criminal unconstitutional government.
What is the meaning of the word bequeathed?
/bɪˈkwiːð/ to arrange for money or property to be given to somebody after your death: Her father bequeathed her the family fortune in his will. Picasso bequeathed most of his paintings and sculptures to Spain and France.
@@jgalt308bad choice of words as usual. At least I got it out though.
🤦♂🤦♂✔✔😎😎
Thanks for explaining inflation
People commonly don't understand the importance of tenure among university professors. Traditionally with tenure a prof could do research or work on any topic free from the worry of being fired due to political or whatever criticism or movement in society or from the government. It allows research creativity by working professors. If there is one thing all disciplines always need, it's creativity
The lesson of the University of the Arts is that schools need to be owned by the teachers, forming a professional association or cooperative. Then, the teachers can choose from themselves individuals who perform administrative tasks. One of the challenges to doing so is how to raise the finances to acquire the land, buildings, and everything else required to deliver educational services.
These are the exact points I made
Professor, you should understand the US "broke up" with capitalism a long time ago. Some might say it was in order to help the manufacturing industry grow during WWII. Others might argue it happened earlier, but we are certainly not capitalist now!
She's a smart cookie. I'll be sure to check out her book.
For the first half.
You agree to work at a job. You know the schedule and the pay. Knowing that you agree to work there. Then you want to unionize to change the deal.
Ok. If the college or university goes into negotiations with the union who has the real leverage?
The institution does. Why? Because they can always say no. How can that be? Because there are more overqualified teachers working at coffee shops that can be hired to replace those that leave. The whole supply and demand thing. Over supply of teachers and a dwindling demand for classes taught by those teachers. The writing teacher is teaching part time. Why? Not enough students want to take the class for that teacher to be employed full time.
I'd love to see everyone get a living wage. There is a very simple way to achieve a living wage. When you go into negotiations for your job if they don't offer a living wage then you refuse the job. If your education didn't teach you a skill that earns a living wage then you must get a skill that pays a living wage.
If you unionize and make demands from the foundation of a staff that can be replaced in days you will lose. However if you are essential to the organization then you will get your wage while others that are not essential will be fired. Thirty years of working in union heavy industry I've seen negotiations go this way. Mechanics and drivers get the raises. The part time office people get nothing or they replace four part time employees with one full time employee. The new full time person gets a living wage and the company saves money by not paying four people.
Yes and written great books
I remember that in1980 arts students in Philly had to step over the homeless people trying to sleep above the sewer grates and those kids at Amherst studying to be investment bankers certainly did not.
This sounds like Capitalism Realism by Mark Fisher. Thank you for the podcast.
Left is best! Everytime I see Malaika Jabali I'm reminded of Michael Brooks.
Mr wolf i like your comments your opinion matters
lived my life as a field entomologist on short term contracts years of which were unpaid (to keep my mozambican staff employed) now eking out my later years as a so called professor - only ever was a research assistant despite 150 papers that I have written. that is what happens when your career is a vocation
Decreasing the quality of courses, programs, and teachers' salaries doesn't help the students and the USA as a country, other countries are producing more and better quality professionals, that means USA is getting behind on technical and technology development
As George Carlin, comedian called them, "business pricks"!
In Greece, where I live, there is a book named "it is the capitalism stupid" (after the Clinton's "it's the economy stupid"). Yes, some people come to this realisation. The majority, though is still brain washed to hate (whatever, mainly the peers, and energetically the different or inferior of some kind). Thank you prof.
Shame on Universities, shame!
Hi prof wolf greeting from Mexico. I am very interested in Marxism and Economics thanks to you. The left hero.
Capitalism has had a significant impact on the beauty industry, shaping it into a multi-billion dollar industry driven by consumer demand, innovation, and competition.
Under capitalism, beauty companies are driven to develop new products and technologies in order to attract consumers and increase their market share. Competition among companies has led to the introduction of new beauty trends, such as clean beauty, K-beauty, and sustainable beauty, as well as the development of new and more effective products.
Furthermore, capitalism has also led to the rise of influencer marketing and social media in the beauty industry. Beauty companies collaborate with influencers and bloggers to promote their products to a wider audience, resulting in increased sales and brand awareness.
