Economic Update: Capitalism, Revolution & Socialism

Economic Update: Capitalism, Revolution & Socialism

Welcome friends to another edition of
Economic Update, a weekly program devoted to the economic dimensions of our lives,
our jobs, our incomes, our debts, those of our children, those we’re worried
about and have to stay up nights worrying about.
I’m your host Richard Wolff. I’ve been a Professor of Economics all my adult life
and I continue to teach now as well as do programs like this so let’s jump into
economic update for today. I want to talk about a set of problems they have to do
with major failures of large capitalist enterprises and as I go through them I
want you to bear with me. The point here is not the particulars of each case the
point is to understand that these are all examples symptoms if you like of an
underlying system that makes enterprises work like this
the problem isn’t this or that official, or this or that company. It’s a problem
of a system whose rewards and punishments lead people to behave in
particular ways. So let’s start. Well I was blown away by the first one here is
the CEO of General Motors wonderful example of leading American corporations
Mary Barra she’s in Beijing China and she’s lecturing Chinese leaders here’s
what she’s lecturing about the Chinese government like other governments around
the world is moving in the direction of outlawing all diesel motors and diesel
engines in vehicles for all kinds of reasons including the emissions scandal
that’s when major companies auto companies around the world many of them
but the most important was VW were shown to have intentionally fiddled with the
control mechanisms so that what you measure in a lab in the way of emissions
is much lower than the actual emissions on the road when the vehicles are used
and she didn’t like that you didn’t like government stepping in and she gave them
a lecture that you know she said putting on her most serious face it shouldn’t be
government’s that make those decisions about technology it should be consumers
oh what a wonderful idea how nice this is from a company that lied for years to
consumers about the ignition scandals that cost a good number of them their
lives and an even larger number of them serious injury she wants us to trust
large businesses that tell consumers what they need to know. Wow
that takes a lot of nerve. I admire her for that but now let’s go on because the
examples come thick and fast last week the Ford Motor Company
announced that its very famous Explorer models from years 2011 to 2017 right to
the moment are facing recalls why because of fumes in the cabins that have
bothered a number of people a state trooper driving one of those was killed
there have been listen to this 2700 complaints about fumes in the cabins of
Explorer Ford Explorers there have been more than a million that have now been
identified as at risk for this problem and that’s how many will be recalled it
is extraordinary by the way it was years of these 2700 complaints accumulating
before we here this last week that a recall may happen yeah we should trust
big corporations let’s move on big item over the last few weeks was a wonderful
action by one of the three great credit agencies in the world
Equifax what did they do well this is really wonderful
they had a vulnerability on their website that made it easy to hack in now
watch the dates they found out about it this last spring there was a patch
developed that could fix the problem on March 6th all of this has been reported
in the press the hack happened in mid-may and it was reported a month or
so later during all of that lost time get ready now over a hundred million
Americans and it turns out another hefty number of British citizens have had
their entire credit histories including their personal information their social
security numbers made available to hackers who in turn sell them Wow and
the nerve goes even further one of the few things
Equifax has done since being exposed for having not managed this situation well
and having not told people for months about its own failure remember the
advice of Mary Barra that we shouldn’t have government interfere we should just
trust the corporation’s that our consumers what they need to know
Equifax offered compensation if the recipients were to waive their rights to
go into court to sue Equifax for damages if they accepted what was called what is
called compulsory arbitration which always works to the company’s favor but
now in a way the biggest example of all on September 18th the front page of The
New York Times on that Monday carried a remarkable story
here it is in brief insurance companies medical insurance companies have been
urging and pushing on to the people that they insure who suffer from serious pain
a variety of a dick give opioid medications addictive
painkillers even when less addictive drugs were available to treat the pain
why because of the more addictive were cheaper for the insurance company to
cover than the less addictive ones and you know when a company has a choice
between what’s profitable for it and what might be less addictive for this
population it’s clear which way they choose once again it’s the government
coming in and looking at the situation because if we leave it to the companies
we know what they will do so mrs. barra of General Motors advise
that we don’t have the government that we have consumers you must be kidding
and I’m giving you the benefit of the doubt when I even say that and what
would be the alternative you know if Public Enterprises had performed as
horribly as the four examples I just gave there would be howls out there to
get rid of public and let the private sector do that on the specious argument
that the private would somehow avoid it where are the howls today that if the
private automobile companies and the private medical insurance companies and
so on and the private credit companies when they don’t work right we ought to
have the government step in you don’t hear those howls those are muted the
howling seems to push in one direction not the other now for me just as a
comment as an economist the issue really isn’t whether a private company does it
or a government company does it the issue is that all these decisions ought
to be made by two participants those who make the substance and those who consume
it there should be panels institutions that allow the consumers and users of a
product together with the people who produce it to do something that meets
both of their needs there is no warrant no need and much to
be lost by allowing profit calculations to get involved in this situation as my
examples show the next update has to do with Bernie Sanders he’s been in the
news the last week or two because he’s proposing that the Medicare program
