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100 thoughts on “Global Capitalism: Economic Issues of the Upcoming US Elections [July 2019]”

  1. I find it odd that all of these anti capitalist writers and speakers are making their money with pure capitalism while teaching that it is a failed system

  2. I am a Democratic Socialist and I know about the criticisms of the capitalism by Marx but EXACTLY what are Max's prescriptions. I know what I think we should do. I know that Communism in the USSR was not Marxism. But apart from the cooperative socialism of Northern Spain and other countries like Italy and Argentina are there other things that Marx suggested? What exactly ?

  3. ionezgb
    There is a further problem which is implicit in your post. You state. “Marx didn't really state how to move to lower stage communism (or socialism) and higher stage communism” Then you finish by saying ,” Marxism is not utopian and implementation of Marxism in the real world are (sic) never ideal but stats are here and they are showing us that its better than neo-liberal or Keynesian economics.”

    How do you implement something that was a criticism of a system but which never prescribed with what to replace it or how to modify it. Marxism is analysis; Marx was a philosopher. How do you implement analysis. I realize that Marx said inflammatory things which implied destruction of the existing order.
    Neo-liberalism implies unbridled capitalism and Keynes prescription dealt with how to smooth out the economic cycles which regularly cause regular waste & misery caused by those cycles. When FDR attempted the sort of things that Keynes prescribed, he was met with intense opposition. The mantra at that time and later (Reagan, Friedman) was that “government that governs least is best” and “taxes are theft” and similar nonsense.
    The solution is democratic socialism and the wider and more varied are the opinions of the legislature the better. That implies more than two parties and a government by a coalition of views which represent the people governed. Any other kind of system is in the long run unstable and unfair. Keynes said, “In the long run we are dead”. In the long run we hope for “a government which works for everybody” and will continue to do so for those who come after us.

  4. As a young person I can tell you yes Professor Wolff is correct. There is so much depression and contempt barely contained out here. It's a ticking time bomb. It's either Left wing economic relief via Sanders, Cortez, Omar etc., Right wing Nazi Facsism, or Left wing populist coup against the Oligarchy. An economic downturn will only accelerate our path to one of these.

  5. Long story short; I've only started seeking a better, ethical and equal system in politics and society.

    But I live in Australia, and while we are on the path to Americanization, I was wondering if there are Australian Professors and figures who are similar to this lovely proffessor. Thanks in advance.

  6. Problem with Europe is the currency. In Italy we would like a parallel currency without interests. A sovereign currency! Eurozone is an international scandal

  7. janet yellen was your classmate? :O what was she like? – Every time she spoke it was as if she was drugged or lobotomized and her policy of kicking the can with zero interest rates will implode the economy given time.

  8. "will the EU kick them out?" times infinity. fear tactics. And the cowardice of other finance ministers. If i remember correctly some refused to meet with Varoufakis in person, he travelled. disgusting. but they were afraid basically.

  9. How about the church covered dish, potluck dinner!?! It was awesome.
    We shouldn't pay too much attention to what happens across the waters.
    Brighten the corner right where you are.
    Anybody know where a good Bingo game is?

  10. Companies provide jobs, benefits, etc. If someone has the ingenuity to invent and innovate and becomes wealthy, why begrudge them? Everyone has the freedom to invent, but very few have the smarts and imagination to make a difference in this world. Where would we be without cell phones.

  11. Magnificent lecture Dr. Wolff. I was studying about Sigapore and Vietnam and was curious about a social econmic comparison of capitalist model Asian countries (Vietnam, Taiwan, Singapore) versus Scandanavian (Norway, Sweden, Finland). It seems these Asian countries have modernized rapidly yet are over run with oligarchs and a rift is occuring between middle class or none at all or income disparity or inequality is growing problem as the more capitalist they become and quality of life drops. Yet Scandanavians seem to pay high taxes yet quality of life is balanced focused around the middle class experience, family values and social responsibility toward each other and taking money from overly wealthy to be placed in social porgrams?

  12. 59:47 I question the good professors claim that most American's don't own stock, implying that if you do it's only because granny left you 10 shares. A 2017 study by NYU professor Ed Wolff (no relation to our professor) found "despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10 percent of households controlled 84 percent of the total value of these stocks in 2016." Furthermore, a once-every-three-years study by the Federal Reserve Board found that in 2016, 51.9 percent of families owned stocks, either directly or as part of a fund. So, their seems to be a bare majority of Americans that do participate – even if indirectly – in the stock market.
    That, said, I don't think this takes away from prof Wolff's larger point that most people don't share in the benefits of the stock market because most of these people with retirement plans that own stocks hold very little, relatively speaking.

