Marxist Economic Theory Easily Explained w/Richard Wolff 

Next LIVE Jimmy Dore Show JULY 1st Portland, Or. Tickets bit.ly/2HOpcVL

Workers on the Board Never vote to send thier Jobs overseas.

Of the grocery stores in my city, Winco is the cheapest, and best place to work. And they are a worker co-op.

In Norway we also have The Nordic Model, like Denmark, Sweden, with 6 weeks paid Vacation, free Health care, free Schools, 1 year paid Maternity leave for Mam and Dad etc, and we pay 26% Tax.

Am I the only person who loves that guy's voice/accent?

I was born in Slovenia, it’s ex Yugoslavian country thats been independent since 1991, and fully joined EU in 2003. We were part of Socialist regime before and very fast adopted western capitalism. On paper everything was state owned before but in practice workers were the real owners of every factory, of every business. Salary gap between a CEO of a company and a cleaner in the company were not as crazy as today. One example is (and I’m talking this from my own experiences, from being a kid and teenager growing up in that regime) My father was a electrician for a big curtain factory and my mother was a sales person in a grocery store. At the end of the year, when the business made more money then expected both of my parents received part of that money and every summer we went on a one month vacation in Croatia where accommodation was 100% payed by the company. These summer houses were owned by government/workers so they got to use them. My childhood memories were beautiful with my parents not being overworked as they became after. These vacations were modest, no 5 starts hotels and so, its Croatian places that are now being rented for 200€ per night. Something that now 90% of the Slovenian, Croatian families simply can never afford. With Slovenia becoming independent and my parents being very motivated to create something of their own. They started their own business in 90s with the money that was quite easy to save during Socialistic times. They started with opening one “Car parts store” and eventually added 4 more over the years. We were financially doing very well, i guess you could say we were rich. My parents were extremely hard working and smart with money. They build their own house, out if the city and even bought 2 big apartments that would supposed to be for me and my brother. So looking from outside everything was great, but the quality of life went extremely downhill, my parents were overworked, those one month vacations were gone, simply because there was no time for that, if we could squeeze 6 days per year it was already a lot. With parents being overworked, health problems occurred (thankfully we didn’t adopted western healthcare practices, even now going to doctor is practically for free) My parents were stressed, working 6 days per week, my 7 years younger brother had the luxury of getting a lot of material things and opportunities that i hasn’t ( he started a lot of hobbies that he never followed trough) but he missed on having happy parents that had time for him, like for instance I had. Even though he had much more things I definitely consider myself as a lucky one. Fast forward to today. Due to globalisation and foreign corporations majoring of Slovenian businesses went bankrupt or were simply bought up by businesses from richer countries. Small country with less than 2 million of population on the border of Europe union simply cannot compete with richer, bigger, more established countries of EU. One of the biggest problems national problems based in my opinion is housing crisis. Prices are the same as for instance in Germany, where I live now for 6 years. Except that the average salary is 800€ net while in Germany is 2300€ net. Even with very poor calculation skills you can determine that anyone owning and paying of an apartment in their lifetime in Slovenia is practically impossible. This is my explanation of Socialism based on the experiences I collected while growing up in a very interested era, the conversion from Socialism to what I call “the disease that will end humanity - mother and father of Evil - Capitalism”

Less socialism for the banks, pharma, fossil fuels and the arms industry.

Defending capitalism without owning capital is like defending slavery without owning slaves

When I was in the Navy in the early 2000's people were still telling me I couldn't read my Marx book around the ship.

Greetings from Copenhagen, Denmark.

Labour Unions!!

My two favorite people on the internet are together for an interview!

EXCELLENT! FINALLY: you ACTUALLY HAVE a REAL MARXIST on your show to discuss economics. INCREDIBLY RARE ever to find diversity of ideas on economic issues.

Noam Chomsky & Richard Wolff The dynamic duo of political theory

Search his lectures. They're the best explanation of Marx I've ever seen.

Richard Wolff should be on here at least once every 6 months

I have been taking a deep dive into Richard Wolff's RU-vid channels... am not disappointed. Thank you Jimmy (and Empire Files) for having him on!

Get more of this guy!

Dr. Wolff explains Marxism very well. Love watching his talks on RU-vid.

"I'm an economist so I ought to know this.." Yet he doesn't understand that without people there's no economics. Everybody can choose to be a leader, but they can't all lead at the same time. Thats the big flaw with marxistic economics. It's like having five steeringwheels in a car. It just don't work!

It’s impossible to fix something if the owner doesn’t know it’s broken.

Jimmy thanks sooooo much for having on Rick Wolff. Love you both 💚💕💚 Please have him on regularly !!!

Jimmy, thank you so much for having Richard Wolfe on your show. Please invite him back.