which currently covers people 65 years of age and older with a kind of gener’l
government medical insurance program be expanded to include everybody
it’s basically Medicare for all and he introduced a bill that part I’m sure
many of you know but I want to go a little bit further and ask a question
why is he having trouble getting people to line up with this and I ask this
question in the in the awareness which I want to share with you that the PEW
Research Foundation PEW a very well-known well-respected research
organization polling organization has repeatedly shown that 60% of Americans
support the federal government making sure all Americans have health coverage
33% of Americans support the single-payer program which is close to
what Bernie Sanders calls Medicare for all so in view of 60% who want the
government to do this and at least 33% who like exactly what Bernie Sanders is
doing how much support has he got in the US Senate well way more than he had
before the first time he introduced a bill like this it was the support of one
senator namely him this time he has 16 16 Democratic senators that have
co-sponsored that bill and that works out to 16 percent of the hundred
senators who make up the US Senate so please note with me the numbers 60%
of Americans want this 33 percent of Americans won exactly what Mr Sanders
has proposed but he can only get 16% of the Senators
who supposedly represent the people to support him and then comes the
explanation somebody did the research was published by common dreams so you
can find it there someone did the research to look at how much money
medical insurers they are the ones who stand to lose if the government becomes
a real insurer how much do medical insurance companies give to senators and
here’s what we got senators who do not sponsor or at least
have not yet sponsored got an average of fifty five thousand dollars from medical
insurance industries those who sponsored got less than half of that on average
sure Mr Sanders it’s the only senator who from medical insurance companies
gets absolutely nothing Wow out of the Democratic senators who have
not agreed to sponsor I thought you might be interested to find out which of
them got the most money and you might be surprised
out of all Democratic senators the most averaging a hundred and thirty thousand
dollars for their campaigns on average were senators Peter from Michigan Wyden
from Oregon and Schumer from New York well as new studies about the opioid
epidemic the epidemic that last year took 64,000 lives in the United States
this epidemic of painkillers both legally prescribed and illegal is a far
more deadly scourge in America that all the wars we’re fighting even these days
when we fight so many much more deadly than car accidents it’s really
extraordinary a new research study
undertaken by Princeton economists shows a direct connection between painkiller
addiction on the one hand and something called the labor force participation
rate on the other the labor force participation participation rates used
me is a very important statistic it measures what part of the adult
able-bodied population in America is either working or looking for work
participating in the labor force and what part isn’t and the reason that
number is very important is if your labor force participation rate goes down
if the percentage of your adult people that are working or looking for work
shrinks think of it this way it means a smaller number of people are working to
support a larger number of people who aren’t and that puts a strain on every
family it means somebody in the family who used to participate and therefore
kick in money to sustain the family is now not participating and therefore not
kicking in money to sustain the family it puts an enormous burden on the
population we have a reduced labor force participation rate in this country
particularly since the crash of 2008 it has not recovered recovery has not there
happened there and that’s why so many families feel pinched because they have
millions in this country millions of people fewer in the labor force than
were there before and now we have part of the explanation addiction to
painkillers makes it very hard to look for a job makes it very hard to keep a
job and makes it unfortunately very easy to live outside the world of work coping
or struggling or zoned out on whatever it is that you’re addicted to the
problem of addiction is an economic problem as well as personal tragedy the
next item well I couldn’t help this one but before
I get to it let me remind you that we maintain two websites that are available
24/7 at no charge whatsoever that carry a lot of the information that is
available on this program indeed there’s an archive of all of these programs that
you can listen to at your leisure the first website is democracy at work
dot info all one word democracy at work dot INF oh and the second one is rd wolf
with two FS com please make use of either website at your leisure you can
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Instagram it’s a way of our partnering with you and you making use of the work
we do for that purpose also if you wish to see a video version
of this program you can find that on patr Aon dot-com and we urge
you to take a look that way this next website has to do with the price gouging
that came out of the storms Harvey in Texas and Irma in Florida price gouging
is a simply a technical term for people but usually businesses who use the
crisis of a storm either the storm coming or the store
having already hit to jack up the prices of whatever it is they sell so I’ve
noticed in the last two weeks a number of big business spokespersons and
conservatives saying something like the following don’t blame in this case oil
companies for the oil price hikes blame market forces other companies and other
businesses have been saying that – in other words don’t blame the people who
actually raise the price blame somebody else I was reminded of how in the old
days kings and emperors and czars used to evade blame for the awful things they
did by saying they were just doing what the gods dictated or that it really was
the gods who made it all happen not them or maybe other magical forces
that were at work prices rise friends and neighbors if and only if businesses
raise them there is no other way for the price to rise and businesses spend a
great deal of time energy and money manipulating supply and demand for what
they produce that’s what advertising is manipulating the demand that’s what
controlling production lets you do manipulate the supply so to say that
supply and demand and the market determined things is a way of suggesting
it’s somebody other than you they work hard to disguise that they’re
responsible for the price don’t be fooled I next want to talk a brief
