@@Tenebrousable Nope. If "free" market is so ethical, why then the rich capitalists happen to use government in order to write laws that benefit them? This is the problem, competition based economic system means someone win and the rest lose. Eventually it leads to power concentrating in hands of fewer and fewer individuals (what a coincidence, 62 individuals have same amount of wealth as *3,5 billions* of humans. Economic inequality allows rich have thousands/millions times more influence on government, on economy, than an average worker has. Democracy can't exist without economic democracy/equality. There's no rational reason why means of production and natural resources shouldn't be owned by everyone in equal measure.
@@MaximC The law isn't written because of the capitalist. It isn't written 'for' him. He very does't 'need' it. It's written because of the 'jobs', to promote 'public good'. In a foolish attempt to 'fix' the economy that the artificial boom generated by fiat currency, artificial money, generated by law, crashed. Dimwits somehow think that things getting more expensive makes them more rich. Thats inflation caused by government deficit spending and money printing. The rich do benefit, they have assests that appreciate. They have debts that deappreciate. The poor and the middle class have wages, wich purchasing power is only destroyed in inflation. The poorer he is, the faster inflation eats his livelyhood. Only ethical way to live, is to own what you make and build and buy. Labour, material, product, tools. Government fights this every step of your life. And it has law and guns to do it. Capitalist only has money, goods and services, to offer.
@@Tenebrousable Listen, without the government (and I'm against it, I'm for anarchism) you now wouldn't have any worker's rights whatsoever. Look how capitalists treated the workers some hundred years ago, before worker's rights were established. I don't care if capitalists use excuses like "oh, I write laws in order to create jobs", 1) it's bs, the objective of a capitalist business is to make profits, not to create jobs, 2) I can't write laws, so no one else should be able to do that, politicians are chosen to do that (write laws), *not* billionaires. Billionaires should've not existed in the first place, there must be democracy at workplace, and the workers would've never vote for giving to few of them billions and millions and to the rest of them - just enough money to pay the rent and buy food.
Dr. Wolff gives an outstanding presentation! He's very effective in explaining things; uses humor when appropriate; easy to understand with an optimistic attitude. Rare qualities for a Leftist intellectual. We need more people on the Left to be like him in every sense of the word. He's a gem.
Very true, except I would say his qualities are just rare, and not rare for a leftist intellectual. And these qualities are not even that rare as we think they are, plus there are still relatively very few leftists/socialists in general.
We have to stop talking about left and right, conservative and democratic. We should talking ablout democracy, what professor has done. Such system was provided in Yugoslavia in 79-ies and it was called self-management. Part of that system was also voting system of delegates (in Slovene delegati), who can be reejected, if they have done against will of workers.
"The peak for the minimum wage was in 1968....been declining steadily since then" Wasn't 1968 the same year that Martin Luther King famously asked in a speech "In the richest country in the world, why are there so many poor people?" ?? In 1968 Martin Luther King was under active investigation by the FBI and Hoover considered him to be a "subversive". Martin Luther King got a bullet in the brain for his trouble. My stomach turns over listening to Obama talking about now everyone in America has the same chance in life. What a nauseating speech.
+HerzWatIThink Income inequality has grown because of technology and innovation. The tech industry increased productivity, because robots aren't late, don't ask for raises, and don't disrespect customers. So this investment in technology and innovation, brings more money to the company which invested in said technologies and automation. While the laborers, workers, who are less vital due to being replaced by robots, therefore less labourers in the job market Making an income!! Less labor=less money for said laborers. More technology= less labor, more productivity and less labor costs. We bitch About income inequality while pursuing the goals of technology, innovation, and automation in our economy. They go hand in hand. Maybe these tech companies, like Apple, Boeing, Raytheon, Facebook and Google, among many others should be in higher tax brackets, seeing as they reap 're most reward while utilizing the least labor!!
Mathew Sylvia "What will it profit us to teach them sound principles in economics if, hearing the commandments of the Lord, they do all things contrary?" It's time for Frankenstein to devour his master.
Frankenstein in the US are the corporation and military running roughshod over law, the courts and Constitution. The master up until know has been the government, believing they wrote the rules that corporations play by. That's on a policy level. The real issue in America is fractional reserve banking, the federal reserve, and their endless supply of fiat currency we kill each other and ourselves just to collect enough to survive!! Until our banking system is abolished and our CURRENCY is replaced with money- aka something with tangible value like silver, platinum, gold etc.. Our problems our systemic.
And debates over subjects like minimum wage, college finance, or healthcare are useless. The masters control the supply and the value of our currency. Which means as long as we remain a capitalist system based in voodoo economics and finances, the powers control the people as long as we require their currency to survive. We can raise the minimum wage to $100 an hour, and they'll just flood our banks and markets with trillions of worthless dollars, which will skyrocket the price of goods to the equivalent level and therefore negate the effects of any increase in regards to standard of living. We're strung up by our balls and just continue to smile while asking for more!!!
