Economic Update: Uneven Development a Key Problem of Capitalism
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- Опубліковано 5 тра 2024
- [EU S14 E18] Uneven Development a Key Problem of Capitalism
This week in honor of Karl Marx's birthday over this past weekend, Professor Richard Wolff offers a discussion of Marx's important theory of uneven development as central to capitalism. We show its widespread existence, using examples of it from past and present. We conclude by showing how uneven development helps cause key social problems in capitalism.
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Thank god for prof Wolff!!! Listening to mearsheimer for 3 hours is so bloody frustrating, shouting at the screen!!!! Prof Wolff is a breath of fresh air ❤❤❤❤
Always a pleasure to listen to Professor Wolff.
from China
Another excellent analysis by Prof. Wolff. THANK YOU!
Thank you Dr. Wolff for speaking the truth. God Bless You.
In monarchy we had a chance to get a reasonable, empathetic leader one in a while. In capitalism the system only allows sociopaths to rise to it's top.
"we"?😂
Capitalism only allows people who produce what others want or need to rise to the top.
It's very democratic as people vote with their money...or fake money now.
Hilarious that you think Monarchies with empathetic leaders actually made the system benefit everyone... you're not learning what the professor is teaching. you should read Principles of Communism by F. Engles.. there's always been a class struggle that keeps a certain percent of the population in poverty.
@@DerSpielMannHumanity... the human species...
Very true,, once in a very long while a regular capitalist rises to the top of the cutthroat capitalist system,, but the way the system is set up only the most ruthless and frankly sociopathic rise to the top...
Inequality is built into capitalism. We need a steady state, non market economic system.
Inequality is built into life.
Look into a needs based economy.
Actually it is the exact opposite, leftist systems are elite clique lead controlled plutocratic systems with inequality built in, a rule by the few in power over the dis-empowered masses. And free market free enterprise CAPITALISM with merit based fair-go systems are real democratic systems that guarantee social mobility and efficient and fair manner of redistribution or wealth that keeps flowing and moving . It is only when some one (like leftist = rich ex nobility old moneyed people) corrupt the system with leftist tricks that the system gets unfair and can fall apart. People really need to go in dept and really understand these ideas of free market free enterprise capitalism and leftist PSEUDO SOCIALISM rahter than just repeat hollow overused jargons and tropes seeded into your minds by the clever academics who are owned by the old moneyed exnobility (imperialists = who are your so called steady state).
@@jgalt308True, but why make it worse with a system where only the top 10% prosper and everyone else struggles?
@@nightowl5475 That system is controlled by the government, which is
criminal...and since it is out of control, the worst is yet to come.
Are we angry enough yet??? Idk if people are getting it yet, sir. Thank you, professor Wolff 🙏
Do you have a clue with whom you should be angry with?
Yes I do. And who are you to question me??? You don’t even know me. Why bully people who are on the same side 🙄
@@AsetRa-ki9ni It doesn't look like anybody is questioning you...or bullying you.
That "oppressor-oppressed" victim rhetoric seems to have triggered your imagination.
@@AsetRa-ki9niGetting what, yet? Angry at the 1%... Wolff is a multi millionaire!! You know that, right?
@@SkipKiplinger Socialism is a poverty cult... you know that, right?
Much appreciated Prof. Wolff
Thank you, Professor Wolf. I never studied economics for all kinds of reasons, but now I am with you as my teacher. You make the subject both real and fascinating at the same time. Of course, it's all depressing as hell still, but I am beginning to understand why.
You're not studying it now, either.
@@jgalt308 funny, I don't recall asking for your opinion on my comment or anything else.
You're interacting with a troll.
@@TimShepherd-yr8wo Aw, then you should probably avoid making comments on sites where
there are buttons that allow others to reply to your comment. Even worse is that since
Wolff doesn't read them, regardless of what they contain, you have wasted your time.
But what is even funnier is that you both share this trait with those whom you blame for
the way things are. It's mind over matter...they don't mind, and you don't matter.
@@ronstephen-wy4ib Troll: someone who disagrees with your opinion, facts, or logic,
and to which you have no relevant response or who poses questions you have no answer
for or have yet to consider.
The message: Ignore the troll...which THEY can't do...since failing to do so,
always ends badly.
Phenomenal, absolutely brilliant.
