Professor, Richard Wolff of the University of Massachusetts explains in this superb lecture, why the financial crisis is the biggest crisis of capitalism in his, and our, lifetime. Listen till the end, because that is where the symphony’s crescendo is.
Click here to watch the video (38mins). Link via Lenin’s Tomb
[and WordPress- I hate you, for once, because I can’t embed a google video in the post].
Read also Prof Wolff’s recent articles in MR.
Capitalism happens. When and where it does, capitalism casts its own special shadow: a self-critique of capitalism’s basic flaws that says modern society can do better by establishing very different, post-capitalist economic systems. This critical shadow rises up to terrify capitalism when — in crisis periods such as now — capitalism hits the fan. Karl Marx poetically called that shadow the specter that haunts capitalism.
This one is on the so- called distinction between the main street and wall Street, or regulated and un- regulated capitalism. Capitalism is capitalism, in whatever form in comes. The main street leads to the Wall Street.
Capitalism has everywhere oscillated between private and public phases. Private capitalism minimized government interventions and mostly kept state officials off boards of directors. In capitalism’s public phases, governments intervened and sometimes replaced private with public members of boards of directors. Crises of one phase often provoked transition to the other.