Marxist Economic Theory Easily Explained w/Richard Wolff

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Title	:	Marxist Economic Theory Easily Explained w/Richard Wolff
Lasting	:	16.04
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Next LIVE Jimmy Dore Show JULY 1st Portland, Or Tickets bitly/2HOpcVL
Comment from : The Jimmy Dore Show

A great conversation! For an in-depth look at how the American economy exploits its workforce - creating vast wealth for a few and poverty for the many - read "A People's Guide to Capitalism" by Hadas Thier She and Richard Wolff analyse the world of work, pay and exploitation from a similar perspective With increasing evidence that capitalism is driving the global warming that could destroy our planet, it is more urgent than ever to take on board an alternative [socialist] program
Comment from : paul

I was here because of my assignment and yes I understand nothing 😰
Comment from : Saddestphlegm

Hmm New Kautsky? You distort the ideas of Marx brThe whole point is in the struggle of the oppressed class against the class of oppressors It is based on the principle of justice and on understanding where the surplus value comes from When you propose to redistribute some of Bezos' assets, you are violating the very principle of justice Not a part, but the whole, because all of its assets, in general, all the assets of all capitalists, are the embodied stolen labor of the proletariansbrWhat you did is called "simplify to distortion" Do not read the audience as stupid, most of the followers of Marxist theory learned to read as adult men And yet they understood everythingbrbrDon't listen to anyone Read for yourself the works of marxists: Marx, Engels, Lenin, Stalin, MaobrIt would be nice to read Hegel before Marx And before Hegel - Kant But it's quite difficult
Comment from : _ Charon

God created everything Follow the Jesus Christ
Comment from : Tadeusz Wójtowicz

Marx ignored all the countless circumstances that drive history, and gave all the credit to class struggle This is the axiom he starts with to analyize the real world Its obvious that by inventing some hypothetical, super simplistic world, you can explain anything however you want This is why the economic theories of marx and engles are way incoherent, demonstrably inadequate for use in the real world, and why only dr wolff is for it Its a religion lol brbrThis guy has always been all over the map The stock market as we know it is controlled and regulated by a socialist institution, influenced by corporatists Corporations are not a feature of a market economy, this is literally a socialist legal distinction Saying that there exists inequalities and marx is the only one who got mad about it isnt true at all Plenty of anti socialists are displeased with inequalities, marxists just prefer to pretend that they dont
Comment from : CaptNaufragio

Well Marxist used their quest for Equity to R'pe, torture and murder most of my family for being property owners So the Marxist, a PhD who doesn't have the slightest clue what capitalism is (same as Jimmy and most other leftoids) can kick rocks
Comment from : DarkGardener

I think Mr Wolff misses out on the fact that all systems produce inequality, even socialism The producer of inequality is actually human nature, not the structure of the system they organize under Capitalism can work, socialism can work, but capitalism won't work with politicians selling us out to the winning businesses, socialism cant work when everyone lays around and doesnt want to do anything These are both flawed systems Peterson seriously and dangerously mischaracterizes Marxism and paints it as a radical ideology when the economic theory is 100 right The creator had radical tendencies; however, so did everyone at the time he was around as they are a product of their environment This has been an interesting rabbit hole to tread down
Comment from : Aaron Ely

Is Marxism really a threat anymore? Can’t be many people still supporting that grift still is there?
Comment from : Andrew Norton

His simple vocabulary makes him perfectly suited for those gullible enough to follow Marxism
Comment from : kevin4209

Also where in this video did he explain Marxist Value Theory??
Comment from : C F

If he’s upset about paying taxes to subsidize Amazon’s employees wait til he realizes that communism forces the same thing but x100 lol 😂
Comment from : C F

He’s able to intellectualize and articulate the philosophy well but is still unable to morally justify “taking” people’s wealth He says imagine all the things we can do with Jeff Bezo’s wealth? Well you’re not entitled to that wealth… communism always devolves into state sponsored violence against individual rights
Comment from : C F

That line regarding not lnowing the future is kind of us for modern day society So much data nowadays you can kind of accurately predict where things are going that's fucked up in some sense but i feel we are getting closer and closer to that maybe i am wrong and i hope i am, but idk, that's just a immediate response i have regarding his whole statement of "you cant predict the future"
Comment from : C Gravely

Marxism is a version of collectivism, and all varieties are centered around theft Gang-based violenceThat's all you need to know Theft bad !!!
Comment from : michael adamczyk

good work
Comment from : Terence Nxumalo

Marxism is for lazy ppl 😅
Comment from : Kiki Green

Marxism hardly ever ends up up with tens to hundreds of millions dead That only happens when it gets practiced, never in theory
Comment from : Cool Hand