BRILLIANT EXPLANATION OF CAPITALISM AND IT'S DETRIMENTAL SIDE EFFECTS ON HUMANITY.
Among most sincere and Brilliant 👏 economists is Dr. Wolff
Yes, very “brilliant” by omitting the fact that the gender pay gap is due to people’s personal choices rather than sexism, which is what he wants you to believe!
@@juniorgod321judging by your profile pic you’re a far right weirdo
someone needs to read more economists...
Glory to our socialism_communism economic system..
Glory to our future generations one world government.
Our socialism_communism economic system is righteous because it has been created from love compassion, and analytical neutrality.. and yes equality for mankind and means of production will be placed on our human species innovation and not on our physical labour.. the creation of artificial intelligence, repetitive machines and robotic technologies is the fundamental principle of our socialism_communism economic reality.. glory to our socialism_communism economic system and reality and one world government the true definition of mankind.. !!!
😂🤣😂🤔😂 That anyone thinks America is either a Democracy or a Republic shows how ignorant and brainwashed y'all are. You live in a Capitalist Oligarchy. The same as all the other western 'Democracies'.
The system is the problem, and the public ignorance is a huge problem.
I self educated myself since ability to read I realized in 1970 "the economic system was the problem" infinite growth I
On finite planet was illogical. Nobody could answer my question. The System is the Problem" and I invented the "Whole Foods" in 1972.
@@kp6215The planet isn’t finite. there’s endless different uses for everything on it, therefore infinite growth. New humans keep being born infinitely, with new problems discovering new uses and having new wants and needs.
Another insightful lecture from the great teacher!
Always looking forward to his perspectives!
I wish this wonderful and timely lecture, Professor Wolff, could be heard by every American during these times of unraveling- and awakening! “Uneven development” says it so well!…. Deep thanks! ❤
The tragedy is, even if all of us listen to the professor, there will be a lot who remain skeptical. 😢😢😢😢
@@bemmychan1518 Yes, we’ve been brainwashed for so long to reject what is needed for our wellbeing. Still, our time may come.
I appreciate how Dr Wolff breaks down concepts for a wide audience. demystifying economics which is often portrayed as too complicated for everyday people. Bravo every week 👏🏼 also why does that intro beat go so hard lol
Inequality is a core value of extreme capitalists
Oy, it looks like the Ayn Rand trolls have found this channel. Prof. Wolff must be hitting a nerve with logic.
Let's give them a warm welcome.
Life isn't fair. Nothing you can do to change that. So... Rand says fuck everyone, take whatever you want, do whatever you want and don't care what anyone else thinks. 🤢
Great information, thanks.
"All that is solid melts into air."
Excellent primer on some Marxian fundamentals. Keep up the important work.
Thank you Professor.
The portuguese subtitles are incredibly precise.
Happy Birthday uncle Marx, thank you father Wolff.
I remember Michael Parenti talking about Cuba, how one of their municipalities had only one road: plantation to harbor. Then, their state socialism developed so evenly that a mountain village got a clinic.
EXACTLY 💯,, and that's with CRIPPLING sanctions... Cuba did pretty well considering...
@@micnorton9487 Cuba should inspire all the world, all of us, to know you do not have to take the bullshit of the hegomon. Call the bastards' bluff and see what happens. What've you got to lose? Your misery?
@@robyenney951 I thought it was 1,000 overseas bases and counting...
@@micnorton9487 Poverty and longevity...what more could you ask for?
Thanks to you we know that it is capitalism what we are suffering today and concerns every topic of our lives.
Damn those Chinese!!!!
Free, open market capitalism using sound money is NOT what we have.
@@SkipKiplingerWhat do you mean by "sound money"? If you're talking about gold, then you are talking about the oldest cutthroat capitalist scam...... Think about it, what is gold good for except exchange value? What's important in the real economy is goods and services, not some idiotic precious metal or debt-based currency run by a bunch of shysters... Over and over the cutthroat capitalist idiots do their boom and bust, along with periodic encouragement to the general public to buy gold,, supposedly as a hedge against inflation and at elevated prices...... But what happens? The people need goods and services, so they sell their gold BACK for reduced prices back to the rich cutthroat capitalist shyster... Richie Rich makes a commission on either buying or selling so what does he care?