economic update about a troubling reality some of you are upset and assume
many of you buy the things you watch and see president Trump doing but President
Trump has his imitators he has others who do pretty much the
same and once surfaced this last week that I think bears watching his name is
Boris Johnson he’s the foreign minister the foreign secretary in Great Britain
the equivalent thereof what Rex Tillerson is here as Secretary of State
mr. Johnson is trying to use the brexit vote the vote that the British went
through to withdraw from the rest of Europe not to be part of the European
Union he’s using that in order to promote himself basically he is going to
get save Britain he is going to make Britain great again literally and he is
doing something very interesting he’s pandering to the business community
just like Trump he’s doing the deregulation that the business community
wants just like Trump and then he’s promising to save the National Health
Service in England kind of like Trump promised to save so
security it’s an attempt to suggest I’m a little different from the usual
population of leaders and politicians but in the end it’s not so different
it’s the beginning of a kind of coming together of business and government
which does raise the bad smell of fascism which was the formal way in
Germany and Italy that led up to the second world war of a virtual merger
between big capitalist enterprise on the one hand and the government as the
muscle and enforcer of what they wanted on the other the final economic update I
want to spend some time talking to you about well let me do another one
and then there’ll be a final one I want to go back to the price gouging in
places like Houston and Florida I also read not only that somehow its market
forces we talked about that but I also read that you know you should be
grateful in a way I heard some of my colleagues professional economists of
whom I am frankly ashamed saying well you see if the price say of oil or water
or something else is jacked up people will be much more careful about using it
so you see people will be careful and even that a good thing when the things
are scarce so raising the price gets you a good outcome here’s another thing they
said if you raise up the price there’s more incentive for people to come in
with more water or oil or gas precisely because the price is high so let it go
let the gouging happen because you know it’s the system of supply and demand and
it all works out well in the end I’ve heard this kind of thing from my
economics teachers all my life so this is not a casual or surprising thing to
hear this is hearing about jacking up the prices of food and water and fuel in
the midst of a crisis that comes the minds of people who’ve been taught
mainstream economics in this country for 50 years let me drive home how awful
this is it’s the equivalent of saying something like this a person drives a
car into a crowd and hurts people and the answer then comes from The
Economist’s well you know there’s a good outcome people going into crowds are
going to be more alert now after after having seen or experiencing that then
they would have been before oh god yes every event has a few good and many bad
or many good and few bit to say that there is something that happens it’s
good is never a justification you have to begin to look at the balance of the
goods and the bads let’s go back to the storms if you raise the price of water
and food you’re basically saying that we are gonna let people go hungry go
thirsty in the middle of a crisis because they don’t have enough money not
because we don’t have enough stuff but because they don’t have enough money
you’re deciding to ration what may be life-saving
items based on ability to pay not based on our shared humanity not based on our
equality before the law or the Equality before a god if you believe in one
etcetera wow that is moral depravity and it
doesn’t get any better if an economic argument is a fake veneer over the
underlying depravity the instinct of people to help one another there’s a
much more important maintainer of community and solidarity and a viable
society than listening to economists and telling yourself stories about what one
or two positive outcomes can be from an event you know to be horrible if you
drive a car into a crowd of people and they become more alert because they’ve
been hurt in the future there’ll be more alert that’s
a justification for driving cars into crowds of people now is it well the last
economic update comes out of a census bureau report on income inequality that
came out this last week it immediately provoked a flurry of
statements from the Trump administration because it showed that in the last two
years there’s been some improvement in inequality some improvement in incomes
for people at the bottom end of the society and there has been there’s no
question the last two years it’s got a little bit up but men and women
listening to me it’s gone up for two years in a system that has been going in
the other direction for 40 years since the 1970s and everybody who pays any
attention knows that to fasten on two years and by the way if you looked at
the statistics 2015 was a better improvement than 2016 so that the
improvement is already shrinking but put that aside you had two years of improved
numbers but they don’t begin to change the basic picture and to drive that home
let’s take a look at the very statistics that were released here’s what it shows
that from 1947 that’s the end of World War 2 to 1979
if you divide the American population into fifths the poorest 50 middle fifth
the richest fifth they all grew roughly in terms of their real income how much
they had to buy how much they could afford to buy they all grew between two
and two and a half percent the poorest the richest and those in the middle so
you had the ability to say from 1947 to 79 as capitalism grew it treated its
population at least in the United States roughly equally
because of the limits of time let me jump to the later period 1979 to 2007 in
all except the richest it drops to almost nothing let me do that again
in all except the richest fifth it drops to almost nothing no increase the
richest fifth gained more in those latter years than the other than they
had before their situation went up everybody else’s went down and in the
last period 2007 to 2016 there is negative for the poorest and way better
than everybody else for the richest 5% who really cashed in that’s the reality
folks of 40 years 50 years it’s not changed by two years shame on the New
York Times and the others who pretended otherwise we’ve come to the end of the
first half of economic update I hope you found these discussions interesting
please stay with us we will be right back you