There is no system that is perfect brbrRegulations have been stripped away severely sense the Reagan Administration which caused 2008 economy to crashbr brJimmy mentioned that productivity has increased and wages for American workers has NOT kept up with productivity n several yearsbrbrWashington is to blame for a lot of this We should b n the street protesting n the millions like the ppl n France r doing right now Until that happens we'll continue to have corruption with DC politicians who r getting paid by the 1ersbrbr1ers have a stranglehold on DC and control DC which is hurting capitalism
Comment from : david_dashrr

This guy obviously has never owned and ran a business in his life, clearly shows I take the risk and the responsibility others are not willing to, I get the rewards they do not
Comment from : Ghost

We can fix it Abolish corporations and set profit caps on individuals No person can have more than 50 million in assets and cash Anything above that gets redistributed to the community No write off for charitable donations A 10 flat income tax for everyone across the board Get rid of the stock market
Comment from : Your Mom

Worker co-ops is what Norway turned to when they reached a point in their country like we did in the crash of 1929 They had extreme poverty at one point, but unlike us, said "no" to bra robber baron type economy and served the people instead
Comment from : BB Banks

Ugh, I wish I'd known it was this moron doing the interview
Comment from : Eris Gh0sted

Good interview!
Comment from : Stolen Flowers

Wow amazing Prof Wolfreally amazing and fair comparisons of two major Economic systems and the inequality exists in the world
Comment from : Nadeem Akhtar

All those numbers are fantasy in fact, the entire criticism of capitalism is emotional and dehumanizing SickbrStay free 🙏❤🇺🇸
Comment from : Glenn John

Insanity
Comment from : Glenn John

Marxism is “Moral revenge” brIf you don’t hear that, you are not listening
Comment from : Mr Pickle

i dont know if marx was right or wrong, but i know he pissed off powerful people im from south america and during the military dictatorship there if they came to your house and found a book by marx you would be questioned and or taken to police station to explain so he touched a nerve in the ruling elites for sure whatever he said, it was considered dangerous to the powers that be
Comment from : Flabber Gasted

Well step one find free markets to create abundance and excess and blame any disparities in wealth on oppression Step 2 create massive government structure to seize wealth and freedom and control the economy from the top down Step 3 watch as the economy crumbles people begin to starve and blame it on the enemies of the regime Step four dig large holes for the mass graves for the victims of the regime both by way of starvation and designed pograms to eliminate any political dissidents Pretty much how it goes everywhere it's practiced regardless of what they promise ahead of time
Comment from : 4spbiz

Its not just the board, its the board and politicians and media! That is fascism not capitalisms Im unhappy with mr Wolff's straw man arguments
Comment from : J___ D K____

So… you got a PhD to tell me there is a problem, but you don’t believe in solving it…?
Comment from : Slug GaMiNg

Yes, capitalism tends to increase the concentration of wealth and power in the hands of a few as small businesses are driven out of business by cartels Capitalism has also made a mockery of national boundaries as capitalism has gone international Palaces for the few, cardboard shacks for the many Lousy healthcare and public education It’s a monstrous system that reduces human beings into objects to be exploited and manipulated for private profit
Comment from : S Y

Marxist economic theory is basically false because it’s based on the labor theory of value, which is a mistake Human labor is not the only source of surplus value Any source of energy can create surplus value Machines also create surplus value Machines can replace human labor entirely
Comment from : S Y

I, myself, am not necessarily anti-socialism per se But I do understand that there's a hard 35 to 40 of my American countrymen & women that are just always going to be capitalists Period So, in the name of achieving a sensible compromise, I support social democracy🌹 It's a mixed economy system that adheres to socialist values while doing so within a (very-well-regulated & very-heavily-regulated) capitalist framework💯
Comment from : Matthew Rider

I was too spellbound to take notesbrWhat a brilliant 👏 Gentleman
Comment from : Suzanne Harris

13:40 "if we took half of it away" Is that Marxist economics?
Comment from : Mike Pond

Before WWII Communism was the enemy Russia was the enemy During WWIi the enemy of our enemy, Nazi Germany was our friend After WWII When the imperialist USSR dominated eastern Europe they were our enemy again Before Russia went Communist Russia was our friend! They even sold us Alaska They were our allies at the beginning of the Great War, the war to end all wars When Russia became Communist and surrender to Germany and promoted an international revolution against capitalism
Comment from : William Carter

Marxism and its derivative Communism has shown to be the totalutarian hell that we should all fight against
Comment from : ScotsmaninUtah

I cant believe you are pushing this crap Jimmy Im incredibly disapointed in you here
Comment from : Jack of Spades

