Capitalism vs. Socialism | Glenn Loury, LaJuan Loury & Richard Wolff | The Glenn Show
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- Опубліковано 15 чер 2024
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0:00 Is capitalism a “winner take all” system?
12:54 Why does the word “socialism” make so many Americans afraid?
24:55 Has neoliberalism been beneficial for the US?
33:25 Capitalism’s role in rising living standards around the world
40:59 Are higher interest rates the only solution to inflation?
52:36 Can the market eradicate employment discrimination?
1:02:12 Why is the rent too damn high?
1:13:20 Can there be a kinder, gentler form of capitalism?
1:18:58 Closing statements
Glenn Loury, LaJuan Loury, and Richard Wolff (UMass-Amherst, The New School). Recorded October 26, 2022.
I wish we had more discussions like this on youtube. I don't just mean cap vs marx, but a whole range of issues. Thanks Glenn and Rich.
Great to finally see Mrs. Loury! I hope she will become a common feature going forward...
I wish the conversation were not moderated as much because of how thoughtful and patient and courteous the two speakers were, but I do appreciate that they want a broad conversation about several things vs. getting bogged down on one point or another.
Richard Wolff is phenomenal! What a pleasure listening to him. Thanks for hosting.
Indeed! What's his best point in your view? For me, it's how he claims that the labor theory of value is a thing, even though it was wholly debunked by the marginal productivity theory of value in the 19th century.
@imperfectious I like how he says he cares about equality but only talks about how great the GDP growth of the Soviet union and China were, completely ignoring the human rights violation and incredible inequity between the haves ( party members) and the have not(common citizens).
@@nautdead3197 well he never had the chance to elaborate on how the Soviet Union pulled more people out of poverty in the twentieth century than any other country on earth. China now holds that title for the 21st century.
@@nautdead3197 The USA has the largest incarceration rate out of any country on earth. I’d say we’re pretty bad on human rights.
@@imperfectious you don’t debunk a theory with another theory without a proof.
The debut of LaJuan! Here for it.
Great conversation. It's good to see folks considering alternative arguments in good faith.
Good faith my ass. That race and class traitor should be ashamed of himself. But kudos to Wollf for being so civil in the face of such hateful ignorance.
@@mistershopen6563 no such thing. Grow up and stop simping for idiot Wolff
This is absolutely fantastic. The possibility to hear both sides is priceless. Thank you
“We can’t simply dictate what economic outcomes are going to be.” -Loury. He says this without irony after admitting that the Fed is consciously creating unemployment. 🤣 49:30
Unemployment is a consequence of raising interest rates this is to say it is an unintended result. The Fed's dual mandate is to control inflation and maximize employment. If they did not raise rates inflation would continue to run out of control. Jobs are lost due to raising rates because the fed funds rate drives all other rates. Corporations have become levered up with debt and as rates rise so does the cost to finance their debt. This is the same with mortgage rates.. etc.
I was saying this exact thing out loud! Everyone acknowledges that the Fed's currently policy will lead to unemployment.
Capitalism maintains unemployment, it's called the reserve army of labor, look it up.
@@anthonyesposito7 Unemployment is a problem the solution is not socialism. Unemployment in itself is not a bad thing, in times past if you couldnt work you would die, there was very little possibility of earning without labor. Full employment is unachievable but maintaining or rather reducing at a constant rate the level of unemployment is ideal.
@@gabriel-uc1uz that still doesn’t negate the argument stated in the original comment.
Glenn and LaJuan, thank you so very, very much for having Richard on your show. This was an amazing exchange for me. I have followed both of you and have imagined such an exchange a year or so ago, but I never thought I would ever see it. As LaJuan said, I learned an awful lot. Both sides presented their cases in a compelling manner. I do think the final moments indicated that a follow up video is called for. I take my hat off to all three of you for making this discussion public.
Glenn doesn’t seem to be even having the same conversation as Wolf Wolf will say some thing and then Glenn will respond to somebody else who is not in the room. It makes him look like an elementary mind. Wolff was the only intelligent voice in this debate.
@@StephenSchleiswrong. Wolff got bodied and spewed nothing but lies and nonsense
@@StephenSchleis You've clearly confusing this with another video or have confused the two speakers.
@@toms9272nope. He's right. Wolff was the only one that responded accurately.
