The fundamental proneness to crisis under capitalism was not overcome in the Golden Age of Capitalism and crisis in the late 1960s ushered in an era of finance by opening new avenues for accumulating wealth and turning the illusory into real wealth says C.P. Chandrasekhar
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It is always in crisis because it makes workers more expendable and lowers their wages while requiring them to be consumers. Capitalism essentially negates its own customers. Also Marx said that only a century ago, compared to how long feudalism lasted that is nothing.
When you look at FDR pushing back at capitalism in order to save it, is troubling. Capitalism pushed back, and has succeeded in accumulating more wealth and power. Now we have more income inequality since the gilded age. Greed seems to overcome any of these major players in the capitalist system, and then the working class suffers because of it.
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#WALKAWAY
Corporations are government created and protected entities. Look at the Citizens United decision. Articles of incorporation are issued by government. Patents, copyright, tradmark, in fact, the Fed, which keeps interest rates artificially low helps business. Not to mention, subsidies, business loans, foreign aid. It also limits the liabilities of individuals within a corporation. So if they do something that really damages another person they are protected from prosecution by the government. Jeez, what were the bailouts and QE about but the government protecting business from its own mistakes?
Try to see how governments around the world interfere with people going about their daily business. Think about how you are hampered by the government everyday? And don’t just say that roads and regulations help you if you think clearly about them you will see what the proliferation of roads and rules has done to destroy the environment and eat up peoples resources and time.
Nice interview. Thank you.
Great guest. Very educative.
Why are there people saying "not real capitalism" if that WAS capitalism! others even calling it "authoritarian socialism" in the comments which is laughable.
Thank you Lynn, and team. Good presentation.
From Handbook for American Conservatives [Amazon] “The rate of failure of Socialism stands firmly at one hundred percent.”
Capitalism is never in crisis. It is government that causes crisis. It always has and it always will. The Great Depression was lengthened and intensified by New Deal Policies. Those policies continue to haunt us today in heath care, food production and wage controls.
Please stop calling this obvious authoritarian socialism as capitalism call it what it actually is.
she reminds me of the lady from the Blacklist 🙂 ….sorry sidebar
Capitalism is the crisis.
I just ordered Mr. Chandrasekhar’s book and I will read it along with Bill Black’s book. I’ve been trying to get a Macro/Micro perspective of our predicament with the last couple of books I’ve read, right now I’m finishing up “Democracy in Chains” and David Harvey’s latest book. This interview was awesome and the videos TRNN been putting out are unbelievable. Capitalism is beyond crisis mode, it is headed for full blown collapse. Your guest says that finance can sustain Capitalism if the currency is stable but the US Dollar isn’t. Bretton Woods should have adopted Keynes recommendations especially his recommendation on the reserve currency being a basket of currencies. The Petro-Yuan is destabilizing the Petro-Dollar and with the US putting sanctions on oil producing nations and aggressively challenging China the destabilization will get worse. Marx got it right on everything and his only shortcoming was that Capitalism hadn’t been in existence long enough for him to get a complete understanding of its true nature. Marx knew that Capitalism was unstable and created short sine waves of instability that happened every 5 to 10 years because of the growth and contraction contradictions. It appears he knew that over a period of time these short waves would lead to Capitalism in crisis but he didn’t have the data that Paul Mason and Nikolai Kondratieff has about instability. This data shows that Capitalism also has long sine wave periods of instability that happen every 40 to 60 years. This forces Capitalism to drastically reshape its appearance as it did in the 1920’s and the 1970's. I believe there is another even longer sine wave of instability that happens at the 240 to 260 year mark that causes Capitalism to collapse completely and that is what is happening now. We have the technology to get rid of Capitalism, the market place and the need for currency. We have the technology to create a post carbon world and we’re going to have to start using that technology. The Arctic is melting and what we are witnessing with the jet stream is a result of that melting. We have jet stream ridges that are staying in one spot for weeks at a time creating a high pressure dome of heat. Our old way of doing things means chaos in these types of conditions. We’re blaming Russia and China for everything bad that happens to us now but what does our power grid really look like, did we replace the surge protectors that caused the 2003 blackout, are our peaker unit’s state of the art, are our black start procedures up to date and are there up to date hard copy black start procedures in case we can’t access information on computers. It’s hard to predict how complex systems will behave but the trajectory we are on doesn’t look good. With Trump in the WH it appears that Capitalism is dealing with its internal contradictions the way it always does, create reactionary counter measures to the crisis that insures Capitalism's eventual collapse.
There is no such thing as producer surplus, there is only economic rent. The golden age after ww2 that Marxist like to take credit for was due to weapon manufacturing, not FDR welfarism. The stagflation of the 70s was due to going off gold standard, not increased oil prices. Listening to these indoctrinated Marxist confuse people saddens me. Marx is just the cancer that keeps on giving.