71 thoughts on “Economic Update: Capitalism, Revolution & Socialism

  1. Dr Wolff, you are a gem and the fact that your viewership is increasing gives me hope for the future. Not much else inspires hope these days.

  2. When Corporations and PR firms spend 500 Million to 1 billion dollars on propaganda campaigns to convince people to buy that product… How can individual consumers be tasked with protecting themselves from that? Sure some experts could.. Or well read individuals. But most people work 40-60 hours a week and live paycheck to paycheck. They simply don't have the time or the left over mental will to resist billion dollar propaganda campaigns while being hit with over 1,500 advertisements a day.

  3. Are you honestly trying to blame the auto industry, with all its government contracts, on free market economics and capitalism? Then you go on to list the finance and drug industries as capitalist. WTF. Ever heard of the federal reserve? FDIC? Entire financial regulations boards? The FDA? It's funny how this guy lists off the most heavily regulated industries, one by one, as the worst offenders against the people, but doesn't seem to make the connection that the common denominator for bad business practices isn't business itself, but regulation.

  4. Disliked video because you are not offering the full video. Information is power, and you are stripping me of my potential power by limiting my access to this information. Jerks.

  5. i despise capitalism and am in favor more of socialism and communism, but i don't see the idea of "economic updates" for the benefit of the viewers when its basically your propaganda that you are interested in spreading. the viewer such as myself need a concise explanation of why and how socialism/communism is better than capitalism. your reason may be a constant supply of video which is needed for the survival of the channel, but i'd personally use other type of scenarios like, for instance make people do videos in favor of capitalism/communism and the respond to them. or invite people with interesting points of view. or discussing present videos on youtube against communism or capitalism. anything other than preaching by yourself and diluting the argument against capitalism..

  6. Re the price gouging during the hard times hitting people in the areas affected by the storms – Sen Ron Paul has defended it as natural and right because it is the market – ie not anyone in particular trying to take advantage.
    Those market ideologues use the market like an inscrutable metaphysical force that is independent of any human action or influence.

  7. in capitalism failure can be sustained, in the socialism/communism it is guaranteed
    this hypocrite goes after general motors (the actual government controlled firm).
    he also wants government to decide what consumer wants….

    what a idiot – get ready for lines for toilet paper…

  8. Give power to big business – they abuse it.
    Give power to big government – they abuse it.
    Sounds to me like we need a decentralised, distributed political and economic structure – a 'bitcoin-like' solution if you will.. I'm not exactly sure how that would actually be implemented. I'm also not smart enough to make it a reality. Who here is Satoshi Nakamoto 2.0?