@@StephenSchleissee yourself as an .. oppressed exploited worker ?? 😀😀jumped in to the 11 , 12 minutes mark , the socialist manage the same stupid argument he and socialists always make.
LaJuan, IMO, your hosting premier showed a heartfelt inclination for peace and restraint. It was lovely. Hope to see and hear more of you and your charming smile.
I love seeing LaJuan as the moderator!
I would love to hear Glenn Loury's response to Adolph Reed after being asked about capitalism's supposed ability to naturally relinquish inequality and prejudice.
I'd also love to hear Loury talk to Yanis Veroufakis. That would be fuuuuun!
Yes that would be a hybrid of both which would be that of a social democracy similar to the nordic countries, as glenn was saying.
@@willpotter22 what would be a hybrid of both?
@@battyjr social democracy which is just capitalism with more robust social safety nets
@@willpotter22 yeah, but it would sure be interesting to hear what Loury says after hearing Verafoukis's solution! And it would be very interesting after Adolph Reed weighs in, because he would basically say that racism is just a form that inequality can take within a capitalist society, and inequality is inherent in the system. Interesting to note too, guess that Loury says there are winners and losers, but the scope of his admission doesn't seem to set in, when the question is shifted to the one regarding the overcoming of inequality...
This was lovely. I often check in with Loury from time to time to see what my philosophical adversaries are conjuring up. I almost always disagree with him, aside from some of his analysis surrounding the dangers of idpol weaponization. I follow Professor Wolff at least a few times a week as he is a wonderful educator and his commitment to freedom and socialism is inspiring. I just think that this type of discourse is extremely healthy and I commend Glenn and his lovely wife/partner LaJuan for presenting this show in this civilized manner. Many thanks.
Freedom and socialism are extremely polar in nature. It's like being committed to steak dinner and veganism.
Commitment to freedom and socialism is an oxymoron.
so happy to hear these discussions. this is the way forward.
My favorite point is when Glen was explaining why Marxism isn’t fought in the economics departments of academia. Economics teaches a set of techniques that allow for analysis. “Marxism” is a political flavor about how economies ought to be structured based on a set of values. Economics is not the correct social science for that. His point that most marxists don’t even speak the language of modern economics is such a great description of EXACTLY what Wolf does. Perfect point.
Spot on.
It’s evil and kill 100 mil. Chill.
I'll partially agree with you. Wolf been whining like a biach on this one. But I highly disagree that Marxism is political flavor about how economics ought to be structured. It's more than that. It's a science. Imagine if Newtons physics would be described as a political flavor about how universe ought to be structured based on a set of values. Obviously it's not. Both Marx and Newton were able to come with some rules (of variable precision based on the current knowledge that we have) that reflect the objective reality. And then imagine how would world looked like If say church rejected Newtons physics because of their religious beliefs. That's what kapitalists do with Marx, they just throw it away instead of building upon it and gain greater understanding of laws that govern a society. It's a great loss.
Very nice to see Mrs. Loury! I hope you have additional episodes with her-she’s such a great moderator, very poised, and beautiful.
Thank you Glenn and LaJuan for having Richard Wolff on, much respect to all three of you. I hope to see more conversations like this, perhaps with Mr. Varoufakis next.
Such an incredibly thoughtful and interesting dialogue with the absolutely lovely & skillful moderator being the best part of this talk. Please bring us more thoughtful contrasting economic debates. We need this now more than ever.
Compared to most online commentators and their cliched talking points, this debate is an absolute GODSEND! Thank you 🙏
If you're going to do more of these, I would love to see Glenn debate Michael Hudson and Yanis Varoufakis. Thanks again
Be great, also michael parenti.
Need more free-flow of factual informationS!
I commented the same thing about Veroufakis before reading your comment! :D
@@jamesjerome6942 seems like he’s dropped off the face of the earth
@@matthewevans3718 who has?
thanks for having Rick on!
Fascinating debate. Thank you!
Very professional debate of simple yet big ideas. How refreshing!
LaJuan must have been a lion tamer or something in a previous life. That was great.
Superb content. Very much appreciated.
thank you Glenn, Richard and the beautiful moderator! I'm thrilled to hear the conversation being had. it sharpens my opinions, helps me organize my thoughts, and also to learn the opposition side to understand why they feel such a way. I feel very strongly about the free market and while I don't think I would ever agree that socialism is the way to go, I enjoy hearing another perspective
This was an incredible experience... I thoroughly enjoyed the exchange between these two brilliant minds.....I really appreciate their critical analysis on polirical economic systems....but Prof. WOLF have me intrigued.....disclaimer: I have no desire for "material wealth"
What exactly is intriguing? The fact that despite all his claims and beliefs go against reality, he still spouts them everywhere he goes? I suppose that is indeed puzzling.