Dr Wolff makes great points BUT… ‘The people’ extremely rarely get together to form coops with their own assets…they always seem real keen to do it with other peoples assets and goods up till they have enough that they themselves want to hide away and not share etc… Why don’t workers get together now and implement whatever they wish together? Because it cannot work unless we restrict other businesses and rights in increasing amounts to support these coops where eventually no one wants to work etc… until we can have free labour via robots say, I think Marxist theory would be madness to implement as it will remove any incentives for the most productive, effective, creative etc…brthere are gaping holes in Marxist theory and it must be left alone until labour for the most basic tasks at least is free and not dependent on human effort, sweat, personal sacrifices etc…
Comment from : stephman02

That's what Jordan Peterson says Its human nature no matter what system
Comment from : Michael Matthews

This man should run for President
Comment from : PoopyMcbuttwipe

The EU itself is a big ass free trade agreement which is absolutely capitalism on PCP much like NAFTA but a bit worse
Comment from : Danielle Murphy

The owner class are the ones who own the capital (in the microeconomic and macroeconomic views)
Comment from : Danielle Murphy

City govts are as corrupt and shitty as Congress
Comment from : Danielle Murphy

Jimmy Dore: I present you, the audience, an economics professor who finds Marxism usefulbrMe: Jimmy, the professor seems to be living example of oxymoron
Comment from : Daily Life Solution

American monopoly of the Atom bomb gave them courage to try to upend the USSR
Comment from : John Weerasinghe

I really don't know where to start, I'm just a guy who for some reason stumbled upon this while exploring the internet Please ctritize and question this idea/theory because I'm definitely missing somethingbrbrI know a lot if this is found in Marxism or socialism etc (This is where these ideas have come from) but why don't we have a law that would make companies distribute 50 of net revenue (after taxes, material costs, etc) evenly to all employees This would be additional to their existing salaries, with also adding a law so an employee could only be paid up to 10x the lowest paid employee's salary brbrTake this example:brbrThe Royal Bank of Canada brbrNet Revenue: $16 05 000 000 cdnbrTotal employees: 85 301brbrHypothetical Employee Entitlement: $8 025 000 000brGross Compensation Per Employee: $94 078brbrFor context, the average frontline employee grosses and average: $31 200 brbrNew Total Compensation: $125 278brbrbrbrYou would literally increase the buying power of the lowest paid employee's by almost four fold, which obviously is the majority of employees It would be proportional to the work completed as well since everyone is required for this to function well, and if it does everyone should benefits brbrI also understand hard work and talent needs to be rewarded, but we also have to acknowledge just how unfair it is to reward people based on either genetically inherited intelligence or the privlage of opportunity But as I stated previously you would still maintain the base salary you had previously earned meaning you will still have additional compensation brbrThis is income that could also be tax free since again this is money already not going to the government so our current systems could stay in place and be maintained Personally I believe a lower tax percentage would suffice, potentially having an arbitrary percentage that is equal to a governments tax increase by say 10brbrAgain, this feels almost juvenile given how simple this is which is why I am posting this to hopefully be proven right, but at the very least discussedbrbrAlthough I think a final important note to make here is what is humanity's goal when existing on the planet together? Is it simply to work and consume while allowing corporations to accrue ever more wealth? Or potentially, could it be to provide everyone equal opportunities, with real freedom to allow a person chose how they spend their limited life herebrbrbrThanks for reading!
Comment from : DrCreative

who cares about foreign law, cherry picking BS let the best rise to the top
Comment from : Alfred E Viggiani

we have a self correcting system, a system that follows demand, capitalism and freedom, can't have one without the other
Comment from : Alfred E Viggiani

your analogies are amazing
Comment from : Alfred E Viggiani

I don't agree with Marxism or Communism, or many of Wolfes' points, but I appreciate an actual explanation of it
Comment from : TheImperishableSource

most people qualify for food stamps wages are so so so low fo all jobs even educated professional jobs revolution!
Comment from : Imminent Hope

it is the same logic because democracy is communism NOT capitalism capitalism is fascism--tyranny we are working for feudal lords--dictators! we are wage slaves and we have no rights or votes not in the feudal company or the country our votes are meaningless congresspersons represent corporations and plutocrats and financiers not us they would sooner torture and kill us than fulfill the demands of 70 of the nation There is no republic! there is no democracy A worker cooperative is a democracy and that shows society MUST be organized democracy is communism communism is democracy capitalism is fascism The spirit of the US constitution bends toward socialism and communism--democracy of the people, for the people, by the people general welfare, commerce clause post roads emoluments clause the 9th amendment 13, 14therefore, our corporate representatives in office are all criminals and traitors of the nation that must be prosecuted
Comment from : Imminent Hope

How can anyone agree with this genocide supporter?? Go arround eastern europe and ask around what they think about this ideology?? They hide behind feelgood phrases like "power to the people" when actually it always ends up with starving people and power to the party How can they be so arrogant?? I fucking hate how these morons think their ideology is better than fascism Even monarchies are better than marxism
Comment from : Inpuscatu George