  9. We need peace and Trump cannot and will not deliver that. Without war, America’s unelected shadow government cannot survive. If the globe-spanning power structure that is loosely centralized in the United States can no longer use the US military to manipulate the world economy, it will force America to create a real economy of its own, one that isn’t backed by cruise missiles and secretive agreements with OPEC nations. Green energy will cease to be suppressed and the banksters and war profiteers whose plutocracy is strengthened by the impoverishment of ordinary Americans will lose power. It would strike a death blow to the oligarchy.

  10. I love Prof. Wolff. I would just like to say our biggest obstacle are working class conservatives. There biggest fear is the government. Which is an oppurninty for us to also fix the political in the political economy. I suggest bringing the fiduciary economic principle to the political system. ALL politicians should be fiduciaries to the people not just legally but with the correct legal mechanisms to make sure we get that outcome in practice. I would suggest by referendum, kinda direct democracy in reverse. The systems to big for everyone to vote on every issue, however we should always have a veto power over any decision any politicans make. Possible via a political fiduciay principle but needs sold in conservative speak.

  11. Stop railroading the People with this deadly "Opioid Madness" train of right-wing/corporate propaganda!
    Consider the following:
    1. Virtually every "worker" is at risk of becoming a "non-worker" because they increasingly cannot obtain proper treatment when they become sick or injured.
    2. Numerous illnesses and injuries are known to cause persistent, severe, and debilitating pain that lasts until they obtain proper treatment, or a casket.
    3. Many sick and injured "workers" who cannot obtain proper treatment can continue working and surviving if they at least have access to safe, affordable, effective pain medication.
    4. a. The most effective, cheaply produced, and safest medications for chronic moderate to severe pain are morphine and codeine derivatives which have existed for many years and cannot be patented. These life-saving drugs are the target of "Opioid Madness!" propaganda.
    b. In contrast, some of the most in-effective, expensive, and deadly "pain medications" are the plethora of newly patented "synthetic opioids" derived from thebaine (not morphine or codeine). The corporations behind "Opioid Madness!" are seeking to foist these drugs on the masses.
    c. "Addiction" is extremely rare. It's true that physical dependence, on the other hand, is about as common for opiates as it is for insulin and coumadin; and only problematic when coupled with ignorance (A.A.) and authoritarianism (DEA).
    5. a. Pharmaceutical corporations don't like making, or competing with, drugs that they can't patent/monopolize and sell for obscene profits.
    b. "Health Insurance" corporations don't like paying for anything they can weasel their way out of, especially proper medical treatment and patented drugs.

  12. oooh i don't get it , sorry it matters not which percent of which agree to or against… if the damm perp is guilty hang it heigh. now on a fail safe basis, it might be a good idea if children had food and shelter , with an adult or two. all the rest is academic

  13. Just heard the second half of the show. It was just as i expected. Prof Wolff is a libertarian type socialist. I disagree with his assessment. Sure there needs to be more democracy at work where stakeholders come to resolve workplace issues. But the USSR had it right. The problem is LESS about the organization of production and MORE about the income distribution. The REAL problem is "antagonistic income social relations." The zero sum game aspect of today's modern financial capital. Modern financial capitalism is played like a zero sum poker game where the more money you take from the pot the less other players can take with a winning hand. Those with the most winnings and capital can leverage it to take even more money from the pot. The USSR had essentially solved this problem by setting up an income reward distribution system similar to how people earn grades at school. Your grade only depends on your own effort. It does NOT depend on what other people earn. An A student does not take anything away from your grade. You are only limited by your own effort and ability. The USSR by taking control of the income distribution broke those antagonistic economic social relationships between income earners. Private individuals did not own economic resources but could own financial assets. The USSR owned and controlled all banking and money (a major cause of capitalist crisis). The labor market was essentially no different than what we have today. The USSR put limits on the highest amounts of income, had rules about savings and inheritance. The USSR turned competition into teamwork and it was a more equal opportunity place. That is exactly what we need to return to and that is exactly what STATE SOCIALISM is designed to solve. What Wolff is suggesting is a return to economic tribalism where coops compete against each other for profit. Its called market socialism. Its social relations produce just as much conflict between groups as we see now with interest group pluralism and multiculturalism. Market socialism misses the entire point of socialism. Socialism is about achieving harmonious SOCIAL RELATIONS, promoting solidarity, equality, subordinating individual interest to that of society, promoting the common good, serving the community, humanitarianism, human development, solving conflicts collectively. Libertarian socialism makes little or no effort to do any of that. Neither does a Marxian conception of socialism.