It doesn't matter how blatantly debunked his drivel gets, he doesn't change his rhetoric one bit. A perfect example of being a victim to ideology. Facts don't matter to Prof. Wolf, only what he wishes to be real.
He seems stuck in an adolescent cycle of rebellion, fighting for that maligned, secret belief that was so taboo in his youth and seems to have marked him for life as a great crusade to fight for.
Yeah, but what is his definition for that. Whoopi Goldberg does not think she is rich and was upset about some of the new tax schemes that were being proposed that would impact her and she went on to say how she supports many other family members yet her net worth is in the range of $60 million and make $5 million plus each year.
@@Adam-tj4oy the definition of what exactly?
There is no such thing as a "brilliant" socialist marxist. They fail 100% of the time. Yet here they are...stupid is as stupid does...defining insanity.
Too bad this couldn’t continue. I would have liked to hear Rick and Glenn talk about Mondragón
Can't wait to listen to this. Thank you!
Great discussion!
When she asked the rent too damn High question, I literally applauded 😆
I love both of these guys!!!! Thanks
Great discussion! Please keep this conversation going!
It seems Mr. and Mrs. Loury have probably had some interesting conversations on this very topic!
That could be some good content in it's own right!
Great discussion. Would love to see a part 2
Just a heads up, this actually is a part two. I believe their first one had McWhorter as moderator, but I might be misremembering. They said the format didn't allow them to discuss all they wished to, so they had this one set up. I believe it is also on the glenn show.
The previous discussion is called Capitalism and Democracy in Post-industrial America.
Extraordinary learning experience !
Thank you for sharing your knowledge!
Thanks to the guests and moderator. I really enjoyed and learned from this. You have earned my subscription!
Rick's comments about Russian economic growth are true but very misleading. Russia in the 20th century built it's economy on the backs of millions of forced laborers. Rick, you're smart, why won't you mention that when you proclaim them as the best model of the 20th century?
It also suffered in ways the US couldn’t possibly imagine from the two world wars as well as being shut out economically by western powers.
The US was literally an apartheid state for the first 60 years of the 20th century, with appalling labor conditions for most of the labor force. Yeah Wolff could definitely afford to talk more about Russia’s oppression of its people though.
@@MelGibsonFan I don’t know if you are being sarcastic or not. The Soviets killed tens of millions of their own citizens. I think that is far worse than anything the US did.
@@akp167 And despite that still experienced unprecedented economic growth. You guys aren't getting it. Simply saying Russia bad doesn't refute Wolff's point.
@@MelGibsonFan It’s because they started off from zero just like the Chinese did
@@akp167 Yes, that's an argument in their favor. The didn't start out as an already wealthy powerful economy and they were left much worse off after the world wars.
Good guest, I hope to see mr wolff on the glenn show again in the future
Mrs. Loury is a lovely person.
Thanks for this debate between Prof. Loury and Prof. Wolff - both of whom I respect.
I think this type of debate sharpens the rhetorical daggers of both sides. More of this, please!
I actually follow (and respect) both glenn loury and richard wolff. Obviously I have my opinions of how each came from the place they came from, but I believe both argue in good faith. Mas Mas Mas contenido!
Excellent Glenn - thank you enormously.
Glen is killing it. Kudos.
Helps when his wife is the moderator and he gets more time and the last word on every topic.
I love Glenn AND Richard and have learned so much from both of them. Keep an open mind!
Lol, you must be joking.
What did you learn from Wolff?
What did you learn from Glenn?
A polite debate.
I recommend Wolff's debate with Yaron Brook.
I worked for a Cuban woman who bought a run down apartment complex, in 5 years, sold it made enough to pay cash for another apartment complex then she was able to send for her family. Come to find out her dad had an engineering degree but made more money selling fruit from a fruit stand. However despite fixing all the problems, day and night I only made 13 dollars an hour. That’s Florida
Need more of these debates
As a person who can recognize a well crafted arguement when it is read or head Glen your opening statement should be a masterclass. You stated your position what you would defend and what you wouldnt defend. Which stops all logical fallacies in their tracks.