  13. Austerity, defined as being forced to live on what you yourself produce, was understandably highly unpopular among the Greeks, who had long been living on borrowed money. They naturally voted against austerity, but when the lenders cancelled their credit card, there was nothing left except austerity. The ECB and the IMF stepped in to bail out the French and the German banks, but they were unwilling to loan to the Greek government , and austerity for the Greek people was the inevitable result.

  14. Biologist leads pioneering study on stress

    القرآن – سورۃ نمبر 29 العنكبوت
    آیت نمبر 38

    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    وَعَادًا وَّثَمُوۡدَا۟ وَقَدْ تَّبَيَّنَ لَـكُمۡ مِّنۡ مَّسٰكِنِهِمۡ‌ وَزَيَّنَ لَهُمُ الشَّيۡطٰنُ اَعۡمَالَهُمۡ فَصَدَّهُمۡ عَنِ السَّبِيۡلِ وَكَانُوۡا مُسۡتَـبۡصِرِيۡنَۙ ۞

    Translation:
    And [We destroyed] 'Aad and Thamud, and it has become clear to you from their [ruined] dwellings. And Satan had made pleasing to them their deeds and averted them from the path, and they were endowed with perception.

    Physiological, neurobiological and behavioral changes suggest that songbirds are not able to habituate to captivity, at least over short periods of time. It is very important that scientists studying stress in wildlife find more ways to study them in their natural habitat. This Ayat suggests Life experiences stress/Satan more in natural Conditions rather living in captivity. Coping with stress requires will of a believer who practice self control even in stressful enviorment. May Allah help us.

  15. 11:00 Athens is what? Yeah it is not a western european capital it is not a big capital as Greece is fairly small as a country. But poor? By what metric.

  16. Excellent and powerful. Now where are those who provide answers that are not just opposition. However, we have been informed.

  17. If the government promises to pay a debt, those who really pay will have to raise the work force efficiency, if not, they are in a sure way to a crisis.

  18. Richard's mannerisms have always been so familiar to me, but I could never put my finger on it. I just realized he reminds me a bit of Lewis Black.

  19. Freedom requires that the coercion of some by others in
    society be reduced as much as possible. One function of
    government is to prevent individuals from coercing other
    individuals, but then government itself must be prevented
    from using coercion improperly. In a free society, the
    exercise of government’s coercive power is constrained and
    made predictable by general rules that apply equally to all
    individuals, including to those who make and enforce the laws.
    A free society is one that empowers individuals to develop and
    follow their own life plans. Attempts to manipulate the
    environment of individuals, e.g. by withholding vital
    information, are insidious forms of coercion.

  20. You humans are more powerful than you could ever dream of you have the capacity to create bliss love peace and ecstasy within yourself and to create wonders with your imagination. You don't need ideologies or system they only chakle and blind u too the true power if the individual..

  21. It's 2019 and it's the last true year of capatilism…it just can't survive the rise if a i and the coming economic collapse

    Capatilism is finished…. were at the peak of the 80 year credit cycle… debt is the highest it's ever been… we're due a great depression when all the bubbles burst when the recession hits this year or next.

    By the time the economy even recovers to where it is now about 8 years from now ( say by 2027- Artificial General Intelligence that is smarter than a human will be here according to current progress – this makes the cost of labour zero And so the system is over )

  22. Marxism has failed 100% all over the world. But I still suggest it for very very poor countries. And

    US is on the verge of being very poor nation.

  23. If you like prof wolff check out caleb maupin he is a socialist with a great and very unique take on socialism for the 21st century

  24. I love watching Wolff vids. Reminds me that even college prof. Can be completely retarded. Listen to him and blame everyone but u for your problems. Notice I didn’t say money problems? Poor people don’t have money problems.

  25. U have a duty as a person and citizen to realize your full potential and make money and become wealthy! If u don’t your a poor citizen of your country!

  26. Spot on with the comments on wages rising for the low end jobs. Chain companies are realizing that people are becoming militant so they advocate for raising the wages a bit before the workers unionize. Just look at how the IWW has been organizing in Portland with Little Big Burger and others, the first fast food unions in the us. They want to kill our potential by appeasing us for the short term, but we have to keep fighting.