A debt-based currency is the same thing, sure you can borrow money for starting an enterprise, but of course you have to continuously kick back a large portion to the LA cosa nostra that gave you the money to begin with....... You may or may not make out with your small business, but Richie gets his commission either way, as always.......
The solution is obviously a socialist economy where the financial sector is not run by worthless garbage cutthroat capitalists... At least until egalitarianism arrives, you know the federation, some form of exchange will need to be used... but cutthroat capitalism rewards the worst sociopaths in a society, and puts THEM in the driver's seat of the direction of society WHEN THEY'RE THE LAST people who should be in the driver's seat......
And not what any knowledgeable person wants.
@@ronstephen-wy4ib Why not? If there is a singular element that has been consistent with
the rise of civilization, it is the authority of "government."
No matter what complaint you have regarding civilization at present, its cause is
directly connected to "government". Failing to recognize or acknowledge this is not an
indication of a knowledgeable person.
If one postulates the idea of a co-op as a solution, this becomes a confirmation
of that understanding. If one then suggests that "democracy" should be the
modus operandi, which is a form of government, this is now becomes a contradiction.
Go on Professor Wolff you absolute Marxist legend !! I love your efforts for all out socioeconomic justice
Love to you all
You're on the wrong planet in the wrong universe.
He's a multi millionaire, chuckleheads!
@Adamb67 What socioeconomic justice efforts are you referring too? Wolff is a multi millionaire! Where's his philanthropy?
Philanthropy is CAPITALISM.
That is a very good explanation of capitalism. It makes a lot of sense.
Can you give an accurate definition of capitalism after listening to this video?
@@bluewater454BLUEBALLS AGAIN lol,, yeah I can give you a PERFECT definition of cutthroat capitalism in TWO words, by the famous Cuban American capitalist Tony Montana:
"Get f*cked."
Were you taking notes blueballs?
Fantastic introduction to an extremely important aspect of capitalism. Thanks D@W
Thank you for continuing to bring such clarity to understanding the problems the world is in right now, your explanations have transformed my worldview.
Thank you for another great video!
don't believe the hype.
Oh how I WISH Americans would ask themselves these questions Prof Wolff asks in this session. All of us should work to be more critical of the world around us but few of us are.
Even those who SHOULD be able to question things (i.e. atheists) are still blinded by pro-capitalist propaganda. It's had many years to perfect it's "cover story" to continue itself.
Best explanation & episode!
So glad I came here. Things make sense when brought into the light. TY
Best professor ever.
Love this economy class.
The professor just speak facts.the point about big business highly favor over small businesses and self employed person..we are living that examples. they get access to all kind of loans from government and banks,they even dubbed them too big to fail.i am just a big fan of fairness and equality for all.
Brilliant as usual❤
So much so you've all been struck blind!
Thank you, Prof. Wolff. I would love to hear more of your views on the challenge of immigration and what you would recommend as policy responses to it.
May the spirit of Marx protect Dr Wolff ❤
Anarchy of production is a key feature of capitalism
You seem confused...
an·ar·chy
/ˈanərkē/
noun
1.
a state of disorder due to absence or nonrecognition of authority or other controlling systems.
2.
the organization of society on the basis of voluntary cooperation, without political institutions or hierarchical government; anarchism.
well said... anarchy of production and commodity fetishism are two key features of capitalism for the American working class to understand because they are especially relevant to the crises inside the USA with vast wealth around us while our most basic needs go unmet.... such as a homeless person dying without healthcare sleeping outside a luxurious empty emergency room and a empty luxury home
@@user-ev7vh2is6b And you are still confused...as the etymology is...
mid 16th century: via medieval Latin from Greek anarkhia, from anarkhos, from an- ‘without’ + arkhos ‘chief, ruler’.
So how many homeless people are you providing shelter and healthcare for?
You are great...
It's clear as day. Yet we keep going.
Very interesting and thought provoking presentation (as are all of your presentations).
This was taught in class when i was in elementary in China .😊
Excelent
25:10 for those wondering what to do and what has to happen to keep their communities, I suggest reading "What is to Be Done?" by early 20th century political theorist V.I. Lenin.