  14. Here's a pile of rocks. Move the rocks to the top of the hill with one hand tied behind your back. If you can't do it well, there's something wrong with you. Shame on you! Now that you are ashamed you will do what we want you to do. Submit.

  15. What would be really interesting is an analysis of the movies "The Wolf of Wall Street" and the recently released "The Wizard of Lies." If tagged correctly it could make the video permeate through YouTube more efficiently.

  16. It's so crazy tho. There's plenty of food. Stores throw food away. But people go hungry. There's plenty of space, but people are homeless. There are people doing work that is completely useless and even counter to the general good. Why? Because they have to do something.

  17. To have capitalism you need Capital IE savings and as FIAT CURRENCY is the equivalent to Fairy Farts how can anyone save them? What we have in the world is a failure of governments not capitalism as people vote for a living rather than work for a living at all levels of society.

  18. I like where life it's expensive, you value more life, just like Europe… but when life its easy, food cheap and transport cheap like USA stupidity grow. Water should be more expensive, we are wasting water by cleaning cars that just stupid. Junk food should be really expensive.

  19. medicare for all would unleash waaaay too much freedom . Workers would be able to quit, relocate, go self employed. . Old folks would spend their money on their grandkids instead of healthcare. Nobody would go bankrupt due to health care costs if they got a long term illness. There's always money for war and banks bailouts, but never enough for pensions, health care and education.

  20. In regards to labor participation rate and the connection to opioids I am not sure I share Prof. Wolff's conclusion. The question I ask myself how many opioids dependencies were a pre-existing condition vs how many were caused by an inability of acquiring worthwhile work? 95% of the jobs created under Obama were low paying, part or temp or gig work. This is nowhere more evident than in the South which is and always has been chronicly short of well paying with benefits jobs. A often used idiom is It's not what you know but whom you know. A part time minimum wage job makes it too expensive to work so why bother. I recently had to chuckle when Dr. Wolff felt $14.00/hr to work at a newly built Chinese factory was terrible, what if I told Dr. Wolff a member of our household regularly receives e=mail offers looking for IT personnel with a bachelors degree and A-plus offering $14.00 an hour or less.

  21. Richard Wolff please put your entire show back on youtube. it serves as a library, a resource that holds your talks and lectures in one place that billions of people can find easily, stumble across, view by accident…….or people searching for good true and clear information and education. having your talks sliced up all over the net is not good long term. this is not a fight just for today. 13 year olds today need to hear these kinds of things five years from now or later when they might care, they are not going to find it on truthdig's podcast or democracy now's site or patreon…….that is the choir, they are going to find it here while they are surfing their bodybuilding and facial makeup videos, their gaming videos, their MMA videos.

    please think this through. a new paradigm doesn't mean all new ideas are good and old ones are bad. making things less accessible and more obscure while making it seem more widespread is the trend on the internet by the powers that be. don't believe the bullshit of web experts. you are not selling a product no matter how much they tell you you are. you are spreading knowledge and teaching. that warrants the most exposure possible.

    what is it going to take to get your show entirely back on youtube? how much money is it going to take? you see how we are already starting to talk? please go back to how it used to be, one day each week the whole show was uploaded, it was simple and dependable.

  22. Conservatism used to be about not fixing what aint broke, but nowadays conservatism is about taking logic and throwing it in the garbage.

  23. Wolff is right.
    Private companies do bad things. I dont trust them. Here is what Wolff doesnt say… government is just as bad, if not worse when it becomes unaccountable to the people. And yet, a Marxist like Wolff will always, without exception demonize the private sector, and act as if government is the hero riding in on a white horse. This video is just more of the same state-worship that we have seen from Wolff over the past several years. It is this Marxist tendency to demonize the private sector and worship the state that has created political socialist hell holes in the past.

    Marxism simply replaces the private sector "bourgeoisie" with a government sector bourgeoisie.

    This common sense moment was brought to you by the RRW(Radical Right Wing). The views expressed by the RRW do not in any way represent the views of this channel, its Marxist host, or its socialist sponsors(even though they should). We now return you to your regularly scheduled programming of Marxist indoctrination.