  27. …aye, yaye, YAYE!…”personal point of contention, er, focus, er, privilege, er, DAMNit- FOLKS!”…Professor Wolff, as usual, is wise AND ON POINT!…but what the HELL is gonna be done about THIS silli😜- ness!?… those OTHER GUYS (capitali$t$ 💴💵) don’t take the DS movement SERIOUSLY…😐->🤣!…and after watching THIS spectacle BELOW, can you blame them?…come on, GET IT TOGETHER, man, er, woman, er, lgbtqia (and sometimes Y, and W!🤫[ ya never know- with those chromosomes- but perhaps only her hairdresser knows for sure!])…and tell that/those guy(s) with the “hearing issue” or with any other issues- MAKE ADJUSTMENTS “ahead of time”…use sound mufflers, or any other appropriate adaptation as to not make a spectacle of self and proceedings but still be able to function in a dignified manner without disrupting an otherwise VERY IMPORTANT and orderly gathering…pass this💩 around- SPREAD THE WORD!… take a vote for the top 15- 20 <— and establish your house rules and protocols “BEFORE” THE GATHERINGS, post online, and “DISTRIBUTE THEM AT THE DOOR”…“NIX” this abhorrent- counterproductive behavior YESTERDAY!- and let’s orderly get down to the IMPORTANT BUSINESS at hand…sheesh!
    https://youtu.be/XYLBGIzxpeU 👀 !…

  28. Just a small correction. The greek referendum was binding by law. It's just that the way the question was posed allowed SYRIZA room to go along with the austerity measures. Basically the question was "do you agree to the terms put forth by our creditors?". When we voted NO, SYRIZA just said "alright then, here's new terms" which were worse.

  29. To all you socialists in the comments, you should really take a trip to Venezuela and maybe the starving and opresses population will tell you why they regret DEMOCRATICALLY ELECTING a socialist president.

  30. The only forces that benefit from the imposition of state mandated socialism are the same corporate globalist forces that imposed Bolshevism on the USSR, China, Cuba and Venezuela. They have absolutely no interest in doing nice things for the common person. They are only interested in control of people and resources for the benefit of the corporate globalist forces that run the Western private central banking system too, and which prints money out of thin air and lends it for principal and interest. If that doesn’t sound like counterfeiting to you nothing ever will.

    Those same forces financed the Bolshevik Revolution in Russia. How did that turn out my friend? If you don’t see what I am telling you you need to either research it yourself or go see an eye doctor!

  31. Prof. Wolff implied Trump should have flunked at UPenn, that Trump probably didn't pick up his text books. Cancelling student debt is equivalent to removing economical disadvantages for the middle class and poor.

  32. Another MASTERPIECE speech by Dr. Wolff. However, as dangerous as it is to talk about the true nature of the Federal Reserve Bank, everyone should KNOW that the Federal Reserve Bank is a PRIVATE CORPORATION owned and operated by the 3 RICHEST CRIMINAL families on EARTH.: The ROTHSCHILD FAMILY, THE MORGAN FAMILY, & THE ROCKEFELLER FAMILY. ALL HARDCORE ZIONIST JEWISH FAMILIES SINCE 1913 WHO ALSO OWN COUNTLESS OTHER SYSTEMS, EXCHANGES, AND BANKS AND……..IN THE WORLD. PLEASE pass on the TRUTH to the world dear Dr. Wolff. PEACE.