As always, a phenomenal episode, my only point of mild criticism, is on immigration. Wars also cause huge influxes of immigration & in today's world a very high contribution to it. That said, I don't disagree that uneven development has played and still does play a major contributing role to it. I don't, however, see an issue with immigration & from all your all speaking i have heard from you, I know you do not either.
The wars themselves are often --- not always, but often --- the result of capitalists maneuvering for power on the world stage. They invest in foreign countries, or establish tax havens in them, and when those options are blocked or challenged, wars begin ("cold" or "hot" ones, but wars nevertheless).
love you man
Richard Wollf, Great Educator.
Do we really need more entries of the Dumb and Dumber franchise?
BRILLIANT ANALYSIS OF A RATIONALMIND''
I was told since I was a kid that the rich a getting richer. At that time I thought it was alarming because they would end up with everything. That is only more true now.
Unfortunately, they didn't tell you why...and it's delusional at best.
The poor mostly pay bills, while the wealthy mostly buy investments. those investments produce goods and services, which the poor buy. marxists play on people's emotions, but nothing they do or even suggest changes that reality. sound money and private property (capitalism) does. Marxist economics supports and enriches the few, while capitalism and sound money enriches that many. the few never want the many to be rich or powerful.
@@jgalt308 Reality is delusional i guess.
@@leggyReid4c Another word you have no understanding of.
@@jgalt308 you are so funny.
#directdemocracy#smartfuncities...💗🍃🙏
👍
Is it just me or do i see bots in the chat sending replies to people? this was a great video thank you for your time Mr Wolff
😀 Absolutely Correct 😃
The ones I've seen are Bluewater and Jgalt, they may be bots or paid think-tank trolls...
Bluewater and Jgalt are either bots or paid think-tank trolls...
Bluewater and Jgalt are either bots or paid think-tank trolls...
Third time I've put this post here, let's see if it sticks this time....
Bluewater and Jgalt are either bots or paid think-tank trolls...
Another probative edition of EU-As I listened I was reminded of a book about Capitalist extraction ,and the suffering it causes-A generation ago ,the Ky Lawyer ,Harry Caudill wrote a classic on the social problems caused by the coal industry's strip mining of the Appalachian eastern end of the state,"Night Comes to the Cumberlands.I could elaborate,but I think Professor Wolff described the issue ,down to the raw nub.The coal industry propagandists have the people victimized by the process blaming themselves for their poor health,housing,education etc-often to the point of stereotypically mocking themselves.peace.
👏
I agree with Marx's critique of capitalism. The effects are all around today and growing quickly. But the solution is govt regulations, keeping corporations in check, prohibiting excessive manipulation of the system, and equal access to all services. Sure, the wealthy will find ways around the system, but they always will. Socialism will need just as much protection from abuse, because greed is impossible to eliminate.
Marx was wrong
19:13 and the school-to-prison pipeline! no one talks about how much it fuccs up & it effects all of us. in georgia, we got high schools ten minutes down da street from prisons, theyre sayin da quiet part out loud.
Wolff is fine on the subject of uneven development. On monetary issues, however, he's far more shaky since he doesn't seem to understand what MMT says about the money system. The U.S., for example, doesn't have to tax (or borrow) to fund public services because it has a sovereign currency. So long as Congress allocates budgeting for public projects and services, it doesn't need to tax. That only happens if money isn't authorized at the Federal level, but to my knowledge Wolff has never made a distinction between Federal, state, and local budgeting.
You are referring to specific particular ways capitalism functions within the USA at various governing bureaucratic levels, however the entire capitalism system is far bigger and is not limited by the specific monetary conditions within the USA. The capitalist system is dominant around the entire world and rooted at national levels, it is a single capitalist system with different stages of development in different countries.
💗🍃🙏
😎
Uneven development makes traffic a NIGHTMARE. It's a bad idea to centralize all the jobs in downtown. So that we must travel 1 to 2 hours a day stuck in slow moving traffic.
The downtown model is so outdated. We need more job centers in the suburbs.
The trolls are out in full force both the comments here and in the chat.
не вавилон в небо не усремимся!!!
When selfishness is a virtue and neocon prevails, anything is justified.
So stop being selfish...Canada will help.
♟we control the shift 🔮
thats why the chinese gov now started to develop their villages
не наша проблема!!!...мы можем..помочь...Полковник Иванов..вам все инструкции Расскажет!!!