Nice jimmy! I love seeing professor Wolff on the show. You should try to get legendary journalist John Pilger on some time!

If you took half of Jeff Bezos net worth you would be his now ex wife... lmao

YAY!!! Richard Wolff!!! THAT was excellent. The conversation just flowed and I enjoyed every minute. I always learn something listening to Dr. Wolff!

Thank you for introducing me to this man Jimmy.

Wonderful interview Jimmy!!! I'm a HUGE fan of Professor Richard Wolff, and of the Jimmy Dore show!!! Great to see the two together!! Great minds like Professor Richard Wolff have intelligent solutions to our economic problems here in America, and we need to hear it!!!!!!!! Keep up the great work!

Jimmy Dore: I present you, the audience, an economics professor who finds Marxism useful. Me: Jimmy, the professor seems to be living example of oxymoron.

Richard Wolff is always great, but he's really on fire here. Great communication skills.

I think both communism and capitalism have it's flaws. It's called human greed. They're just terms, ideologies. Capitalism is failing. Of course libertarians will tell you "oh no its crony capitalism that's the problem. You haven't seen true capitalism."

I want Richard Wolfe and Thomas Sowell to have a conversation, the world would benefit.

I love TJDS for your honesty and uncompromising anti-war position (awesome!), but this is total b/s. Let me tell you - I was born in a communist country. I was force fed Marxism since the kindergarten. It produces only misery and poverty. And mass murder. Don't listen to people like Wolff. You should be lucky you were born in a free and prosperous country. Capitalism is freedom and prosperity. Communism is slavery and poverty. I lived it for decades and barely escaped with my life. Marxism should be socially unacceptable and marginalized like Nazism. There's nothing good in that nonsense. It is an evil ideology that is responsible for 50-100 million murders. And billions of wasted, miserable lives.

We have more inequality than ever? Wow. How can anything that comes after that sentence be taken seriously?

Richard Wolff is simply brilliant! We need more like him!

Hi Jimmy, do you plan on coming to the Midwest with your live shows?

No one can explain complex subjects in such simplicity like Proff Wolff! Thank you Professor

He made a good point. Capitalism had it problem, Marx did not completely wrong on his criticism of capitalism but Marx is totally wrong on method to solve the problem. Capitalism is not a religion, it is a tool.

Richard Wolf in studio Awsome.

I come from an ex-communist country and I am not a communist. But theres a saying here: "What the communists were telling us about communism was a lie. But what they were telling us about capitalism was true."

It’s scary how deep the plot is..

Yes, yes, yes. This cuts straight through all the bs. Fantastic

In order to discover the character of people we have only to observe what they love. St. Augustine

Thanks a lot Dr. Wolff. Very clear explanation of Marxism. Bravo

I've heard Marxism/Socialist economics explained by different, knowledgeable people and it still doesn't makes sense as an acceptable form of a economic system. People who are on boards of directors got there based on a having knowledge and expertise in the field of business. Knowledge and expertise that they've accumulated by hard work and experience. They got there by merit. The owner of a company got it off the ground with their knowledge, hard work and a financial risk. Why should someone on the factory floor have the same say as these other people? Take in a equal or close to equal share of the profits? As the owner, if my business fail, I have more to lose; bankruptcy, creditors, debt. The average worker is it hard as well, but the same way he simply filled out an application to get employed by me, he can do the same to get right back in a similar position. As the owner of a failed business, I'm knocked back down the bottom of the hill again.

And just 2 years later and Bezos is on the verge of being a trillionaire...

I do like your show Jimmy! You are a good listener too, real value from guest speakers!

0:33 "For a dumb guy, like me, explain, what Marxian Economics means." I think "Ok, good way to start the debate, cause I actually don't know." Watched till the end. Still waiting for an answer.

This not a democracy its a Republic go back to school.

Can i quadruple "like" this video somehow?

I got news for Richard, we never intended for the Soviet Union to be our allies. I have read something that was written before we knew the current outcome. And the viewpoint was that if you were against Hitler, you were a communist. So, our country was siding and financially supporting Hitler. We never intended to get into the war, just support him with money. Kellogg, Brown & Root, as well as the Rothschild's, gave him money. When Churchill decided to stand up to Hitler and convinced FDR to join him, we changed sides. However, the wealthy never favored Socialism or unions. One of the methods to discredit them was to call them Communists. So, after the war, we decided to fight against the USSR.

Dr. Wolff is always a pleasure to listen to, great stuff

Socialism doesn't work in its purest form. I agree that socialistic programs can be helpful and, in fact, I believe that many of these tax-dodging multinational corporations should be taxed at a rate of something akin to 30%, and that money should be designated for a safety social net. As well, and we need more of the socialists vouching for this, is that humans need data sovereignty that corporations and the government don't have access to without a subpoena. Read the book 'The Creature From Jekyll Island' and see how our Federal Reserve system has stolen our rights as humans and has increasingly made us all more impoverished while bankers and crony capitalists have enriched themselves.