Chandrasekhar fails to mention one vitally important detail. During the "golden age of capitalism" the rich were taxed at such a high rate that they were forced to defer their gains by growing business enterprises by creating jobs and investing in infrastructure. Had they simply put the money in their pockets (as they do under low taxes) the government would have taken it away from them. This gives the gov't money to spend on things like the National Highway System and NASA which creates more jobs. To hear capitalists tell it you would think the gov't burns the money it gets in taxes. Actually it keeps the money circulating. Without high taxes the rich Hoard the wealth among themselves at the expense of everyone else.
Another problem under capitalism is that the rich increase their own wealth by keeping wages down. They do everything they can to get more work for less money. Whether that means using machines and cheap foreign labor or making employees work off the clock. Or by any other means they can find to keep wages down. The rich forget that the laborers are, collectively, also their customer base. Without money to spend they cannot consume. Credit can help to a point. But there is a limit to that and your customers end up with debt and must pay off previous consumption before consuming anything new. So again we come to a halt. The bottom line here is that consumption is the force that drives the economy.
Having mentioned none of that I'd give the speaker a C minus. But he has one additional failing when he claims that taking public assets like land and turning it over to the private sector creates new wealth. Actually all it does is transfer wealth held by the many into the hands of the few. A families trip to a national park becomes a billionaire's private view. So I'm forced to give this clown an F.
No, capitalism is not in crisis. Crony capitalism, on the other hand, is. You leftists always try to confuse people on the subject.
©™ ALX ⚖ Observations ✍ ✍
Having read Smith Mills Ricardo Marx Engles etc and etc…..
Put simply, capitalism is based on the exploitation of labor.
Workers are paid less than the value of whatever they produce.
The difference between the two, pay vs value, is PROFIT.
The lower the wages the higher the profits.
Capital crosses borders people don't.
Workers stuck in low wage Nations are exploited by Transnational Corporations who move their production or services to maximized profits to countries who often have day wages equal to hourly wage rates in their home based countries.
The other core principal of the capitalist economic model is it, over time, pools greater than greater wealth into fewer and fewer hands. It's an inevitable part of the model.
You see it in the headline grabbing mergers in the billions of dollars.
You see it displayed in this FACT as well.
The 8 wealthiest men in the world have the equivalent wealth of the poorest 3.2 Billion People ‼
Yes, that's, 8=3,200,000,000.
Can be hard to wrap your head around.
Transnational Corporations who finance congressmen and White House campaigns and inturn use the military CIA NSA FBI to leverage access to resources and markets for the benefit of stockholders equity and dividends and capital gains are dictating foreign policy and domestic policy for Uncle Sam who's dictating foreign policy for NATO coalition and EU members to some extent.
The American Government is owned by Transnational Corporations.
The ownership of lands is the first theft of capitalism. The idea of owning land is relatively new to humans. For tens of thousands of years nobody conceived of land ownership. The reason natives traded land for beads and mirrors and knives etc was because they thought land ownership was a crazy concept. How could you take the land with you?
NOW virtually all land is owned which cheats each new generation out of the use of the land.
My position, no land ownership no borders no passports.
FREE the globe 🌍 to those living on it ‼
Seems radical because capitalism has managed to imbed itself into the psyches of the culture, where everyone doesn't mind being pigeonholed as a, " consumer, " and where people are measured by the contents of their bank accounts rather than the contents of their character.
Every ten- fifteen years a financial crisis apphears and taxpayers money is used to cover potential failures of banking systems and private businesses.
That's privatised profits and socialized costs.
The United States has a 21 TRILLION DOLLAR domestic deficit and trillions in foreign trade imbalances.
It's a joke that the American Economy is doing well.
It's a facade propped up by continuing to borrow against yet to be collected taxes from people who aren't yet even born.
A day of RECONNING is coming. You can't run a inherently disfunctional system forever. Eventually the emperor is seen by all to be naked…… and broke.
For capitalism to work, it needs to be restrained by the government.
Financial Burden in a Financially Capitalized Economy is unsustainable as it does not lead to Productive Capitalism. Ultimately an Economy based on Financial Capitalism which is entirely service based cannot sustain an economy no matter how much Financial input one may infuse in to it. However only a Productive Capitalistic & Income Equality based Economy can bring about balanced & Sustainable Economies going forward.
Why use the word Anarchy when you speak of capitalism? Is it a kin to the red baiting from the past?
Excellent discussion
too many marxists dogmatically assert that neoliberalism was inevitable. that is nothing more than a standard neoclassical story. the problem in the 70s was that social democrats did not properly understand inflation, and for the most part they still don't. the rest was just pure opportunism. it was not neoliberalism that solved inflation of the 70s, in fact volcker's high interest rates expanded it. what stopped the inflation was carter's deregulation of the natural gas industry.
Striking difference in the way Marx himself treated economic categories and the way modern economist treat them.
You get no sense from the modern economists of the real production relations behind the categories they use and the language is dry.