,Realists fought capitalism, but corrupted political parties doesn't ...
Democracy @ work, are you agreed with me?❤❤❤❤
надеюсь ..что Копиталисты..Евразии договорятся!!!
read Ray Dalio's "The Changing World Order" for cycles and growth and decline of empires
Please offer a solution that works
CHANGES POLITICIANS (SENATOR SHOULD HAVE MAX 3 TERMS-PREVENT CORRUPTION)..BIDEN VERY LONG NO RETIREMENTS IN SENATE'S....
Не умерай пригодишся!!!..
Sounds like a rant… we are definitely paying gross taxes. Our government has the money its misallocation
вода сыграет ..свою Игру!!!..
Economists saying nothing about the depreciation of durable consumer goods and the probability of planned obsolescence is irrelevant to capitalism of course.
How can we have even development, professor.
sound money, private property, free markets snd trade. look it up, then separate the fantasies from the facts. the data are clear
@@SkipKiplinger : It is easier said than being done. I think Wolff is fantasizing.
@@legpol His ideas, along with other economists, keep people poor and angry.
The poor pay bills, while the wealthy mostly buy investments (which produce the goods the poor buy). Nothing Wolff advocates for changes that reality. He also does not support sound money, preventing the poor from becoming wealthy.
Sound money allows the poor to save, eventually invest (as long as private property exists) and grow wealth from voluntary exchange (open markets) anywhere in the world (free trade).
@@SkipKiplinger : So, you do not see Wolff's ideas as sound.
He is substituting the words. "Imperfect developement" for "equalty". Socialists believe in "equality", pointing out how things are so unfair. He's not being completely honest. Immigrants that come from South America don't try to escape capitalism. Thats not true. All ills of modern society are not the fault of capitalism. Capitalism in modern America is nothing like Imperial colonialism of the 17th, 18th century. He uses extreme examples. Is capitalism perfect? No. Is there extreme wealth from billionaires to the rest of us? Yes. But the answer is not to attack capitalism thinking socialism alla Bernie Sanders is the answer. However , nothing has created wealth like capitalism. That's a fact. @@legpol
"Uneven" income (pay) is simply a reflection of uneven productivity. How could it be otherwise?
Pay isn't based on productivity
A misleading argument was made. We use fiat, which is lent at preferred rates for some and higher rates to others. In addition, the central bank inflates the fiat/currency supply ($$$$) to corporations, foundations, etc. They get to spend that cash before producers are aware of how much currency inflation has occurred. As producers get a better understanding of the cash/material ratio, they raise prices to match the central bank (Marxist) inflation. Richard Cantillion described this effect first, look it up.
The poor mostly pay bills and those bills are more expensive the the bills paid by the wealthy, who also have funds let over to buy assets (which produce the goods the poor buy).
@@SkipKiplinger The largest infusion of inflation (fiat) cash in all of history, the 6-7 $trillion 2020-21 "stimulus" pmts, went almost exclusively to consumers, not to "corporations/foundations".
@@clarestucki5151 and those consumers, consumed what with that cash?? The poor pay mostly pay bills, and inflation destroys the purchasing power of savings. Giving funds to consumers goes to retailers and producers.
Anything Britain can do ,America can do better .
thing is..... Britain no longer exists, there is a North, Central and South America...... hopefully your education system can do better.
For a start, Capitalism is only a theory,. The theory never involves human factor and effect of environment and politics. Capitalism in US is different for that in India, China, UK, Germany., Thailand etc. Even Capitalism in USA 1800's is different from that in 2020s. Whether the people in a country enjoy lives depends on the types of political leadership. Are the leaders pro common people or pro elites ? In the US the leaders are pro-elites less pro-common people. In China, the leaders are pro-common people. Many countries' leaders are pro-corruption. So capitalism or communism are just theory, and theory is always prefect without human factors.
Authoritarian leaders can destroy any system. The problem in America today is that we don't have SINGLE leaders anymore. Instead, we have a corporate oligarchy dispersed throughout the globe. What we think of as single leaders are typically merely figureheads within the oligarchical network. Not that there aren't variations, but as capitalists accumulate power, the variations diminish. It's one thing to perform a coup d'etat on a single noxious tyrant; quite another when you're faced with an integrated network of totalitarian corporations whose goals of resource-plunder and worker exploitation are nearly identical, differing mainly in degree, not kind, from country to country.