Thank you Jimmy Dore!!

Would be interesting to see Jack Bezos talking with these two.

Amazon, Facebook, Microsoft .doc format are all monopolies

Worker cooperatives makes good sense. The workers own and control their own businesses. If socialism means workers cooperatives, then call me a socialist.

I think we can all agree that our system has become corrupt, which is an inheriant problem with all forms of government. Yet instead of rooting out the corruption and fixing our system, people are suggesting we abandon our system for one that has failed every single time it has been attempted.

I am done with conventional mainstream media reporting. Thank you Professor Richard Wolff for your clarifications on Marxism and on the excess of capitalism. Thank you Jimmy Dore for you excellent program,

Thank you, Mr wolff.

A Unionist activist, who appeared in the doorway of my cabin aboard the MV Bamenda Palm, asked "are you a member of the Merchant Navy and Airline Officers Association". I replied "I was not" to which the activist replied " then the ship cannot leave " the port of Liverpool. Years later, outside the Ford Plant in Halewood UK, I was told by a few activists that I could not enter the plant in order to carry out my work shift. I have, thereafter, recoiled from supporting an organiszation that wishes to rule my life. The deal that I can live with is that I come to an arrangement with those who offer employement. I do not have to work for those I am negotiating with, I can go elsewhere. If the activist were to be in a position to run my life I would be under the thumb of whoever the activist supported. Richard does say that the new system would have a data base that directed workers to a point at which labour was required. Can you imagine the result of such a move to organise the lives of THE PEOPLE The proposer of the Socialist Agenda appears to have never worked outside of a university. His new direction is to remove a leader and put in its place a multi person leadership. Do you know of any existing political system, outside of Capitalism, that allows you to go wherever you wish and work , with every you wish, under a negotiation carried out by youself. When times where difficult, and they can be, my negotiations extended to Libya, Brunei, Malaysia, Thailand and also in house working for Middle East Countries. These countries are severely opposed to allowing freedom on the individual, apart from Thailand. I can image the system that Richard wishes to follow but it would end up in tears and anguish with commissariats and committees, in abundance, all spying on each other similar to those countries of which I have experience.

Regular person has to pay the richest guy in the world for his slaves. (Amazon),

This is amazing stuff! Thanks!

POWER TO THE WORKERS!!!

You forgot to mention that Stalin was Hitler's ally in WWII from September 1, 1939 to July 22, 1941. If Hitler had waited 6 months to double-cross Stalin or Japan attacked 6 months earlier, we would have been at war with Stalin too.

Who gets to decide what you need. You or someone else? I dont want someone else to decide for me what i need. Can this guy explain away the pareto distribution or prices law? Doubtful. Read kurt vonnegut,Harrison Bergeron. Btw, refrigeration is a system. So replacing the refrigerator is not the proper analogy. What system are you going to replace refrigeration with. Refrigeration may not be the perfect system for keeping foods good forever but its the best system we have. We tried other systems before refrigeration and they did not work as well. Stop trying to replace the good with the perfect. We are human and fowlable and over time we get replaced like the refrigerator by a new refrigerator not by going back to a time before refrigeration.

Jimmy dore thanks

Jimmy, I'd missed this one. You are a hero and so is this amazing man. So glad he is a friend of the show and not a bit surprised. Keep it up. We need you now more than ever, truth!!

His business ownership co-op idea is completely testable. There are no laws forbidding the creation of such an entity. If it were feasible and more efficient, it would have already been done and the success recognized. It's either not feasible or less efficient.

"It's time to get a new refrigerator

Love the Wolff !!

I'm 57 and during my college years if you brought up anything smelling remotely like socialism or socialistic, your peers would call you a loser or some alternate epithet. It was like if you lived back in the 40s, perhaps, and you told someone you were born out of wedlock

"There's no excuse for a society that produces that kind of inequality, and then lets it sit there."

Communism: Capitalism leads to corruption! Me: *holds up mirror*

Hard to believe, but there is still honesty and intelligence in USA! Keep it up Jimmy, and have Wolff on frequently, - he's the best. Just, generally, don't look to the US politicians who get their backhanders from big business. After all, it's cheaper to grease a few hundred politicians than pay your fair share of tax! It's not uniquely a US problem, but that is where the rot is deepest.

Great show! Thank you Richard Wolff for the interesting information and sharing your interpretation of Marxism and the relationship to our current economy.

You'll hinder all innovation, creation, and entrepreneurship. No one will want to create something new cause they wont get the credit or wealth they deserve for the idea. That's why we'll eventually be all poor.