  24. Why are you using the same tired old graphics that MSM uses? Painful to watch…..I understand that you wanted to jazz up the "broadcast" . But the old way gave the impression that you were almost in conversation with your audience…..Now you're just mimicking Wolf Blitzer!

  25. A lot of libertarians share the same diagnosis as leftists about the problems with our economic system, which is that it is a corporatocracy. The difference is in the solution. Libertarians counter that the government is the source of these problems. However, looking back at it, it was always a Marxist critique of capitalism that the government is used as the managing affairs of the bourgeoisie. In other words, what we see today in terms of the terrible government we have, is merely an outgrowth of capitalism. Government granting special favors to corporations does not happen on its own accord, influence in policy is bought and paid for via billions of dollars of special interest money. Corporations are fueled by the desire of maximizing profits, and influencing policy is the clearest path in getting there; however, if this was eliminated, the primal motive of corporations remains the same, and so logically they would find another route to reach the same end. In either case, talk of what to do about our economic order is irrelevant unless we are willing to address the inherent problems with capitalism.

  26. Notice how many GMC and Chevy Pick-up's and SUV's run with one parking light out. Over years this has continued. See one, see two, see many – never corrected.

  27. I think the most important word he says in this video is BALANCE. Find a balance between communism and capitalism. As with most things, if not everything, too much of one thing is bad. Finding a balance is the key to life. Don't corner yourself into one ideology. Improve yourself and the world around by absorbing the ideals of many to create a better and more adapted ideology.
    In example, I am really supportive of the idea of a co-op corporation. It allows the workers to control the business within a free market, not determined by a state or a few mil/billionares.

  28. I mentioned Dr. Wolff on Reddit – r/joerogan and people down voted me and said he's a crazy old man. This was on a discussion about free market capitalism. For anyone who uses reddit, please go mention Dr. Wolff on r/joerogan, the fascist ideology is beginning to creep in there and it's sad to watch the trend. Joe is a pretty open minded person, but his views are starting to lean more right, due to his frustration with SJW and his interest in Jordan Peterson. If Joe's huge base of listeners can begin hearing some of these well thought out updates from Dr. Wolff, it would be a nice balance for the community over there. Thanks!

  29. In Stalinist Russia it was state capitalism. The Government had control as you said and workers were exploited with no capacity to challenge the oppression as all the revolutionaries were murdered. In 1917 and the few years following workers did take control with democratic workers councils with elected representatives that were accountable to the workers that voted them in. They could be removed instantly by the workers council and replaced. The crucial analysis needed is why did the counter-revolution win.

    The country was ravaged by war with the red army fighting back against the aggression of 14 invading nations. The country was totally isolated and had little capacity to feed the population with all the pressures placed upon the workers state by other nations. Industry collapsed as workers either died fighting for the red army or fled from the city to rural areas to survive. Trotsky, Lenin and many other revolutionaries acted to their best ability to fight against these threats but due to the changing landscape of the country a bureaucracy was taking hold out of necessity to survive.

    Stalin and those around him built their strength in the bureaucracy and after the German Revolution had failed in 1923 the hope for Socialism was no longer possible and Stalin became a dictator of a brutal state capitalist system. Russia was the most successful revolution in history and there are many lessons to be learnt from the time period. Revolution and the building of a democratic workers state is the only way forward to smash capitalism and have a hope for a better world. This must happen in multiple countries as a single nation will only be able to defend itself from counter-revolutionary forces for a few years at most.

  30. I just became a contributor on Patreon so i can watch your talk with Chris Hedges. I empathize with the strategy, but I'm afraid maybe you will alienate the poor; this is your largest audience and many would watch half the episode, missing vital education, rather than sacrifice that $3 per month. It seems somehow ironic for someone promoting class justice to distribute electronic educational materials on a basis of class. Glad I'm fortunate enough to afford your show. Much love.

  31. I have to say, there is an energy and movement here in the uk like the revolution is happening, the right are losing control, losing there grip. A few of us are organising and talking and spreading the word. Whether you agree or not there is no going back to neoliberalism now its dead! It died a long long time ago!

  32. "Let horrible things happen, the system will work it out." But you know, the Government with its regulations, laws and such IS at lest part (a big part) of the system we are working out. Fu*king idiots.

  33. Trumps privatization Agenda , Tax Cut for Super Rich , all this show sooner Gov will run almost all by Corporation maybe one day even water , electricity will run by a Corporation in all U.S.A.

