Ask Prof Wolff: Private Profit Systems Are NOT Permanent

A patron of Economic Update asks: "Are private-profit economies permanent? How often are they recreated? What advice do you have for shattering mythical ideas around capitalist permanence?" This is Professor Richard Wolff's video response."

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“A magnificent source of hope and insight.” Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy.
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[georgefurman]

Change, innovation, transformation, reformation, revolution are the most feared words for the established in power. Their cry is .. They won't replace us !! Yes !! We will.

[vivalaleta]

Professor Wolff, you are a prince among economists. How much we have learned from you in such a short period. We don't miss a lesson. Thank you.

[BionicmeLoL]

I mean it just makes sense. A self-perpetuating system isn't designed to end. And so it's no surprise that those living within that system believe that it will not end.

[mibar]

Prof. Wolff, you're the best. We need to clone you and keep you until the end of time.

[franciscofrancesco]

Like always, an extraordinary economic and historical analysis by Professor Wolff. Thank you.

[dr.zoidberg]

Far too few people are aware of the Incan economic system.

[jamesgraham]

Prof Wolff is so perceptive, and is knowledge of history and Economics so vast I really enjoy listening to him which has broadened my own knowledge of which was almost NIL until I went to College and decided to take Classes which included the Study of Economic theory, the History of other countries and the development of Western Civilization. It became obvious to me after that that Prof Wollf is entirely Correct in that all Societies Believed that their CULTURE ( their way of life ) was indeed in TUNE with HUMAN NATURE and was the Universal and Permanent.. Thus in the WEST we had once crowned Feudalism as the ONE UNIVERSAL and TRUE system divinely ordained by the Almighty through the one HOLY CATHOLIC(UNIVERSAL ) CHURCH which was its Spiritual Guardian, thus a Guarantee that Feudalism was Permanent and would Last forever. We know how that turned out .

[joandelur]

human condition depend of with what education system lads grow and in witch social conditions and system, human kind would be absolutely diverse if grows out of toxic people thinking only in make more and more profit slaving and sinking others by power only because have money, your explanation is a clear synthesis to debunk capitalism, mastering as always Proff Wolf, thank you for this great video.

[josephbrindley]

Pretty obvious: the world & everything in it are mortal! Peace.

[renardleblanc]

Is it just me, or does the avarice of the feudal system not really seem like "profit" incentive? Kings and princes didn't build palaces so they could flip them on the real estate market, they just wanted to show off for their peers. Knights didn't go to tourney so they could score lucrative endorsement deals with nike or whomever, they just wanted to win as a point of pride.
With the rise of the middle class and trade guilds, suddenly private wealth became feasible for those without noble titles, and Capitalism became a feasible system.
Not that I know what I'm talking about, really.

[basedcase]

My question, " do federal tax credits, ie electric car tax credit, disproportionately benefits those in higher tax brackets?"

[marktomasetti]

Capitalism (the profit motive) is not permanent, but oligarchy is remarkably persistent across history/continents/cultures. It almost seems like all roads lead to oligarchy, eventually. Different forms of oligarchy appear and dissolve, but oligarchy seems to be the most stable pattern, so far.

[Frederick]

I think that people need to acquire a better understanding of the origins of capitalist/legislative systems. Greece for instance was an Imperialist state until it was divided into separate republics and become a democracy/legislative system under the direction of Lord Draco. These Capitalist/legislative systems seem to only last until the "over micro management period" of the industrial population. This occurred around the 400th year after the fall of Imperialism in Greece. The same thing happened in Rome which lasted only 500 years after the fall of Imperialism. At some point the massive amounts of legislation cause the normal Imperialist "common sense" ( a moral code of ethics ) to become nullified and a new "common sense" ( servility to the state ) appears. This is when the legislative/capitalist nation dies off and disappears into obscurity. Let's take the United States for instance. Most people think that George Washington and crew fought Imperialist powers. This is a propaganda farce. The legislative parliament defeated Imperialist forces in the English civil war and took power in 1652 under "Lord Protector" Oliver Cromwell. At that time the king became a puppet to the state that was used to blame all the bad things parliament was doing, even though parliament became the supreme power of the state. So the United States is built off of over 100 years of legislative/capitalist rule, and the system of law in the United States is based on that law which is 100 years older than thought. So let's take an example of United States "common sense" today. In 1960 a person could cross the street anywhere, and using their "common sense" ( moral code of ethics), cross without causing an accident or a disruption in traffic. Today, however, we see that if the same is tried, the person would receive a negative incentive ( jay walking ticket ). So a new normal "common sense" ( servility to the state ) is adopted by the industrial population and now you must use the crosswalk. This is one way of examining the "over micro management period" of the industrial population and is not new at all to legislative/capitalist systems that always ultimately fail and disappear.

[comeonman]

Public profit systems are NOT permanent, and depend on private profit systems. Public profit systems do not exist.

[dionysianapollomarx]

Feed the algorithm. Communism is the goal. Down with the profit motive.

[nijagm]

Prof Wolff, I wonder what will be your place and role in such non profit oriented system?

[ac]

Yes it's all their precious money. No more hand outs or higher pay for the poor, hungry workers are reliable. they won't tolerate any more inflation on their precious money unless they need more bail outs or socialism for the rich.

[DjWellDressedMan]

Prof. Wolff: Do you take questions from people not financially connected to Patreon?

[DigiologyStudios]

They my not be permanent but they always rear it's ugly head. Private profit is a scourge Of HUMANITY! It should be a collective of the people.

[donrastar]

Wait a minute did he say "Private profit is NOT permanent ."????