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Monday, March 25, 2013

Moyers - Richard Wolff - Rampant Capitalism - PBS


This entry is for a friend.  What is wrong is "the system" not the person.  Hard to argue with. The challenge is to have confidence in changing the system, not making it worse while causing enormous pain and upheaval and ending up where you started.

You do not know what you are talking about unless you have acceptable and consistent concepts shared by those doing the talking.  The dictionary definition of capitalism (below) is about as concise as possible but is it acceptable?

:an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market ... as defined in Merriam-Webster.

Note that this definition does not include any reference to "political systems".  Nor does it mention "market systems" or "global or international markets".  But they all exist and are interconnected in myriad ways, interoperating in both positive and distasteful ways on humankind.

My own reflections on these complexities I find are a lot more like those of Richard Wolff than others I have heard.  But even in that not everything said is new or amazing but old observation on things understood by many for a long time.  I have also found that "behavioral economics" (Kahneman) brings a lot to understanding that humankind is capable of great misunderstandings in processes and systems we create.  The challenge that we must accomplish - can we understand ourselves and adapt our "systems" in time to avoid convulsions.  Every violent collective action among ourselves is a risky failure, no matter the scale, be it local or larger in scale.

I do not think that big should automatically be equivalenced with efficient.  I do not think that allowing large "entities" to function via small groups charged with meeting short term objectives as the measure of success is wise at all -  but will almost always worsen humankind.  I do believe that "entities" need to have long term accountability built into their charter and those involved in following the charter have long term accountability for their actions.

I also offer Market Economy versus Market Society: Inequality and Civic Decisions - TED - Michael Sandel as refinement to these thoughts.

Moyers and Company has produced another excellent program ... will we all realize it in time?

From the broadcast preamble of 2/22/2013
...Yet some aren’t just wringing their hands about our economic crisis; they’re fighting back. Economist Richard Wolff joins Bill to shine light on the disaster left behind in capitalism’s wake, and to discuss the fight for economic justice, including a fair minimum wage. A Professor of Economics Emeritus at the University of Massachusetts, and currently Visiting Professor in the Graduate Program in International Affairs of the New School, Wolff has written many books on the effects of rampant capitalism, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It.

Economist Richard Wolff on Capitalism Run Wild from on Vimeo.

Bill #Moyers - Richard #Wolff - Rampant #Capitalism: #Cooperative Owner #47% #ows #inequality  - #PBS : #47% #99% vs #elites - WI 1848 Forward 

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