  34. I'd go a step further with companies allowing addictive medication, other than being cheaper, I think they actively pursue marketing these products as they ensure a continuous supply of consumers.. but hey, that's just me being a conspiracy theorist..

  35. I wish we had something like this in the UK so much.. please expand! Get David Harvey or Paul mason on the task 👍

  36. I would like to donate $100 on condition that [email protected] establishes a go fund me for the purpose of financing a class-action lawsuit against All Medical insurance companies who have raised prices over 100% over the last 10 years on behalf of those persons who can document that. Discuss it on YouTube with a class action attorney. Dr. Wolff to be an expert witness.

  37. Currently, (2017) Congress is legislating working people will have no right to sue a company for damages. Mandatory Arbitration alongside Right to Work legislation puts working people in a servile position in relation to their employers. This is what I call Democracy at Work for employers and corporations.

  38. You know what is so SAD, that these MULTI-MILLIONAIRES/BILLIONAIRES have NO EMPATHY for the BILLIONS of Human Beings they are DESTROYING, all in the name of GREED!

    What I WISH FOR on these Families of GREED, is that they CHOKE ON EVERY DOLLAR they are DENYING, RIPPING OFF everyday People from being PAID!


  39. Would be nice to see facism history from the angle of large capitalist enterprises. How much favorable these capitalists to the rise of nazi party?

  40. Too much effort in altering vehicles from model year to model year. Its like there has to be different looking vehicles to keep pushing sales in addition to making parts different. The same parts could be more interchangeable, across more vehicles and model years, parts prices would go down, and greater stability of quality. The body styles could change but the main drive-train, electrical system, etc could be more standard. Let there be smaller production of more extreme variances and close attention to quality issues for these. You'd think car manufacturing executives could have figured this out a long time ago. And then again, maybe all my contentions are wrong, but I don't think so.

  41. That Scourge, is Keepin 5 O biz-ee. Law Enforcement has another New Means of Justifying there $130.000 a yr Job here in Suffolk NY. & @ the Same time they get 2 Fill up the Prison 4 Profit Cntrs in the State. & the Court Systm, is Just Luv'in the Fine Revenue there getting fr all of this. Its & Awesome Racket of Income 4 the Criminal Justice Systm, & the Treatment Cntrs, the Court Systm, the Funeral Haus's etc. etc. etc. They Do'nt Want that Opioid Problem 2 Stop ! Its a Treasure-Trove 4 all of them . . .

  42. Jeremy Corbyn is the Man 4 the Job in GB. No if's, &' or Butts ! The Tory Govt 4 the Elites, in GB is Failin the Ppl of GB Big Time . . .

  43. The Bottom End 4 Ppl's Lives Has'ent improved Squat ! Its gone up 2 tenths of a % that's it ! & Trump made it Worse with his Tax Brk 4 the 10 %'ers. Drumpf nothing More than a High Falutin Con-Artist. Him b'in Elected Prez, proves my Point ! I Rest my God-Damn Case . . .

  44. It's easy to tell when the people's interest comes second, when big profit is more important! You mean gouging folks during a crisis is wrong ?… sarc.

  45. I've never seen you make a mistake. Professor, you've mixed cause and effect here. They arent out of the labor force because of using opioid medicines, they are abusing opioids because the socioeconomic situation in this country is so dire that they have lost hope. See the rat park experiment and its conclusions. If society was more utopian people wouldnt even want drugs, they wouldnt need a crutch. I live in a poor community (I'm disabled, that doesnt pay well), I see it every day.

    Another important thing: Some, like me, are stuck with these meds…with a currently incurable condition that causes extreme pain, and misdiagnosis of opioid use as an epidemic, has caused many like me to have a very hard time getting our meds because our doctors are scared.
    I have tried every other possible med for my condition and many that are cross-prescribed, and long term opioid use is actually the least harmful to my body's systems that we can medicate me with to allow me to have some kind of normal life. Note that the suicide rates among pain sufferers as well as the use of illegal opioids, namely heroin, have skyrocketed since the government started stepping in. We need to get back to leaving it to doctors and doctors alone if they want to prescribe these meds, and simply make sure companies cant bribe doctors.

  46. We need a pay raise, not another 8 dollar an hour job. If u work for a multi Billion $ company U should be paid 20$ per hour. #ADOS THE BLACK VETERAN CUT THE CHECK.

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