Great discussion!! I’m looking forward to the next one…
Enjoyed the civil discussion without participants interrupting each other. Loury is secure enough that even when he hears a Swiss cheese argument, he doesn’t have to jump in to point it out - the audience can hopefully recognize it as well.
People vote with their feet and it’s always away from socialist dictator countries. Trust the experience of those who have lived through it currently as well as historical accounts.
The notion that government employees will somehow be better at housing ( urban project apartments) and health care (VA hospitals) are undermined by our own attempts at gov running these programs
Nostalgia for the commie period is in fact very popular in eastern europe and the former USSR, as googling opinion polls will show you.
@user-ex9me7fd6o It's getting bigger the more obvious it becomes how poorly kipitalism perform compared to socialism. Housing and healthcare are just two areas in which socialism will by large.
So much fun to hear this!
yall are good people for having this debate, win lose or draw.
Is there anything by Professor Wolff that you would recommend as the best illustration of his arguments? Because I have watched this guy for hours and hours and he has failed to convince me of either his premise or his solutions from what I can tell.
His premise appears to be that capitalism is unstable, greedy, inequitable. The evidence is often market inefficiency in areas that are heavily regulated by government (housing with zoning/permits/materials for example). His solution is 'democratic socialism' where the employees have more control of the business.
Other arguments he makes some times to support this are just head scratchers about value and production. I remember something about the guy who makes a hammer missing out on all the value of the 'capitalist' who buys it. That is literally what the money exchange is for. If I buy a car to drive for Uber does Wolff want me to send Toyota a royalty every month above anything I already paid them?
To me he feels like appeals to emotions and voice inflections.
Our democratically elected governments tend to be one rolling catastrophe after another. Yet they live indefinitely as they are funded and supported by the efficient private sector.
So let's take that private sector and make it as competent and as efficient as the government. Sure it will implode, but then we can get funding from the government to keep it propped up...
If this sounds stupid, that's because it is.
Thank you Glenn, you did a great job here talking unvarnished truth and common sense....
hope to see more discussions like this
excellent debate. LaJuan's question to Glenn regarding interference at the end was very enlightening.
The $900 per month figure seems very low for an apartment. I paid that much in 2009 for a 1 bedroom in Jacksonville, Florida. That unit probably rents for twice that today.
Lots of empty apartments in my city no one can afford. Lots of homeless people freeze to death every winter here though. So that's nice.
Wonderful discussion. I found myself disagreeing and noting the disparities in logic in both guests. Thank you for the learning experience.
Great discussion
I like Dr Richard Wolff and admire his desire to make the world a better place but he often sounds to me like he is completely off his rocker.
Is this a safe space to declare Mrs. Loury a quite fetching lass?
Glenn needs to have a discussion with Bob Murphy about the Fed and Austrian business cycle theory. Make it so!
Great debate
Credit to Glenn for trying 😊 used to listen all the time then discovered a complete lack of material analysis which Richard provides.
The thing that gets me about this conversation is that Richard Wolff keeps talking about a "Class of Employers" as if that group of people is static or somehow pre-ordained. And yet, in Capitalism, that's not the case. Employees become Employers. Employers sometimes become Employees. Class is just a snapshot in time, but when you take it out of that snapshot, it's very fluid and the differences are primarily driven by individual choices and motivations.
There are 31 million businesses in the US alone, the vast majority of which are owner-operated. So something like 1 in 4 people are simultaneously in the capitalist and worker "classes". Cranky Professor Fruit Nut does not address this, because it is not found mentioned in Marxist scripture.
The distinction between the employer class and employee class only look fluid to bootstrappers who think being self-employed makes them entrepreneurs.🙄🙄
@@appolo08 Err.. actually they are entrepreneurs. 🤣
The fact that you're too lazy and/or stupid to join this "class" doesn't really count for much does it? 😆
@@appolo08 utter stupidity.
@@appolo08 So are you saying none of the managers were ever, themselves, workers? Or the CEOs or other corporate executives? None of those self-employed entrepreneurs ever hire other people and grow their business beyond just themselves and their one location? No workers were ever, themselves, managers?
The debate is not about bias in academia. Just because an idea is not taught a lot doesn't make it right.
I learned a lot guys . Very good discussion. Thanks.