On the other hand, critics argue that capitalism in the beauty industry can also lead to unethical practices, such as greenwashing, false advertising, and the promotion of unrealistic beauty standards. Additionally, capitalism has also been criticized for promoting overconsumption and waste, as consumers are encouraged to constantly purchase new beauty products.
Overall, capitalism has played a significant role in shaping the beauty industry, driving innovation and competition, while also raising ethical concerns and criticisms.
I agree , all this anger about immigration , inflation , these imperialist wars , homelessness and rampant inequality are at the root problems of capitalism.
❤
It is not only capitalism, it is the way management has the ultimate power in corporations, the way the labor laws are done, the way work is paid that is the core problems of employees everywhere in the world.
That IS Capitalism.
I'm not sure this is the precise video of yours for these comments, but most are similar enough for this reply to fit. I basically agree with you that the US hegemony is ending and China's rise is in full swing, but feel the issues are not as political as you imply they are but more cultural. The US culture is an environment creating flawed and sruggling human beings who must fight to overcome the forces trying to shape them. The chinese culture despite the oppressive government of China creates many people with lovely harmonious lives who desire only to get along with their fellow human beings. It is the supreior culture, not the superior politics or economic system that is prevailling, and this is a good thing for the future of mankind.
🙏🏾
Breaking up with capitalism, a most undemocratic premise.
❤❤❤❤
As a native of a tribe who engages the USA with international laws; treaties. It was our understanding that our way of life/relationships will be able to thrive as did with our cultural familial situations, as a thunder gather society, however the reality is that capitalism destroyed us. 80% unemployment , 50% child poverty rate, only 7% adults 65 and over, average age of death if males is 47 years of age.
Yes it’s not us it’s capitalism as I tell my friends and family. We have to get to our cultural ways once more.
Professor Wolff is FIRE!
#judeuslivresporPALESTINALIVRE
Yes. The mass of people scraping by on part time jobs will negotiate using the cost of living index to find the current level of wages and the part timers will be compelled to bargain on a fetishistic basis of the social character of college administrators. Contract Bargaining prefaces a class struggle between part timers and administration. I would reject doing business through collective bargaining as a union leader. Timing is ripe for a Fight Back! It is not by accident that health and mortality rates of workers are lethal. It is harm caused by the job these rates are the hard facts of a ferocious class battle against the working class. To find out what is the best deal for part timers I think fighting for a greater share of the market basket is best strategy for this period we are experiencing. A general fight back.
👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾💪🏾🙏🏾
Can you talk to me about how China's co op,s work. How are they are integrated into the one country two systems
11:54 That's deflation, and the Fed will fight tooth and nail to prevent that.
You mean we should not have mandatory accounting in the schools like Adam Smith implied with "read, write and account?
For me capitalism is synonym with exploitation. Great interview.
It isn’t as shown by Bohm Bawerk
Name any aspect effecting our lives in America. Education, health care, commerce, religion, agriculture etc. In each case there is one consideration that trumps any other. The priority of each one is that it must produce money for wealthy aristocrats. Any other consideration is small potatoes. This is what we call American exceptionalism.
maybe next time when the Sheepledumbz are out there engaging in another one of their Silly Culture Wars. and I'm just there yelling "it's thee Economy stooped!"😁 we should point them to this Book. 👍
Tuition at the Philadelphia univ of the arts is 55,000 PER YEAR...Hello somebody...where's all that money going? Not very "efficient" if you ask me...perhaps the faculty and staff ought to seize the university and make it a co-op and operate it without all the dead weight sucking that money out of it.
With respect to the guest: it's important to understand that in America we have had two centuries of bourgeoisie social programming and that capitalism and americanism are two heads on the same hound of hell. People conflate the two so naturally that they cannot undo the con without having an existential crisis.
I don't support Capitalism, but I also do not support socialism or communism. Options?
39,000 plus with fear factor of 78
Malaika is beautiful and intelligent. I'm going to be a simp and buy her book.
I used to be an adjunct, it felt like slavery
One of my classmates in grad school got trapped into being an adjunct. He would continually be on the run between different community colleges and other schools. By the way, he was an ardent devotee of Capitalism. He passionately supported John McCain's presidential campaign.
Yep
How would you know?
Help! Help!