Capitalism is failing most people in the world. But socialism is not anti-capitalist, it embraces it via the mixed economy. One answer could be for the general public to become stakeholders in the state run industries allowing them to gain profits from them, then they won't let anyone privatise them again. In Britain some Labour run councils have started to decentralise public run industries where the locals have a say and a share in the profits.
Everything has a good and a bad side, but we can get the balance right - there is an alternative, like Modern Money Theory.
Paul Jay says we need socialised banking too. Sounds okay to me.
From Donald Trump, Karl Rove, and Fox News to an invigorated progressive movement and many newly elected members of Congress, many are saying that socialism will be the issue in the 2020 elections - a viewer mailbag segment with Dharna Noor and Paul Jay
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“Capitalism is failing most people in the world. But socialism is not anti-capitalist, it embraces it - the mixed economy.”
Correct. What’s anti-capitalist is not socialism, but neoliberalism, i.e. feudalism. Feudal lords are neither capitalists nor socialists. They are owners and parasites.
In the video, Paul Jay incorrectly calls neoliberalism “hyper-capitalism.” But as I said, neoliberalism is not hyper-capitalism. It is anti-capitalism.
Paul Jay also incorrectly claims that socialism (e.g. in Venezuela) “just happens.” In reality, a government’s direction depends on key people in key positions at key times. The USA is increasingly neoliberal because its wealthy oligarchs are neoliberals.
“One answer could be for the general public to become stakeholders in the state run industries allowing them to gain profits from them, then they won't let anyone privatize them again.”
We could let the state have a 51% interest in “too big to fail” corporations. That way we could retain the profit motive while not letting the profit motive get out of control.
“Paul Jay says we need socialized banking too. Sounds okay to me.”
Yes, but the peasants have been programmed to defend private banks with their lives. “Socialized banking? That’s Communism!”
And since nationalism is anti-neoliberal, the peasants have been programmed to reject it too. “Nationalist? Socialist? NAZI!”
Incidentally Paul Jay claims that “socialism failed in Venezuela.” Sure. The US-led sanctions, blockades, and economic warfare have nothing to do with Venezuela’s difficulties. Coordination between Venezuelan oligarchs and Washington DC have nothing to do with it. Coordination of all national governments in South America (except Bolivia’s) against Venezuela’s President Maduro has nothing to do with it.
On a different note, Paul Jay says, “When we ask about socialism, we must start with the failure of capitalism.” However capitalism has not failed. It succeeds for “humans.” People that capitalism has not helped (i.e. the 99%) are not human. Therefore they don’t count. Therefore capitalism has worked beautifully. Therefore socialism is “evil.”
In the end Paul Jay says we need a more socialist outlook if for no other reason than to save our species from extinction.
Agreed.
Paul Jay says we need socialised banking too. Sounds okay to me. kv
Lending should be 100% private to avoid violating equal protection under the law so socialized banking is just as wrong as government-privileged private banks.
Otoh, grants based on need or merit are OK as is a Citizen's Dividend equally to all citizens. But lending is almost certain to favor the richer as more so-called credit-worthy than the poorer. Is that what you want, kv?
So there's no excuse for a crooked money system, be it private or government run.
Socialism is not anti-MARKET, but it IS anti-Capitalism. We have to be careful how we use words.
I do not agree that socialism is anti-capitalism. It is possible for a nation to have a mix or a balance between the two, where some industries are privately owned, and some are publicly owned.
As others here have pointed out, socialism is not easily defined, but basically it is a social orientation in which people help each other, rather than help rich oligarchs get richer.
Many aspects of the USA are already socialist (e.g. the US military, or Social Security). I'd like to see more of it, beginning with socialized health insurance (aka Medicare for All).
Konrad: re-read what I wrote. Ownership of private industry is fine, as is entrepreneurship BUT THAT IS NOT CAPITALISM. Capitalism relates to private investment, mostly by rentiers, in capital. The extraction of economic rents to the disadvantage of those who actually produce goods is capitalism.
Markets, and private ownership of industry, predate capitalism. Organizations such as foundations like Siemens, or co-operatives, pass the market test, without being essentially capitalistic.
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