Would love to see Glenn debate an Austrian Economist such as Tom Woods. Not even debate. Discuss. Would be a delight.
The structure of this debate is Cornball. Richard Wolff is EXCEEDINGLY polite here. No laughter. Not much rolling of his eyes. Smart, ultimately. No doubt there are ears engaged with this who might be interested in challenging their perspective.
Glenn on the other hand (while snorting and huffing and sucking his teeth) is hilariously clueless about the terms in which Wolff is describing systems that produce economic growth. Yet he's allowed to just be comically -- LOUD -- wrong without Dick having the opportunity to set a correction.
This is how these Loury Stans in these comments are so "excited" to hear him talk about economics. Their hero gets to love the sound of his own voice regarding a subject he knows little of substance about (yet pretends to). Clearly. Almost none of Loury's bloviat....er, comments demonstrated a clue he understood what Richard was saying. Its like a skit. But yall go ahead and cheer your guy. Jesus.
It reminds me of Religious debates. So far the only arguments I see Capitalists have is "Capitalism = liberty, individuality, good ..." and "Socialism = guvment takeover, equal poverty, utopia, bad ..."
They refuse to see that the definition of Socialism is not "when the government."
Amazing
“Where did you see the “socialism” you describe accomplished?”
End of story.
The Gulag was a social problem? I'm not sure if I want to hear any more.
LaJuan Loury makes an appearance! Joy!
Mrs. Laury, I hope I have a boss like you.
So glad Professor Wolff exists. Thanks.
Unfortunately Wolff only showed he’s a dogmatist that doesn’t really get the core of the issue.
@@arthurzetes well the conversation was limited. He made great points though. And the moderators very last question that definitely needs to be teased apart, as I feel it's a very good point. I do feel Wolff's sense of the interest of Socialism on the rise.
@@Burtifly I feel like he didn’t. His first statement about capitalism about “where did that capital come from?” Is super flawed
@@arthurzetes well he definitely did make valid points. What way do you feel his view (or Marx view) of capital is flawed?
@@Burtifly his argument:
“The guy made the Factory and took the risk with his Capital. But where did the Capital come from? It came from the Labor of workers!”
Yes. But they went into an agreement that they would relinquish rights to the results of their labor. They Transfer ownership to the person who bought it.
Imagine If the Company That Sold you a lamp said “we are entitled to more because you continue to use the lamp we made you.”
What would you say?
“We made an agreement and transacted based on that agreement. You have no more say in the matter”
Just like Glenn said. Wolff Falsely claims That Capital/value is the product of labor. No it’s not. Labor is one of the factors that is brought together by the true value creator: the capitalist. Without the Systems to control the flow ans Focus of That Labor, the labor is valueless.
You can put 1 million of the most skilled Factory workers in a field. They aren’t going to build a factory. You can have Master masons mix with the Factory workers. You aren’t going to get a Factory. You only get a Factory when you have someone who assumes responsibility, coordinates effort, makes agreements with others to pool together vision, resources, and plans. That’s the capitalist.
Labor is like a river. The River doesn’t have any economic value in and of itself. The River only holds economic value. It only holds economic value when someone creates a system of boats to facilitate trade, or creates a water wheel to create energy from that River. That’s where the real value is.
Great talk. And Mrs. Loury is a terrific moderator. I'd enjoy hearing you talk with other left-leaning thinkers. Some suggestions are Robert Reich, Chris Hedges, Thomas Picketty, and Yanis Varoufakis. If she were still alive I'd suggest for a woman the late great Barbara Ehrenreich.
Doesn't feel like a debate, but a lot of great points flung across the room at to the respective sides.
Just a quote: "Class [...] is about the production and distribution of [...] surplus, [...] about the organization of the people who participate in production, in a small group who get the profits into their hand and decide what to do with it, and tell everyone else what to do - those are the employers - and a mass of people that are the employees." around the 1:29:00 mark
I would love to hear Glenn discuss economics w/ John Medaille or Thomas Storck.
This would be fascinating (though I am unsure that Medaille's temperament would be a good fit for Glenn), especially on the concept of human capital that was Glenn's dissertation topic. Distributism seems to tap into it in a way that neither capitalism nor socialism do in practice.
@@maryangelica5319 yeah that's funny lol i was wondering about the temperament clash as well 😂 ...but thank you. Yeah, whenever i watch these debates between capitalism & socialism, it makes me wish a distributism advocate could be present.