Just tell them that we basically already live in an unregulated "free market" given that said regulations are up for auction to the highest bidder(s)! :D
@@toxendon Everything bad he describes, is done by the government. And even he admits that. Yet you people blame the "free" market. It's mind boggling.
Bill Moyers is an exceptional interviewer. One of the best if not THE best ever. He poses a question and lets his guest answer it. I've watched Richard Wolff many times and not only is his grasp of the capitalistic situation extraordinary but as a human being he is a perfect example of how we should be. He listens to criticism and doesn't just respond in anger. I do disagree with him on one point. I do believe that greed is the issue.
James Travers, you are spot on! Total agreement on Bill Moyers as an interviewer and Prof. Wolff on his grasp of what's going on, especially now that we're stuck with Trump. This interview occurred back in '13 and this is still amazingly accurate today. And yes, I also agree that greed is the problem. Excellent.
Greed can be civilised, I mean that all impossible human dispositions can be controled by education: this is the civilisational aim of our humanity. We can not let bankers and entrepreneurs to destroy civilisation in cultivating greed
*How does brilliance like this only have 118k views in seven years? THIS is what the algorithm should be recommending. RU-vid won't ever do it, but millions of people seeing this would actually change the world.*
How sad it is that Professor Wolff had to wait until retiring from the faculty at the University of Massachusetts before being able teach a version of economics that attempts to describe the real world rather than the world according to the neoclassical "two-factor" model. I have spent some time reading what he has written and listening to his lectures and interviews. He is certainly correct that the causes of income and wealth concentration are systemic. Where there is great room for discussion and debate is over the exact nature of the systemic problems. His guide is Karl Marx. My primary guide is Henry George. Henry George did a remarkable job of analyzing and correcting the analytical contradictions in the works of his predecessors (e.g., Smith, Ricardo, Turgot and even John Stuart Mill) in order to develop a closed system of how wealth is produced and distributed back to the factors of production, as well as what systemic laws and policies are required to lead to a full employment society with a just distribution of wealth. Edward J. Dodson, Director School of Cooperative Individualism www.cooperative-individualism.org.
@@Jj-gi2uv Michael and I both worked in the financial sector but in different capacities. Our different experiences causes him to be more cynical about the role of the finance sector than I am. He views all (or nearly all) revenue taken in by banks from loans as rent, as essentially unearned. The source of his conclusion rests I think on the fact that banks are permitted under law to extend loans to people or entities without actually being required to have the cash on hand. My view is that this is legalized fraud and needs to be legislated or regulated away so that banks serve as financial intermediaries. They would then need to raise case with which to make loans. Profit would depend on the spread between their cost of funds, plus other costs necessary to operate the business. Any income would be, by definition, earned.
Capitalists seem to be convinced that their system is perfect, there are 0 valid criticisms, and we will have capitalism forever. The problem is history shows us every economic system is eventually upended, and there's no reason to think capitalism won't be as well.
American economic history: Capitalism 1670-1775, Central Bank capitalism 1776-1912, Reserve Bank capitalism 1913-62, Plutocratic corporatism 1963-2007, Kleptocratic neo-feudalism 2008-
Spartaculus Jones To be more specific on the prior years the 1670-1775, I'd say 1400 to 1800 was mercantilism with the birth of some very rich family dynasties like the Medici, Strozzi, Borgia, Pazzi, etc. who married into royalty. And 600 to 1400 was Feudalism. Prior to 300 CE in Europe is patronage feudalism mixed with some mercantilism complicated mess. Complete feudalism took over fully in the dark ages around the 600 CE as Rome collapsed. But all your other time periods and terms as I know them, are about right.
Spartaculus Jones "American economic history" *The USA is substantially a socialist economy. It's economic shortcomings are directly related to that socialism being dysfunctional. In 2014 the socialist US government took $51 trillion from an economy that produced $7 trillion.*
I miss Bill Moyers so much, one of the last great journalists who only cared about offering unbiased information and letting you decide. Who else gave Richard Wolff an open, honest forum discussing Capitalism and how it truly does not work for anyone else but the wealthy.
Half of all the 155 million U.S. workforce live in poverty. Another 102 million able-bodied, work-age Americans are "no longer in the work force." That's an unemployment rate of 40% with the employment rate now down to 59%.
***** Per capita? Base numbers? As a whole? The US is just a big piece of dirt...am Iw wrong? No but it means nothing without context. Average wages and standard of living might be a good place to start. And what the hell is "OECD report asshole." Anything like a faceless penis.
Interview is 9 years old and yet even more relevant today....when will people learn to vote to benefit the country as a whole vs the rich? This JUST MAKES SENSE. America......please open your eyes!