@@paulkesler1744 Wisely put!
Wealth is like a differential equation that converges to either 0 or infinity. There’s a divergence and if you start above it your wealth grows exponentially but below your wealth trends towards Zero.
Dr. Wolff, please modernize your video format. People want to see your face up close not that far away. Your message will be easier to spread, and we need it to be spead as quickly as possible.
Верующие не хотят нищеты!!!
кто во что ВКладывалсЯ!!!
The United States (US) would never have used capitalism as its economic model, if it were truly the champion of democracy. Capitalism is designed to create uneven development, and that only favors oligarchs. The evidence shows that People’s Republic of China is more democratic than the US. China has already eradicated her poverty, while the US has 38 million Americans living in poverty today. It is important to mention that China has 4 times the US’ population. How was China able to accomplish that? China government does not allow its oligarchs to do whatever they want. That is why 90% of Chinese are satisfied with their government, despite the US accusing China of being a dictatorship. Conversely, the US allows its oligarchs to do whatever they want. That is also why only 33% of Americans are satisfied with our government. These oligarchs don’t care what happens to the 99% of US citizens. The US is more interested in trying to force China to give US oligarchs a, so-called, “level playing field”. What that means is for China to allow US oligarchs to do whatever they want in China like in the US. China, of course, refuses to yield her sovereignty to US oligarchs. War is a racket in the US. That is what US Major General Smedley Butler in his book, and US President Eisenhower in his farewell address told us. The US is fighting the wars in Ukraine and Gaza to make its oligarchs even richer. Today, 9 of the 10 richest men in the world are US citizens. Despite US university students all over the nation protesting and getting arrested to stop the artificial colonial settler state of Israel’s genocide against the indigenous people of Palestine, the US government is determined to violate the Genocide Convention. The US recently threatened the International Criminal Court with sanction and a military invasion, if it dares to issue arrest warrants for Netanyahu and other top Israeli officials. The US will do everything in its power to keep economic development uneven. Therefore, it is up to the 99% of us to stop this US out of control capitalistic train, before it kills us all! Capitalism can destroy humanity too!
In the biggest picture possible, such as thinking about our time period 2,000 years from now in a stateless society...... the biggest tragedy of capitalism is not the exploitation, suffering, pain, and loss of life (not just human lives but all species lost due to capitalism) .....the biggest tragedy is not all of the damage capitalism has done and does right now until its overthrown......the biggest tragedy which is the biggest by far, is the way capitalism has prevented humanity from liberating all sentient consciousness of all intelligent species on Earth and beyond..... it is humanitys massive potential with socialism and communism, it is THAT development which is so far beyond what we can even comprehend today....it is keeping all of the people and life forms from reaching this liberation of consciousness that is the real tragedy...... all of the loss we suffer from capitalism is nothing compared to keeping us from being what we will become..... reaching our full human potential with technology and transformations we can literally not even comprehend today..... keeping even one person from reachign this potential....or slowing humanity down from reaching it for even 1 minute....is the biggest tragedy of all....peace.
This is so idiotic and devoid of reality that it boggles the mind. China is not more democratic and it did not eliminate poverty. Those supposed 38 million in the US make about as much as the average person in China, rendering the comparison obviously one of ignorance or sheer stupidity on your part.
@ExPwner ...Visit the World by Yrself first before Comments....OTHERWISE PEOPLE KNOW U R STUPID.....😊😅😂
In Days of Old --- when the English didn't make their own tea ... hmmm.
All this stuff started after second world War the land of glory
Actually the final nail was driven in 1933...
не вспотели?!!!
мама в тебя вложила!!1..Зря!!!
Why is it so many prominent Jews - refrain from commenting on the Genocide of the Palestinians by Israeli Jews - and yet comment - give interviews make videos about every other subject ?
Шутка!!!..
I thought uneven is by design
For example, school in the US got funds based on zip codes
What is probelm is not a problem if one gets food
Problem? While u're clearly more informed on this, I think u've mistaken problem with desired
Marx missed the market by not fully appreciating the power of landed and other rentier interests to cause uneven development, generating cycles of boom and bust that had serious effects on labor and the use and production of capital goods. Marx need to think more deeply about the outcomes of what he already embraced; namely, the public capture of of land rent (i.e., the potential annual rental value of all locations, of all natural resources, and of all other natural assets with an inelastic supply). This important systemic reform is essential for cooperation to blossom and to keep competition within its appropriate limits.
