It's Not A Conspiracy, It's Capitalism - Richard Wolff

Economist Richard Wolff explains why American jobs are being taken away by capitalism's drive for profit and how conspiracy theories distract us from the real culprits right in front of us: employers and a system that fights to keep wages low and profits high.

"They did it for the profits thereby won and that's how they survived because that's how capitalism works. And so why was this story not told? The story was not told because the blame it finds falls on capitalism and capitalists, and at least since the second World War, any argument that blames capitalism for anything is rendered taboo. So the right wing comes along and what does it do? It protects capitalism, which is what the right wing has always done." - Prof Wolff

This is a clip from S12 E26 of Economic Update: The Great Replacement Theory

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Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!

“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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[TheAmericanAmerican]

I grew up with the internet and did the whole conspiracy theories binge from 2009-2013, ending with the 2012 doomsday BS... I kept looking and looking and looking for the cause of all the bad things in the world starting with the good ol illuminate and slowly realizing it's actually jist the corporations doing capitalism lol
That's it. Plain and simple: capitalism.
There's no evil boogieman or shadowy groups pulling the strings. Just capitalism.

[TracieSmithpomeranian]

After twenty years of voting I have come to realize there's no two parties. That is nothing but a cover for the real problem. The folks in Sri Lanka took care of their government. Gone!

[Dan.]

I'm a 50 year old US citizen and have always been told by media, government and the educational system how amazing "free market capitalism" is and that if I would just work harder and harder and harder the better off I would be.

[scottluthy]

Marx was right when he said the owners of capital will always try to increase profits even if that means harming workers. Send jobs overseas and bring in poor immigrants, and now use of machines, automation.

[cosmicmusicreynolds]

Great analysis professor, keep them coming

[AxiomBlurr]

Thank you soooo much Prof. Wolff - I appreciate you and your message ever more as we descend deeper into the maelstrom. Much love and respect from Australia.

[jaycemurphy]

Thank you Professor Wolff. You are all that saves my sanity.

[juliebgood]

Trying to share this on Twitter but not able to. I think you should post these excellent videos to Twitter.

[Thesm]

Nobel laureate, Milton Friedman's prize for economics, shifted the course of capitalism to what we know today. Shareholder dividends and CEO's multi-million dollar bonuses, override everything. Even If it destroys the planet, ruins the health of workers, causes the death of millions and leaves millions without homes, this doesn't matter. Shareholder profit is the supreme goal of Capitalism. The corporation lobbyists get to write the legislation, that we have to live by.
If you throw in the philosophy of Ayn Rand, the Republican Party bible, the recipe for our planet's destruction is assured.
The World Economic Forum's Davros meeting, the billionaire's banquet, with their planned introduction of their Central Bank Digital Currency, CBDC, is the most frightening progression of Friedman's work and the creation of a social credit system in our society.

[paulndorosh]

Someone please correct me if I am wrong, but I seem to remember reading that it is illegal for a CEO to make decisions that might knowingly reduce a company's profits and affect shareholder's returns negatively. Is this true? Deciding to pay people more can reduce profits, deciding to use more environmentally safe components may reduce profits, deciding to change to more ethical manufacturing practices may reduce profits.

[nasrollahkiarash]

Dear Professor wollf,
Thanks for your valuable work.
I am writing to you from Romania, .
Recently you talked about how Mr. Nixon fought inflation, my question for you is:
How Venezuela fought 3000% inflation in 2 years and now has much much lower!Does the way Venezuela resolved inflation 's problem has some lessons for us.

[SilverWolfUnit]

Amazing video, keep them coming please Professor

[maxyogi]

Crystal clear.

But what's more important especially nowadays is whether it is plausible or taboo to conflate Capitalism with Corruption?

Because nowadays I sense that Capitalism is the Tool used to get away with Corruption.

That Capitalism's reach and mass appeal can turn the Tide on Criminality. That it can effectively make the Innocent questionable in their Innocence but less than it can make the Guilty questionable in their Crimes.

And this ability of Capitalism is what makes it so much more Powerful and sought after.

[cheri]

Thank you Professor Wolff, always a truth teller. America wake up. Get off COORPERATE NEWS. Read books, history, philosophy. ART IS WHERE IT IS AT!! ALL FORMS OF ART. THANK YOU AGAIN Professor Wolff. Love to our world and to humanity ❤️❤️

[lightbringer]

Friedman admitted that his father ran a "sweatshop."
His economic philosophy would have us all working in one. What a terrible man. And of course elevated by the people with the deep pockets. Those sociopaths never feel their pockets are deep enough.

[jimorgain]

Why? Because we are a culture of masachists a workaholics this feeds our pride, deeply ingrained fear, we are addicted to low self worth, self righteous, low self esteem is badge of honor, baffle them with humility like ghandi, I will outwork you!

[yogailatheseer]

Thank you professor Wolff, for dedicating your life to a righteous causez even at your respectable age of 80 years old. You are a great example for many!

[Theldgat]

It's Not A Conspiracy, it's a gentlemen's agreement, It's Capitalism.

[jeffherringa]

This is part of the Economic Update video on Monday, July 11th that is about 30 minutes long. It's a good segment though.

[SteveSmith-mwzk]

Your critique is right on the money professor Wolff. Thank you