Why would we solve any problems with Jeff Bezos' $65 billion that we already aren't able to solve with the trillions in taxes?brbrFocusing only on his wealth ignores the value he brings to the economy It's crazy to ignore how much value Amazon creates If we close Amazon tomorrow is society better off?
Comment from : Stacy Liddell

How many working Refrigerators do the North Koreans have? At least we can fix and buy one if we want
Comment from : Bill

MARXISM SUCKS
Comment from : Anthony Enos

Can't stand this guy We've seen the millions of deaths in Russia, China, N Korea under communist rule We no longer have a free market capitalism economy It's slowly been changed under Progressives policies that TO allow monopolies to control everything While the Democrat 1 keep getting richer, Bezos, Gates, Bloomberg, why is Wolfe complaining about what his party has done?
Comment from : Melissa Richter

I have pictures of gulags, mass Graves, starving children, bodies in the streets that isn't such a thin argument against Marxism 100 million souls in the last century worth of evidence And you accuse others of failing to learn from the past As imperfect and inequal as capitalism is, it is far better than the alternative you propose It has been tried repeatedly Want workers to control the means of production? Gather a group of like minded individuals, pool your resources, start your own business Do well
Comment from : Mase M

Good interview thanks Another professor of economic theory is Michael Hudson It would be great if you interviewed him
Comment from : Deborah Harris

I like ya Jimmy, but come on… end world hunger for 30 billion dollars That is about 4 dollars per person… Ok, I get it, you only take Bezos’s money that is ‘just sitting there’ and ‘give’ it to the hungry Ok, and how does that end world hunger the next time?
Comment from : What A Crazy Ride

This blew my mind what a superb speaker
Comment from : LoveLife

"But it's his!!!!!!"
Comment from : Lostintime

Hypothetically, you can't make decisions on how your house (literal house) is built or if you can sell the house and you can't decide to keep the money you get by selling the house unless the people that helped you build it give you approval brBut this point of producer, consumer and labourer together running a company is fine IMO for a "publically traded" company
Comment from : mI Ka

Awesome, well saidbrbrPlease read Das Kapital guys Dont even have to be a communist to see the problem, and making friends with communists doesnt at all mean we have to become stalinistsbrThey were right about the financial system and we have to change Marx was there to help
Comment from : Rederick Froders

I watched this when Jimmy first posted it, and again today I find myself yelling in my home in agreement as I watch thisbrbrI know it's not practical, but god I wish Jimmy would have Richard on every other day just to talk about anything and everything Hell, imagine what a dynamite show it would be if it were co-hosted by these 2 champions of the people
Comment from : Mike Appleyard

Worker coops are great, but Marx was not the biggest fan of them and presenting coops as Marxism is just plain wrong
Comment from : Brain Jar

Europe, and particulary northern Europe, have imixed/i economy It's more similar to capitalism, but every business must follow strict rules to ensure fair competition and preserving the workers rights
Comment from : MrViking

"I'm an economist so I ought to know this" Yet he doesn't understand that without people there's no economicsbrEverybody can choose to be a leader, but they can't all lead at the same time Thats the big flaw with marxistic economics It's like having five steeringwheels in a car It just don't work!
Comment from : MrViking

Love the way jimmy and Richard break down the extreme wealth inequality of capitalism and the psychopathic nature of the corporate elite
Comment from : Robert Murdock

Dr Wolff is always a pleasure to listen to, great stuff
Comment from : Alan Cantu

Wonder how Cubans who are fighting for freedom from Govt control would like listening to these spoiled morons preach about how great socialism can be
Comment from : Ry Mo

If someone knows the government is going to take or redistribute their wealth they do not have the motivation or interest to work and be competitive Also if you told Jeff Bazzos or any other billionaire you are taking half his money they would rightfully move to a different country
Comment from : Jeff Stepp

Wow Jimmy’s hair looks so much better since he stopped dying it‼️❤️
Comment from : Jraymiami

Not to mention… IT WAS THE RUSSIANS WHO WON THE WAR‼️Over 20 million Russians died in that war and yet USA makes them the boogeyman‼️
Comment from : Jraymiami

This guy has an idealized view of the alliance between America and Russia
Comment from : wendigoDEAD Patterson

What a dumb ass!
Comment from : Kevin F

If we took his moneybrWhat do you call taking something that does not belong to you?
Comment from : Garry Loper

There is no greater injustice is making unequal things equalbr So your contention is lazy and lackadaisical people who make bad decisions should live as well as a person who works their ads off and makes good decisions?
Comment from : Garry Loper

Nice to hear an American finally make this basis observation Shame you have to be specialised in marxist economics to question unlimited free market mechanism hahahah
Comment from : wonne wils

Communism has killed more people than the holocaust Marxism is a failed ideology that should be left in the annuls of history where it belongs
Comment from : Mark Wilson