You’re right Professor Wolff. For Capitalism to function, there needs to be extreme poverty for a small minority to obtain extreme wealth. That is a highly inequitable destructive system. It’s playing out right now in our country. Don’t blame the poor immigrant coming here illegally, blame the capitalists that are opening those borders letting them in to exploit them and keep all wages lowered so all the wealth goes to the very top. So, capitalism destroys the middle class and makes everyone slaves. You don’t need a PhD in Economics to understand that, although here’s a guy with a PhD in Economics telling you that!
That is entirely wrong
Capitalism, (not capital...! ! !) is more prone to mal-distribution and related errors than, scientifically viz. objectively, communism could be.... (The Law of Great Number or Sample, The Law of Distribution etc reduce their error thanks to the participation of greater number of individuals in the sample or population or community.... This is not necessarily a conjecture .. Population (with brain) is (brain-) power ....! power... !
Immigrants are forced to leave countries which are being ravaged by the United States and the West.
It's only fair that immigrants come to this country.
Nope. Because it's not the average American that has "ravaged" their country, it's the elites. And when you let in the flood of immigrants (as has been), you will further harm the struggling average Americans. So either you are very badly thought out, or you're an immigrant seeking to help your own (selfish).
..PLEASE LISTEN MORE DR WOLF SERIES OF INFO.......CORRUPTED POLITICIANS PAID BY LOBBIES...
I am the son of west African immigrants I would have people in this comments section know that most of us immigrants believe in entrepreneurial capitalism. We are not marxists neither do we want handouts. My parents are Liberians🇱🇷 who taught me society does not owe you anything. I like Dr Wolff critique of capitalism but let’s be honest we are not going to get rid of capitalism.
You don’t get it, everything can be changed, including capitalism. We don’t want handouts, we want JUSTICE
Except that capitalism has never been fully realized. By this I refer to the condition raised by Mortimer J. Adler in the 1950s, which is that all or at least the overwhelming majority of people in a society earn income out of the ownership of capital goods. I would describe the centuries-long system under which most of us live as evolved landlordism. It began as agrarian landlordism and is today "agrarian-commercial-industrial-and-financial landlordism." Any person who does not own a residential property is essentially a sharecropper, sharing a high portion of their income with an absentee landlord.
@@nthperson Michael Hudson has explained this to Wolff...and he didn't argue
with him...but he is still ignoring him.
@@AsetRa-ki9ni if you want something go out and get it yourself. I am black the mistake dr king made was believing that white people were going to give us jobs when we should have followed Malcolm x who said our problems will never be solved by the white man I will paraphrase it our problems will never be solved by capitalism socialism communism or anyone else except ourselves.
@@jgalt308 Which is why I find it necessary to comment as I do.
Politics determines how wealth is distributed within a country, while wars and diplomacy determine how wealth is distributed between countries.
These are not good outcomes for US citizens of US Government policies: Economic inequality, inflation, stagnant real wages for the last fifty years, costly healthcare, an expensive education system, student loan debt totaling $1.7 trillion with an average balance of $38,000, poor public transportation systems, racial inequality, mass incarceration, the militarization of police, deteriorating infrastructure, housing affordability, homelessness, the opioid epidemic, and gun violence.
Capitalist Denmark, Norway, Sweden, Switzerland, and Canada have relatively low social and economic inequality levels, achieved through strong welfare programs, progressive taxation, and policies to reduce income disparities.
"Economics is extremely useful as a form of employment for economists."
"You will find that the State is the kind of organization which, though it does big things badly, does small things badly, too"
John Kenneth Galbraith
You have no idea the degree of "fraudulent deception" that has been perpetrated on "the people"
by the government. This can be undone, but you have to give up the notion that it is not the
government's job to be responsible for your choices, but to provide you the freedom to
make them, and to hold you equally accountable for the harm those choices may inflict on others
as a consequence.
Taxes do not fund the federal government. Professor Wolfe, you know this. The United States federal government doesn't borrow its own currency that it creates professor Wolf and you know this. Learn m m t professor wolfe