  33. Playing the race card politically works, because like Germany many if not most US people are Germanic. From the WW2 experience, the Germanic people in Germany are highly subjected to being frantic racists. It is apparent that the Germanic people in the US are similar to the people in Germany. When Southern Democratic President L. B. Johnson signed the Civil Rights Act, he claims that the Democratic Party would suffer for a long time. Prior to the signing, all of the Southern State of the US were of the Democratic Party, because Lincoln was a co-founder of the Republican Party. The South is not very fond of Lincoln for obvious reasons, as Lincoln fought hard against the South during the American Civil War, and Lincoln played a big part in defeating the South. Having all the Southern States being Southern Democrats gave a lot of Congressional votes to the Democrats. After the signing as President LB Johnson predicted, all of the Southern State switched side to the Republican Party, which were primarily of the rich business interests, and the rich businessmen. After the signing, the Republican Party of the rich also gained the votes of the Southern states over time. After Roe vs Wade, the Republican Party also gained many religious votes. In the North, most states remained Democrat, as in the old days. In recent decades, many Norther Rust Belt states began to lose out to foreign competition, and in some ways from the actions of Soviet Russia. When Soviet Russia support North Korea to attack South Korea, US and UN forces were sent to Korea to pushed back the attack support by the Soviets. Being very far away, the US needed Japan as a supply and military base for the Korean conflict, as well as to protect other Pacific Rim countries. Being that Japan was a bitter enemy of the US, which dropped two a-bomb, as well as innumerable fire-bombs, and high explosive bombs on Japan, as well as destroying vast numbers of soldiers of Japan during WW2, to gain the cooperation of Japan to establish secure bases in Japan, the US had to offer trade incentives to Japan to "bribe" the Japan people with economic gains of exporting good Japanese goods to the US to make money for Japan, which included exporting Japanese cars to the US, which competed with rust belt car producers at Detroit and nearby US car factories. After the Soviets supplied arms to Arab countries starting arm conflicts in the Middle East, the Arabs stated an oil embargo against the US for siding against the Arab oil rich countries, and as the US used up its own easy-to-produce oil fields, there was an oil shortage in the US, so that small engine cars that used less oil became a necessity, which favored smaller and more fuel efficient Japanese cars. In addition, an expert quality control US engineer was hired by Japan to vastly improve the quality of Japanese cars, which became vastly reliable than US produced cars, which were often called "lemons" specially those cars assembled on Monday, when large numbers of assembly line workers called in sick from a weekend of heavy drinking, so that on Mondays, many inexperienced temporary workers filled the assembly lines. Actually, assembly was not really the problem, as there were poor quality control of car parts. It was well known that GM cars have cheap leaky cylinder head gaskets, but when Perot joined the GM board after his software developing firm was bought up by GM, Perot ask the GM board to improve the leaky gaskets, but the GM board offered instead to paid Perot to leave the board, so the GM can retain the leaky gaskets in the GM cars. All of these caused a great increase in the demand for Japanese cars in the US, even though the US people were bitter enemies not too long ago at the time. The US also extended favorable trading to the Pacific Rim Tigers to hold back Soviet expansion to South East Asia, specially after the US became involved in the Vietnam war after the French was defeated a Dim Bien Pu (or whatever, no time to look up the spelling.) Now the rust belt states become the battle ground states where about 30 thousand votes decided to Electoral College vote. This time around, the Presidential election may come down to 3 thousand rust belt votes, or possibly even a few dozen rust belt votes. Race is strong in the US, and the Republican will continue to play the race card, as it had help elected many Republican Presidents.

  34. Wolff has it all figured out—and I don’t say that facetiously. Personally, I think he would make a great president, although Washington is so corrupt that I doubt any individual could bring about significant change. We’re living in a failed state and one that’s due to collapse in the near future

  35. This must have been my Richard Wolff's Birthday Present. (July 15th.) 1:35:51 POTUS can kiss his election goodbye…. UNLESS THERE IS ANOTHER WORLD WAR!.. People do not jump horses in a race to win a war. "CARNAGE" is a great leveller. after World War One, Check it out …!!!!…'Weaponized Flu' started in the camps of new American recruits awaiting disembarkation to the frontline in Europe. Only the ones too ill from flu to make the voyage stayed behind, ready to infect the next batch of raw recruits. After World War Two, Most of Europe's Cities were levelled to the ground as piles of rubble. Warmongers are often Politicians who have screwed up their Economy so badly "CARNAGE" is the only hope of reelection. After "THE CARNAGE" property and equity is very very cheap! and Governments are saddled with massive War Debts. NOBODY IN ALL OF HISTORY HAS EVER WON A WAR… They only think they have? because they borrowed money on terms that mandated that they pay the losers war debts. That is the same for every war in History. Planet Earth is a 'Colony' and The Management are NOT from Planet Earth! The Management impose very strict regulations.

  36. Awesome lecture! I tell people tariffs are taxes that USA citizens pay and they look at me as if I'm either crazy or stupid.
    Also, have said that I don't think Trump knew what a tariff is AND that someone, or several people, are behind the tariffs on China.
    He's the court jester but believes he's a king. 🙄

  37. Just a public relations suggestion: Granting that, if you can actually get people to listen to you, your words are engaging…I am surprised that you don't realize that advertising your Marxism book in the opening view of these videos will turn off plenty of people. That is, the very same people who should listen to you are likely to switch you off before you even speak. You have to know that those people do not differentiate Marxism or democratic socialism from brutal, authoritarian Leninist, Trotskyist, Stalinist communism. It would be far better if you speak first, and advertise the book last. Or, promote one of your books about capitalism…but not one that bashes capitalism in the title. Do that and you will still turn off many viewers.