Lawyers and academic economists really know how to pollute the english language.
It doesn't matter what they call themselves or what theoretical stance they have the terminology lacks context, meaning, significance.
The word "asset" is generally defined as a useful thing, in economics it means a 'monetary value', in business school it means property or equipment bought for business use.
Marx leaves all that behind and looks at what people do in society as a common routine action, they work and they trade property, i.e., what they make, simply, they produce, use and exchange, and here he begins to look at the form of production and circulation in its present reality. If someone is useful their labor becomes a value because it has not value in society.
An individual feels their self worth when they are producing value. Their work is the property of another and they are surrounded by the property of others. Real production relations take the form of a commodity. Everyone's work is equal to each others work in every private transaction is the first problem with capitalist relations encountered. Their differences vanish, I think this is a key cause for much worker dissatisfaction with the corporate world. That products of all kinds of labor are equally values and appear as a quantity of value of the products of labor, and from this, you get a society of laws, institutions and classes built around the products of labor and not the people who make the material world of products. In the bourgeois world, academic social science is no friend to labor. Workers will have to read Marx themselves when they decide to overthrow the bourgeois order.
Capitalism as the west invisions it can't exist without the backing off repressive state powers to squash those at the bottom from rising up and taking their own power
This guy is on the money. Capitalism's highly regulated "golden age" inevitably gave way to liberalization and the growth of financial capital (fictional or otherwise). Social democracy cannot overcome the "anarchy" of capitalism and is a dead end for the working class.
Since the 1980s, capitalism has disenfranchised about 20% of the population. They just don't count anymore and you'll find them in jail, homeless and exploited for poverty wages. In the meantime, the billionaire class grows, while the middle-class shrinks into the working poor.
Oh, can't get the text in Kindle and print is out of stock. Typical bourgeoisie stitch-up engineered for hype & maximum profit.
And another thing..END THE PRISON INDUSTRIAL COMPLEX AND THE MILITARY INDUSTRIAL COMPLEX..Legalize marijuana..put addict's in clinic's..legalize kratom..focus on only VIOLENT crime & white collar crime..prison's in scandinavian countries' are more rehabilitative..We should have intelligent background check's & Idc what type of "assault rifle" you have..I don't think that's competin' w/ a drone..have only a coast guard..which we already have..border force..that is unbiased and not racist..a cyber security team..which we already have..& unfortunately "a nuclear defense system" that's it..END THE MILITARY INDUSTRIAL COMPLEX..We don't need these thing's..everyone's afraid of us..Only act on defense..the bully eventually fall's..move 2 renewable energies'..we can save this planet if we want 2..but some ppl. I guess when they die..think they're takin' their private jet, their yacht, their 52-room mansion, their lamborghini diablo & their power w/ em'..blame egypt..smh
Fracking..Blowing up a country & digging thru' it's soil 4 oil..tappin' into a communities' fresh water supply so that you can sell it back 2 them..is not only gonna' lead 2 more crisis's like Flint..but it's gonna' destroy "THE WHOLE GLOBE"! These rich folk's might say.."well Idc..I only care about my kid's"..well why? "well you see..we have these underground bunker's & we're flyin' 2 outer-space"..but I thought you said you were smarter than me..that you had all the ideas' & I was just a low-iq peasent?.."I LIED"! This is "unsustainable"..We should have public bank's like Bernie Sanders said..the idea of turning "the struggling post office industry" into public bank's..Get rid of the fed..get rid of the imf..the world bank..wall street..& ANY RELIGIOUS INSTITUTION that uses "the guise of religion" 2 tax & not be taxed..it's the devil..if you ask me..it should be eradicated..I don't think we should have anything crazy like what happened durin' "The Russian Revolution"..ppl. should be able 2 practice.."in private"..& maybe in public..but there's 'sposed 2 be a separation between church & state..We should only have taxes 4 healthcare..education..public transit & infrastructure..thing's that benefit society @ large
There is no such thing as capitalism, other than the crony kind–which is in fact corporate welfare, IE where small groups of people control large parts of the economy by purchasing politicians in order to write laws that benefit themselves. If there ever was a time when capitalism existed, it was long, long ago. Capitalism implies that there is a free market, wherein two parties may conduct business freely, without the yoke of state or state religion dictating the terms and collecting middleman fees, or taxes. When has that ever occurred? Not even TRNN is a free market. Its ideologies are disseminated at the whim of its largest donors, who happen to be anti-white racists aiming to remove those of European stock from this world.
This is neo liberalism 101. Privatize everything public for the benefit of thew few to keep the illusion going.
If anyone is looking to try and read Marx, take a look at…
1. Estranged Labor
2. Introduction to a Contribution to the Critique of Political Economy
3. The German Ideology (A – D)
4. Critique of the Gotha Program
You mean, "Is Corporatism in crisis?" I do not think we have had true capitalism in a long, long-time.
https://youtu.be/GDI0WP-f70g