Thursday, April 22, 2021

Increasing Desperation as the U.S. Capitalist System Declines — Brittani Banks

Maybe "capitalism" isn't in decline, but rather neoliberal capitalism, where institutions are used to funnel gains up and socialize losses? 

As an economic theory, capitalism assumes "perfect competition," which in turn assumes "perfect markets," that is, markets are symmetrical eliminating asymmetrical market power. That phenomenon is a unicorn given income and wealth distribution as well as endowments that undermine equal opportunity.

Could an equitable and functional version be implemented? Probably not as long as class structure remains intact as a quasi-caste system in which wealth equates with power. The result is asymmetrical markets that result in highly asymmetrical distribution.

Independent Media Institute 
Increasing Desperation as the U.S. Capitalist System Declines
Brittani Banks

8 comments:

Kaivey said...

Richard Wolff is such a lovely guy. Very friendly and affable. So I was surprised one night when youtube ran on and a video came up by Richard Wolff absolutely ranting about the end of capitalism. It was fighting talk, and I thought, crikey, he hates capitalism more than me! I kind of accept it as part of nature and that it can be harnessed towards the common good.

Peter Pan said...

Richard Wolff has stumbled onto fame. Who could pass up that ride?

Andrew Anderson said...

Wolff does not even mention government privileges for the usury cartel, aka "the banks", so he seems to not have a clue about root causes.

S400 said...

“Wolff does not even mention government privileges for the usury cartel, aka "the banks",

No need to. You do it a gazillion billion times in every thread made by man kind.

S400 said...

“Wolff does not even mention government privileges for the usury cartel, aka "the banks",

No need to. You do it a gazillion billion times in every thread made by man kind.

S400 said...

“Wolff does not even mention government privileges for the usury cartel, aka "the banks",

No need to. You do it a gazillion billion times in every thread made by man kind.

lastgreek said...

I have a funny RW and Yani Varoufakis anecdote. But that will have to wait as it’s almost lunch and I’m having trouble deciding what to eat :(

Peter Pan said...

Your lunch should be over by now... anecdote time :)