  38. This guy is an idiot. I encourage any socialist to challenge me. Partial socialism isn't working in Europe what makes them think it would work here. Even China had to give up communism to make money and still to this don't offer and old people pensions unlike Japan who population is so aged that they cannot pay for everyone to live off the government's dime. Again, I challenge anyone to really debate me on the benefits of socialism.

  39. This message should be required viewing by everybody; it is too important not to be disseminated far and wide. Prof Wolff is doing a fantastic job in making the average people aware of economics by breaking it down into simple language that a child can understand.

  40. I like Richard but sometimes he's not honest and tell both sides of the coin. Yes a tariff is a tax, and yes its most often passed onto the product, and yes it can cost the consumer more if the importer wish to maintain his profit margin. OR the importer or customer can purchase goods of a similar nature from elsewhere…. It's all in the nature of the product and quality.

  41. There’s only two types of people, 1% are the rich ones, 99% are the poor slaves.
    Before trump, the rich richer, the poor poorer, because the rich is too big to fall and all the poor people pay for it.
    After trump, the rich richest, the poor poorest, because the rich also get tax cut, and the poor get tax add, tariff is a tax too, and only the poor pay for it.
    And the poor slaves thought they have to suffer more for bringing jobs back. Well, the jobs just relocated, from China to other countries, and it cost more for relocation and the poor slave pay for it, too.
    Now, how to ask the poor slave accept that and support that, the trick works every time: distraction by creating a huge dangerous enemy from another country. And this country never started a war outside of its own country land.

    That’s how I feel after watching this video.

  42. The 1st words in the video our democracy at work and then it says economic justice. And where is the justice in the government controlling everyone's lives in stealing from the intelligent hard-working productive to give an equal share to the stupid, lazy and incompetent useless nittwits of a society ???? The whole damn thing is straight out of opposite land. To begin with these Marxist are always talking about democracy when it is a totalitarian, big all controlling government they are trying to bring to fruition. That a democracy and even a pure democracy is no good as it allows the majority to run roughshod over the minority. And what does your Marxism have to do with economic fairness. The only fairness is to leave people alone and keep the products of their labor by allowing them to make what they will of their lives through their own incentive, hard work and talent. Not having a God damn dictatorship run your life while they complain that capitalism has losers and people that win too much. Wolfe is an idiot. And so is the rest of you Marxist indoctrinated nitwits watching this video to further substantiate your wrong beliefs.

  43. Incredibly good! Especially the last couple segments regarding Trump policies and the "theater". And that last line, I've got the chills! Awesome!

  44. 41:30 – ish,,,, we don't have 12 months of parental leave, but 5, and not necessarily all at once. If it is all at once for one or both parents for whatever reason, parent(s) get their pay raised via seniority as if they've been working for a year.,,,, still a utopian comparison to the United States of injustice

  45. Your students are lucky to have you as a professor. I am very thankful for your lecturing…..I love you because you work with passion…..THANK YOU …THANK YOU….

  46. Besides being a tempered but accurate conveyor of economic and political information and history, he is also a superbly talented lecturer/communicator.

    Go Prof Wolff!! Stay healthy; we need voices like you!

  47. Commenting on Prof. Wolff's statements around 1:39:00-ish :

    As it concerns interest rate-lowering being used as a part of a Republican strategy to get 'Individual #1' re-elected, progressives running for president (particularly Bernie and Eliz Warren) need to get out in front of that message, exposing it, and incorporating it within their campaign strategy to short-circuit attempts by the Trumpists/the Right to exploit that underlying economic negative as a campaign positive.

  48. I can always count on some dumbass throwing out some right wing libertarian talking point that common sense and history disproves over and over again.

  49. You are a fabulous blessing and thank you for your marvellous presentations!
    May you lead a healthy and fulfilled life!
    Love from Copenhagen

  50. They're not "Native Americans." They're European colonists. Please, check yourself sir. Native Americans are a group of people who are subject to the whims if the US establishment. We aren't doing so well, because of it. Don't mistakenly make European Americans, "Native." The true Natives of America are still subject to genocide by your American police. We rank higher than any other group, from police abuse. To this day. So please, you've stolen everything, including our pride. Don't steal our name too. "Native Americans" my Red ass.

  51. Americans: capitalism is freedom, liberty and fraternity.

    Comrade: look at your bank account, now look at your debt. What freedom? When debt is the only way to achieve infinite growth, you were doomed from the gitgo.

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