Denise Thuman- Simple, hire people to help you... Then, pay them adequately, so they don't have to work three jobs to feed their families. Capitalism's tendency to overwork is another problem.
It is now September, 2022, and Richard's words ring so true. His optimism appears to be a bit misplaced in my opinion, but otherwise an excellent 45 mins. Thanks!
this is exactly why we need to vote for bernie sanders in the primary. this is INSANELY important. we can't just keep voting for the lesser of two evils, because they're the same thing, both bought by the billionaires. he want's college to be free, free health care, raise minimum wage, tax the rich, etc. etc. and he isn't bought. check him out now and join the revolution going on.
It's sad when you wake up but, it's necessary and we need change. Education, Healthcare are pillars of society. Capatilism isn't the savior, or the free beacon it claims to be.
It's deeper than that. The reason that Wolffe says that the problem is systemic is because it is the system itself that incentivizes such behavior. Whether you have gov. or not, you will still have such behavior regardless. Government is playing the game just as much as corporations are playing the game. The rules are quite simple: Maximize profit, minimize loss. Economic systems influence the ethos of the culture, which is why corrupt business practices are inevitable with or without gov.
Please watch this again. And then again if need be. Then watch Capitalism hits the fan. And watch his other material as well. I'm sure you will eventually get it.
If 10% has all, who are they going to sell something to? Capitaiism should work for all, not a few! Very high minimum wage leads to more efficiency and products and services at a higher level: that is exactly what developed countries need!
The private sector is on a juggernaut to automate, computerize, mechanize and robotize all jobs on this planet. If the federal governments refuse to employ the unemployed then the unemployed must form their own economy and create their own jobs.
Dr. Wolff you are a true revolutionary because you speak truth to power. You are also and example to those of us who hate the system of economic, and, by extension, political tyranny that shrivels our souls.
Dr Wild is amazing he has a very acure mins and understands a lot of what is found in on the world in economic terms. I am critical of capitalism because as people we are social beings you cannot dissociate from that fact. Also I believe that capitalism has it good aspects nevertheless it has a serious problem regarding the natural world 🌎 of which we are part and the USA 🇺🇸 is one of the countries that has destroyed a lot of its territory just for economic development. Native peoples of all the world understand our profound link to the natural world and our connection to it. I had the opportunity to visit the USA 🇺🇸 in various moments of my life and I has beautiful places like Monument Valley and the Grand Canyon. I hope that in time we can make a brotherhood between science ecology and economics along with peace ☮️ and also justice! To end my comment may we all learn to love ❤️ respect and take care of this planet 🌎 it is our only home!
35:55 he hits it on the head. Warren Buffet said on CNN that Warren should be less violent. If things don't change diplomatically, these oligarchs will learn the definition of what violent means intimately.
Dai Qibao Not a democratic government. A democratic government is of, for, and by the people. Not just Lincoln explained this, but that is the advantage of a constitutional democracy. To ensure the people rule over themselves. Not a set few by decry or by their wealth. A government is necessary for any civilization to function. Anarchy is idiotic. You like anarchy take trip to Libya right now. The vacuum of chaos segments the population into many different appointed governments aka as tribalism. Government is an inherent emergence to human nature in the face of scarcity and human interaction. Where a standard official government doesn't exist vacuums are filled with many often brutal governments from war lords to gangs to theocratic and ethnic tribes. No rights or laws exist without a government and with no rights or laws complexities that allow economies to function optimally for everyone can't exist.
jmitterii2 "Not a democratic government. A democratic government is of, for, and by the people" *Do you want government to borrow more every year? The oligarchs borrow every year. Therefore you assertion is objective untrue. Government is oligarchic It's function is to take.* "Not just Lincoln explained this: *160 years ago, that's the best they could do. That's a low hurdle for 2015.* "A government is necessary for any civilization to function." *How is it necessary that the US government take $51 trillion from a economy that produced $7 trillion in 2014?* *The substantiation of government is the insubstantiation of the people and the US government is absurdly more substantial than the people.* "Government is an inherent emergence to human nature in the face of scarcity and human interaction" *Dominant authority backed by violence is an inherent emergence to human nature? No thanks. Good luck with that.* "Where a standard official government doesn't exist vacuums are filled " *False. Where a vacuum is created a vacuum exists. Don't create a vacuum, create an aside.* "Where government doesn't exist...war lords to gangs to theocratic and ethnic tribes." *Government is organized unlimited state war lords, state gangs, and state theocrates in dominant authority backed by violence, therefore a lack of that is LESS of that.* "No rights or laws exist without a government and with no rights or laws complexities that allow economies" *1) Government enact laws it doesn't obey, but others must. Therefore government is lawlessness.* *2) Civil law is peoples law.*
So, you like his soothing voice but what about the intellect behind the voice. Here is a lesson: always look for the shallower part of any discussion, never the hard part. That way nothing will change and nobody will challenge the status quo.
