AskProfWolff: How Bad is this Capitalist Crisis?

Learn more about Prof Wolff's new book, The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself. Available now!

A Patron of Economic Update asks: "Do you think capitalism can survive near-collapse only for it to use the destruction created by this event to re-build itself? It seems like people are so conditioned by capitalism that even capitalism's victims would want to try re-build it as it's the only thing we all know."

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[davidwoolnough]

I don’t know what I would do without the Professors analysis, he puts every thing in line for my money. Solidarity✊

[danthemansmail]

They will take until you have nothing left but your hunger.

[danceswithcritters]

get to work, the obscenely wealthy need more money .

[edwardcraven]

What's also staggering are the suicides.

[lynnwood]

There is no social cost for as Thatcher and Reagan put it, there is no society.

The brutality of their argument has played out to bring us to now.

[zoktoberfest]

Capitalism, particularly unregulated capitalism, has no flywheel effect to sustain it through periods of loss of momentum. Every engineer understands this necessary component in maintaining systems in motion. Economies are systems in motion, but economists, apparently, are very poor engineers...

[cooldude]

I urge all of my comrades, be they socialists or marxists or anarchists like myself, get building networks of mutual aid - and make sure they're openly dedicated to the eventual end of the capitalist system. Organizing networks of mutual aid for the working poor (and possibly even including the middle class) will both help us pull through this crisis and encourage open discussion of political thought.

As an anarchist, I encourage you to organize through rough consensus democracy to best facilitate such conversations.

Ours is an unprededented time in history. Let's be sure that we are ready to strike the killing blow to the forces of oppression, by removing each other from our reliance upon it and placing power back wkth the people.

[darrellhayward]

For of great insight Wolff brother keep pushing this truth that of one see indeed enjoying ya much love from Canada brother ✌😊❤3

[lisap]

They have all the chambers of commerce worldwide. Sounds like one hell of a union. All that concentrated$$$=power

[KhaledKimboo]

As 1%ers say's there's nothing more profitable than wars and crashes, except crashes are faster

[eottoe]

It's not just the crashes and "restructuring", it also need war a lot of the time to function. That is not efficient either.

[livinglies]

It's all intentional and this is what Mr. Wolf is telling you!

[Gumardee_coins_and_banknotes]

So Australia is screwed, 29 years of no recession, people do knot know how to cope.

[drivenbyrage]

Most people know alot about pointless things. Whether it's the latest movie, song or gadget available for them to consume. They will spend half their time on useless things. Thier attention diverted by all the new Shiney things they can put on credit. So they can spend the other half on working to pay it off, plus interest. Inflation has slowly eroded the dollars value so cost rise, while wages stagnate. The average cost of a college course in 1970 was 700 dollars. A young person could work for the summer to pay their tuition costs. Now higher education is about 2800% more. Many changes are coming in the next few years. Not all of them good. Take care and prepare.

[teddybear]

Honestly, everything is just fine! My wife's job which had been $15 an hour is now $3 an hour plus tips. She went back sooner than I wanted her to, but she was afraid others would be hired to take her job, so $3 an hour it is until hopefully, the economy gets better. I guess if they could get away with not paying her, they would. But at least she has her job...and a chance at the COVID lottery.

[mandalorianjedi]

The Rich get richer, and the poor get poorer. Then they’ll replace you with a robot 🤖

[IizUname]

I consider myself a liberal (who believes in capitalism), but I constantly intuit that Wolff provides an excellent sanity check.

[tylerlarkey]

The ebs and flows of capitalism line up perfectly with business borrowing money for unusually high growth and the repayment of those loans causing economic slowdowns.

[mjhzen]

Capitalism needs to go. But I don't see enough political leaders (Bernie Sanders, notwithstanding) to make it happen.

[richardwong]

Most people in the world do not understand China, Chinese history, culture or traditions. Contrary to mainstream disinformation the Chinese government at central and regional levels are meritocratic. Those at the top have had maybe 20 or more years ruling a province successfully with a regional population and size that is bigger than most countries in the world, before moving into a position in central government. The one party state with a definitive fixed term for the presidency allows the government with long term planning in everything, for the people and the nation, for the many and not the few. It is a big machine in continuous motion in one right direction. Its success is unstoppable. Many countries especially those in the West are so stunned by China's success, which has a totally system, begin to suppress or delay China's peaceful rise with a worldwide coordinated effort. Their effort will be futile. Politicising it is even worse.
There have been suggestions that the Chinese Communist Party should change its name to Chinese Capitalist Party or Chinese Civilisation Party to please the world.
Going back to thousands of years, the Chinese were and have been capitalists. Only in the 1930's onwards when the Chinese Nationalists did not make a success of the country that the Communist Party began to gather a following amongst the ordinary people. With little money and arms at their disposal they defeated the Nationalists who fled to Taiwan. Having been looted of its treasures and occupied by foreign powers for more than 100 years, there were only 3 African countries that were poorer than China in 1949. It did not make its mark until its economy was reformed starting in 1978. No one saw China as a competitor. What a remarkable transformation never seen before in human history that China has risen to where it is today in such a short space of time, eliminating 800 million people from poverty. In its long history it was actually number one in the world most of the time. However, no one can remain number one forever, and we should accept with grace if we drop down the ranking.
Facts tell and the truth hurts. We should accept that there are alternative systems of success and not everyone is like us. Western media may paint China in a bad light, but you don't see homeless people there. There are no drug takers. Crime rate is extremely low. People can walk alone safely at night. There are no guns. The parks and streets are very clean. People are happy. They have something to look forward to. There is a strong social fabric, and the bond between the government and the country and its people is strong, like a family. The Chinese don't want to be capitalists. Otherwise there will be homeless people, drug takers, gun crime and routine strikes and protests and disorders, as is often happening in the West.
A successful socialist society makes everyone happy. A capitalist society makes a small minority happy and the rest will have to fight it out. That is why most Chinese, especially those who live abroad, study abroad or have travelled abroad do not understand why the West hate China just because it is ruled by the Chinese Communist Party. Yes, it should change its name, but the negative Western media and political bias would still continue through sheer jealousy or political gain.