Global Capitalism: As US Capitalism Shakes, US Socialism Renews [July 2020]

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Global Capitalism: As US Capitalism Shakes, US Socialism Renews [July 2020]
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Democracy At Work
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Global Capitalism: Live Economic Update - July 2020
As US Capitalism Shakes, US Socialism Renews

Topics: mass unemployment undercuts US capitalism: tenants can’t pay rents, landlords can’t repay banks, employers close permanently; Trump vs Biden: neither are solutions, the choice is a symptom of system decline; what old socialist responses to today’s crisis would be; what new socialist solutions to today’s crisis could be.

In addition to Wolff’s discussion of the main topics above, he will also cover the following issues at the July 8, 2020, event: why US capitalism has needed racism, and and how it has used it; why US current protests against racism and police violence are so strong.
 
A special thank you to the following Patrons whose generous support makes this lecture series possible: Andrew ForrayiLorac; John Jones; Shropshire Morning Star supporters; Tyler Dilnot; mountainous dreams; Sharon Hanson; dokidokidango; Mahmood Nooshi; Michael DeFreitas;
Laurence Shute; Humberto Najera and Matthew Kleu.

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Become a monthly donor: https://www.patreon.com/gcleu
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Prof. Wolff's latest book "Understanding Socialism"
http://www.lulu.com/spotlight/democra...

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541 Comments
Auggie Giuseppe
Add a public comment...
Frankenstein
Frankenstein
2 days ago
TRUMP'S CONTINUED BASE SUPPORT INDICATES THAT HIS SUPPORTERS WOULD PREFER FASCISM RATHER THAN SOCIALISM.

59


Nota Bene
Nota Bene
1 day ago
“Slavery was never abolished, it was only extended to include all the colors.”
― Charles Bukowski

8


Kain59242
Kain59242
2 days ago
We need an Economic Bill of Rights.

115


Nota Bene
Nota Bene
4 days ago
“Bourgeois society stands at the crossroads, either transition to Socialism or regression into Barbarism.”
― Rosa Luxemburg

206


mikkert2015
mikkert2015
2 days ago
But aren't businesses suposed to fail when they can't compete? It's called market efficiency to weed out the weak. Oh wait they are monopolies and too big to fail.........

22


Harold Morozko
Harold Morozko
2 days ago
I'm 70 years old and this economy is the worst that I've seen and experienced!  The Corporate capitalist, consumer-crazy propaganda is destroying the ecological future of our planet.  It is imperative that we all ( citizens of the world together) take control of the economy for our common good and end the billionaire class and the plutocracy that they engender.  Global Working Class Solidarity, including the majority of the world's military and police force force (  rank and file working folk), need to replace, peacefully if possible, violently if necessary,  the ruling political-economic ruling class!  The young need a hope, dream and life.  Us alter kakers need to support their dreams!

34


Carl Anderson
Carl Anderson
2 days ago
Peter Joseph tried to educate "us" with his documentary film Zeitgeist Moving Forward over 10 years ago! Many of us who today watch Wolff, and others, maybe understood Peter's message then - but most people said capitalism is the best and forever only system... Do they still believe that I wonder.

7


Edward Dodson
Edward Dodson
2 days ago
The socio-political arrangements and institutions of the United States were established to secure and protect so-called "property" interests, but this really meant "landed" and "financial" interests. As a consequence, the primary sources of public revenue at the federal level came from land sales and excise taxes on imports. When these funding sources proved insufficient, income began to be taxed. At first, only high incomes and high valued inheritances were to be taxed, but with each passing decade the burden of taxation was shifted away from income derived from passive investment and gains on the sale of assets onto wages and salaries.

As Professor Wolff has observed in other lectures, with the return of conservatives to dominate the  U.S. Congress and (since Lyndon Johnson) the Presidency, the pace of income and wealth concentration has accelerated.