That was the best guest you have ever had Jimmy.

I loved this video. Love both of you!

AMAZING VIDEO! Thank you so much!

What Prof Richard Wolf is shy of telling, immediately, that Marxism’s basic ideological criticism on Capitalism is that it,i.e, Marxism , is AGAINST private property. Marxism says Abolish Private Property. Prof Richard Wolf talks as a good ‘trade-unionist’, not a correct ideologist.

One of my favorite Jimmy Dore videos so far. Richard Wolfe is great at communicating his ideas.

I've seen a lot of Wolff, and this series this week he hits his stride as well as I've ever seen. Thanks Jimmy!

This blew my mind what a superb speaker

It‘s not anti social behavior. The problem is with the stupid workers who take those jobs even though they still can‘t afford food from the salary. If they organized and didn‘t take those crappy jobs, guess what, the salary would rise. That‘s why there are minimum wages in Europe. Basically the government jumps in for the workers‘ stupidity and inability to organize themselves and guarantees them the minimum wages they need for living. That‘s sad! It‘s easy to blame rich individuals and not mention what their innovations gave our society. Also, world hunger is decreasing steadily. Not because of communism but because of economic globalization and rational investments in those regions. Wealth is not laying on bank accounts sir. It‘s reinvested in new projects, progress, and ultimately social welfare!!!

I think capitalism would end if coops become common place.

Every system generates inequality. Every single one. That's the fact that Marxism ignores, among others. It correctly identifies companies that don't put their ethics first, though, which is a valid critique, but many companies do have ethical businesses.

11:00 German labor law

This guys whole theory is based on “after WWII somehow people felt that the war they just fought to keep them save didn’t work”. Might want to back that up somehow before building you’re whole talk around it.

Ah yes, we are back to ancient Egypt, were people hardly had enough money to send their kids to college.

8.50 Less than 1% of the 28 million businesses in the U.S. are publicly traded. The rest are privately held, so howbeit that the ‘owners/directors' are free to consult with their staff/workers, who would probably enjoy ‘profit share’ - but how many would relish overdraft, sign your house away share? Also, you can’t get around the Pareto Principle and Prices’ Law, you tolerate it at the family level, but as the family grows, (the no-good, alcohol-sodden brother - in - law syndrome) you don’t… Looks like the Prof’s resent for the wealthy, is clouding his mind.

Capitalism has lead to the greatest standard of living in the history of Mankind. That's all.

I just want to understand this. So if the people working for a company should all have a part and say about the decisions and how the profits should be spent, who puts out the money to make that company start to begin with? It seems to me that in order to make it fair all around, then everyone should be equal contributors also in the cost that's involved in starting and building up a particular business, and then it would be fair for them to reap the equal benefits from it. Not everyone wants to be a contributor, that's the truth, but there are many people who have no problem being given the benefits for something they haven't worked hard for.

Awesome, fantastic to see Richard Wolff on, thx jimmy!

Marxist Economic Theory was _not_ Explained.

Amazing.

Bravo, having RIchard Wolff on to simplify Marx's argument and have him explain the concept of the worker-owned cooperative AND having him suggest that that old bald guy Bezos could become a human being all in one show is remarkable!!!! I studied Marx and Marxist Literary Criticism at UC Berkeley, and I think Richard Wolff is the modern Marxist critic of literature and society!! And, having lived in Northern Europe, I know that everybody pays about 40% in taxes, and some Robot like Mr. old bald guy Bezos, would never get away with paying NOTHING in taxes!! Please invite Richard Wolff on again to explain the innocuous ideas of Marx and Engels regarding the governance of the state and the freedom of the worker!!!

This is nothing but a protracted straw man diatribe. 1) said guest did not define terms a) what metric(s), and their corresponding measurements constitute GOOD economic systems? b) what metric(s), and their corresponding measurements constitute BAD economic systems 2) Said guest goes into a diatribe against today's commercial state of affairs without prefacing that today's state of afairs is in fact OLIGARCHICAL COLLECTIVISM created by AMPLE GOVERNMENT INTERVENTION. 3) He then goes on to say "YOU CAN'T FIX IT... ITS BUSTED" yet without 1) DEFINING TERMS!!! or 2) PROVIDING PROPER CONTEXT as regards what Capitalism is vs True Free Market Enterprise. An obfuscation of terms (how convenient). 3) Said so-called 'intellectual' does not even provide any true arguments as regards the presumed superiority of Marxist Economics (has never really been done nor ever could be) vs tried and true Free Market Commerce (which is being vigorously stifled by Government at the present time).

Inequality is not wrong. Don't be jealous of success of others.

Great get Jimmy Richard Wolff