Great debate- the real star here is Luann-
Thank you very much for the conversation! 👏👏👏🎉❤️
Glenn sure does really love the lady.
This is why there was never a peaceful transition with different political or financial system in all human history because those who benefited will never want to rid of it.
Richard Wolf is an envious man devoid of reason and logic but most of all any sense of biblical justice and presence like his model Karl Marx.
While you MAY think that 'being uneducated as all f-cking f-cks in the f-cking world' is a good argument:
we now have the internet. You may be f-ing allergic af to factchecking but what about Me?
You expect me to believe your big comment and your 'Socialism is inherently eviiiiil'?
You lost all credibility at "biblical justice" 😂
Except for an enlisment in the US military in my 20s, I have been self employed all my adult life. I have barely afforded medical insurance (and at the time I was young and vigorous and had no major medical problems); I have lived without any medical insurance whatsoever (with the unremitting weight of the possibility of doom and debt hanging over every day and every life decision); and I have received my medical care from the VA. Of all those options the VA is clearly the most preferable. I voted twice for Barack Obama partly because I thought the "market based" approach of what ended up being called Obama Care was a likely solution to the broken employment-based "system" we have had since the post war era, and which has underserved or frankly abandoned millions over the decades. To my mind, no system that includes as part of it's functions a "pay or die" rubrik (which is the implicit devil's bargain as an inherent element of our for profit medical insurance system) no system so constructed should be used to provide healthcare to anyone. "Pay or die" skews the negotiation inherent to a "market based" approach to such a degree as to be untenable. There is no negotiation when one side faces death or debt penury, so there is no free market. Our health insurance system is a racket. Obamacare is a bandaid that-true to the spirit of such market based solutions-still leaves millions either wholly without medical care or millions more unwilling to use their medical care because they can't afford it. No society that cares about its people would inflict such a travesty on millions, for generations. If I were using Obamacare right now I would probably be homeless, or without medical care at nearly 60. Decades ago I was a Republican. Now I have voted for Bernie twice and am a vocal MedicareForAll supporter. Investment capitalism should have No Place in medical care.
The world has turned upside down. I am not left wing, but am also a double Bernie voter, and I agree with your statement in it's entirety. Who would have thought we would see avowedly liberal people wearing t-shirts that say "I heart pfizer" in 2021?
Mr Wolff has really interesting points. It’s crazy it took UA-cam to finally have these debates. It’s almost as if Socialism is evil and it has to be kept away from us.
Excellent debate
It's insane to argue that the gatekeepers of academia would argue against their own self-interest anymore than The Supreme Court would self-impose ethics rules on themselves...come on man...
glenn's idea that mentally ill people are homeless can often be true, but it's important to remember that most mentally ill homeless peopel are not mentally ill when they become homeless - the process and experience of becoming and being homeless is what turns most people mentally ill in the scenario glenn is addressing. most of the time with regards to homelessness, it's economic issues that cause people to be mentally ill. providing free public housing would largely alleviate this. it's true that many of these projects haven't worked out in the USA, but there are political and social reasons for this and it can be done different. Canada and many Europeans countries are several of the examples, but there are more
The problem is, opinions are like arseholes. Everyone has one, hence yours is nothing special. Do you actually have any evidence to support your opinion?
@@willnitschke yeah, dunno why you needed to preface with your question with that silly statement but you can easily look up all of this
@@TheColdFrontmusic "Google it!" just means you're talking out of your arse.
(I've actually done abnormal psychology at the university level and while financial stress can exasperate mental illness, I've never come across the claim that it's a cause of mental illness. Presumably if it was, billions of people in the third world would be mentally ill, right? So basically you just typed a lot of stupid stuff based on your wishful thinking.)
That is absolute nonsense. Becoming homeless does not "drive" people to mental illness; that's not how mental illnesses work. Many homeless people are mentally ill because of the cause and effect relationship that goes from mental illness to inability or unwillingness to lead a typical life and provide for oneself. The idea that trouble finding housing could cause someone to become schizophrenic.. I can hardly even believe that you actually think this. It's utterly laughable.
thank you so much my
Capitalists are those who outsmart and trick people and congratulate themselves in materialism and what accomplishments they produced. They reflect the image of preconceived perfection, great life.
Someone selling hot dogs from a push cart is a capitalist. Capitalism is the free exchange of goods and labor, and private ownership of capital. I sell 3D printed little miniatures, I am a capitalist.