Landed and financial interests have thrived. When reconstruction ended in the southern states landless Blacks and many very poor Whites were forced  into the semi-slavery of sharecropping. The poor who found work in factories may not have worked the land, but they to were sharecroppers, forced to turn over a significant portion of their wages to rent-seeking landlords. For a few decades government at each level mitigated the injustice by subsidizing the construction of housing keep permanently affordable by deed restrictions and other measures. Over the last three or four decades the number of such new housing units has steadily declined. One result is that today a growing number of people and entire families are living in tent cities arising in every major city in the United States.

In summary, one of the great injustices of the "American System" is the failure to do what Henry George urged over a century ago: require those who control land and natural resources to compensate society in full for the advantage they have been allowed to enjoy.

27


j Jetta
j Jetta
2 days ago
I love the way you tell us citizens the truth while presenting options of hope by our collective actions.

22

Democracy At Work

Yukel Alexandre
Yukel Alexandre
4 days ago
Can’t have infinite monetary mass growth on a finite planet. Period.

122


Littlegreen Scavenger
Littlegreen Scavenger
2 days ago
Wolfe for President!

17


Juan Manuel Rodriguez De Privitellio
Juan Manuel Rodriguez De Privitellio
2 days ago (edited)
Proff Wolff, as always, a real pleasure to attend your class.

26

Democracy At Work

Cary Sontag
Cary Sontag
2 days ago
This country is 4th world NOW!!

7


Frankenstein
Frankenstein
2 days ago
WARNING: FASCISM THRIVES ON SOCIAL DESPERATION.

31


John Barber
John Barber
2 days ago (edited)
You can't print money without monetary backing, you get un- controlled inflation.
Thank You Mr. Wolff, the conscious of correctness.  New Deal    NOW
How much has Trump stole from our Country with theses stimulus loans, that Monchin won't reveal who got what and how much!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Its way over time to dump the Republican Party, and over haul the Democrats or start a third real party of Patriots, for the People of the People, we are one..............nation under God, and God doesn't make any junk, it is time to come to the aid of the People.

11


Gummydorito679 1
Gummydorito679 1
2 days ago
if professor wolff went on joe rogan we would get so much closer to the socialist revolution

3


Aaron
Aaron
2 days ago
"Empire of illusion"

29


Gehres Weed
Gehres Weed
2 days ago
Racism is a child of Capitalism. Plantation owners of 17th & 18th centuries needed labor. They had two choices, white indentured servants & black slaves. To keep the two from joining forces and revolt the capitalists used racism as the wedge. Worked great lasted for 400 yrs.

94


Jerrell Hoggard
Jerrell Hoggard
2 days ago
we built this country .we are demanding reparations now thats how u solve the problem

3


short chubby neckbeard
short chubby neckbeard
2 days ago
Recently Trump said he’ll come out with a “plan” for minimum wage in a couple weeks

Which could mean 3 things:
- he’ll raise it, but I have a nihilist view it’ll be like up to $9 at most
- he’ll lower it, which is political suicide so hopefully he’s not that stupid... hopefully
- he’ll forget...

8


David Turner
David Turner
2 days ago
Please enable superchat for the next stream. We need a superchat Q&A. Godspeed Wolff!

9


Dwayne Loh
Dwayne Loh
2 days ago
We need a new economic system from the ground up, in my opinions anyways.

24


Tom Lee
Tom Lee
2 days ago
Turn private ownership of means of production into public ownership of means of production！

10


Carlos Gutierrez
Carlos Gutierrez
2 days ago
Wow Dr.Wolf you are our leftist power house

57

Democracy At Work

Janny downunder
Janny downunder
2 days ago
Brilliant as always Prof Wolff. Not only the problems easily explained but the solutions outlined perfectly. Good luck to the working class in America the rest of the workers around the world are with you. We have the same problems here in Australia, systemic racism, divide and rule the people, privatization etc.....times are changing and even if our unions have been dismantled and bought off there is still a semblance of left movements to bring about that change.

5


william amely
william amely
2 days ago
His discussions are spot on as to the problems and crises we face today, and gives us possible solutions to overcome them. Thank you, Dr. Wolff.