This was 5-6 years ago, .. today the real economy is even much more difficult.... EVERY AMERICAN SHOULD AND MUST LISTEN TO THIS Oh Boy! ... We Must elect BERNIE SANDERS........... This is really serious........
keep watching dr. wolff and others like him moyers did another interview with wolff where he speaks more directly about solutions with concrete examples (called moyer interviews wolff, march 22, 2013). also search wolff's work further and ted talks about videos about cooperatives/collectives
I would argue that the effects of a minimum wage on employment levels is especially negligible in our current situation, where wages are low and the workers' marginal propensity to consume the pay increase is so high. Also in our current demand-side liquidity trap the extra consumption is especially critical in terms of stimulus effect. Plus you improve the worker's life and health (human capital) and provide a long-term foundation for better income structure and consumption.
The March 1st Texas Primary Shows Massive Suppression Of Voting By Mail. One of the most important rights of American citizens is the “franchise”. It our right to vote. That right has come under fire in Texas by the republican controlled Texas legislature that purposefully made voting more difficult, especially voting by mail. It is difficult to admit, but for the first time since I reached voting age, I did not vote in a primary. I had eye surgery scheduled for that day and it could not be changed. When I tried to order my vote by mail ballot, I became submerged in a confusing and contradictory maze of instructions that I knew were designed to suppress voting by mail. Since Texas has separate primary ballots for democrats and republicans, I chose to entrust the outcome of the democratic primary to my democratic brethren. I made this decision after reading the instructions. It became crystal clear that the new vote by mail guidelines were guaranteed to create massive compliance failures in urban counties and on March 1st, my fears were realized. In Texas, over 23,000 mail in ballots were rejected. In my home county of Harris, almost 7,000 ballots of that total were rejected for technicalities. This is almost 20% of all rejected mail in votes. During the primary election in 2018, the county only rejected 135 mail in ballots out of more than 48,000. This is less than 0.3%. The culprit is Senate Bill 1 which, in addition to other vote suppression schemes, was designed to suppress voting by mail in larger and more liberal counties. This is how a democratic republic is destroyed from within. We now have proof that voter suppression by The Texas Legislature is real, and it’s a harbinger of things to come as more republican controlled state primaries take their toll on the most basic citizen franchise.
And the universities putting them in permanent debt doesn't help. But they're happy to educate geniuses and rich kids from other countries while Americans end up only obtaining half of the PhDs every year from our own American universities.
It's not "we" that bailed them out: THEY helped themselves shamelessly while "our" elected leaders conveniently looked the other way or - even worse - made specific political decisions in order for the bailout of the wealthiest to happen, no matter what. So the question arises: are "our"leaders not in fact THEIR very servants? Of course they are! Maybe money should again become what it normally is: a simple means of exchanging value for goods and services. Let's redistribute it among the people!
Labor wages are determined by free markets and they are totally fair given existing wealth distribution. Wealth distribution is what needs to be changed (by very high inheritance and moderate wealth taxes instead of income tax). Simply mandating minimum wages above market without changing wealth distribution you just build wall between wealthy employers and poorer employers. Essentially making it harder to have your own employees if you're not wealthy enough
In “Occupying Chairlifts” a simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Here’s a fair way to transition forward to where we’re rewarded for cooperating and creating instead of competing and conquering. It's something specific we can demand. If this isnt the best answer, at least we’re thinking about what might be. Are we really just this close to having it work right? Oh yeah, it's a Ski movie! “Occupying Chairlifts” on RU-vid!
Speaking as a victim of Milton Friedman's economics in the 1970's, Richard was extremely lucky to achieve enlightenment post doctorate because there is no way in hell he would have got thru 1st year with his ideas.
Right, because NONE of this has anything to do the abolishment of the gold standard, the fiat currency where money is born as debt and is circulated as such, or the fact that there's a few number crunchers at the Federal Reserve who control the entire economy via artificially adjusted interested rates. He also failed to elaborate on the government handing out bailouts to the very same Wallstreet criminals responsible for all of this.
If corporations own both the Democrats and Republican parties, then who should we vote for? If conventional politicians won't address these problems, then what should we do about that? If most Americans turn to television as their main source of news and information, and that medium has lulled them into a state of complacency and stupidity, then how will our unjust system change?
Danmark has more ratioof tax, but it is 5th concurent state on the whole word. It isn`t problem in tax system, but in way of production and managment. Professor has right.
26:20.... NO, the regulations DO work for the problem that they are focused on. They just come up with a new scams that will cause the next collapse and then more regulations. It will never end.
accomplishing what besides further marginalization? no, the answer is never that. it is concrete work toward secutiry, equity and justice in food, housing, health care, employment, education and actual political representation