Might want to use some granularity when describing a massive population.
I appreciate this. Thanks for taking the time, effort, and thought to put it together. I just wish that it wasn’t in a “debate” format (no disrespect to the moderator; she was great). I wish it was just a conversation. I wanted to hear y’all dig more deeply into many topics, such as question about control over production. But overall, I learned some things.
Wolff's assertion that socialism is not studied or adopted simply because it is considered a taboo subject is incorrect. Socialism was studied and even adopted, in part, during the early 20th century in many parts of the economy. And today socialism is used at the local level among many municipalities. The town I live it has a municipally owned electirc utility, for example. In some cases socialism works fine and under a free market society, any part of the economy is free to adopt socialism, if it is superior. In fact capitalism would assert that if socialism were superior then it would be adopted by all sectors and would displace any other system due to its economic advantage. But that has not happened. In fact the opposite has happened, globally.
the guy is a con artist
He’s a commie
@@computer_janitor socialism is a failure. The reason why we continue to warn people of its failures and are hostile to socialist countries is because stupid ideas are contagious.
Have you met the average young person in the US? They’re idiots. It’s not surprising that they are susceptible to Wolff’s craziness.
@@deenzmartin6695 that’s your critique? Good grief.
@@stevej.7926 and that's your rebuttal? Good grief.
It seams like everyone is praising how civil this conversation was. But it wasn't really a challenging conversation I wish that the debaters were given more room to directly challenge each others claims.
Wolff makes a great argument against Socialism. Interesting
Great convo, but some of these questions needed more time. I would've loved to hear Wolff's response to Glenn's critique of LTV (which has been refuted repeatedly by many economists, particularly Steve Keen).
Wolff is not capable of actually addressing the refutations of his nonsense. He is a grifter so read only is his setting.
@@ExPwner i don't think you know what grifter means
@@nukenfry I do. Wolff makes money off of lying.
@@ExPwner grifter? Have you ever read the 1971 Powell memo? If not, I highly recommend reading it.
@@KarlMarxFanClub thanks for proving my point for me. Even in the 1970s it was being pointed out how universities and media were being used as anti-capitalist propaganda. Wolff is just continuing with that tradition.
People and profits aren’t mutually exclusive either. What an idiotic username.
Regarding housing, at 1:10:06 Wolff says: "For me, I see a market whose end result has been homelessness, whose end result, given the other problems of society, has to plunge the people who need housing the most into the situation where its accessible the least and vice versa."
Undoubtedly the US has housing issues, but to isolate the effect of capitalism there, you can look at the results of other capitalist countries, like Japan with notoriously one of the smallest homeless populations per capita: en.wikipedia.org/wiki/List_of_sovereign_states_by_homeless_population. In 2021, 0.00304% of their population was homeless, whereas the US had 0.15%-0.17%, a huge difference. When two capitalist economies have very different results, I don't see how you can blame capitalism, the biggest thing they have in common.
The difference is how the government intervenes in the market. Japan is a social-minded capitalist economy with more public, subsidized government housing. Many European countries are like this too. But this makes the debate about "how much should the government intervene in a capitalist economy," not "should the economy be fundamentally tilted towards capitalism or socialism." Just using poor housing policy in the US as a full indictment on "capitalism" seems like a lazy argument.
He only has lazy or nonsense 'arguments'.
57:05 "Capitalism comes into the world in the French Revolution and the American." Wolff must be living in a different reality than I am. AFAIK, capitalism developed over several centuries in Europe, not as the result of any revolution. It's particularly strange that Wolff associates capitalism with the French Revolution, which led to several forms of socialism.
Yeah I have heard this from him too and it just delusional. The French Revolution brought in socialist factions that created terror over the population.
Capitalist practices under feudalism is still feudalism, markets are as old as civilization itself.
@@davidsmith5917 I'm not quite sure how your comment relates to mine since I didn't write anything about feudalism. On that subject, didn't Marx say that capitalism was the successor to feudalism? That might be one thing he was right about.
I enjoyed this debate. I want to see Richard vs Jordan
Saw you on Jordan Peterson… great show… keep it up.
What a treat to hear Glenn talk about economics!
1:02:31 👏🏽👏🏽👏🏽 Professor Wolf 👐🏼
God bless this wise and good idea 💡 🙏🏻