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Marxism 101: How Capitalism is Killing Itself with Dr. Richard Wolff - YouTube
"Despite a concerted effort by the U.S. Empire to snuff out the ideology, a 2016 poll found young Americans have a much more favorable view of socialism than capitalism.

Though he died 133 years ago, the analysis put forward by one of the world’s most influential thinkers, Karl Marx, remains extremely relevant today. The Empire’s recent rigged presidential election has been disrupted by the support of an avowed socialist, Bernie Sanders, by millions of voters.

To find out why Marx’s popularity has stood the test of time, Abby Martin interviews renowned Marxist economist Richard Wolff, Professor Emeritus of Economics at UMass - Amherst, and visiting professor at the New School in New York.

Prof. Wolff gives an introduction suited for both beginners and seasoned Marxists, with comprehensive explanations of key tenets of Marxism including dialectical and historical materialism, surplus value, crises of overproduction, capitalism's internal contradictions, and more."
richardwolff  karlmarx  academia  academics  capitalism  accounting  us  inequality  communism  socialism  marxism  berniesanders  labor  idealism  materialism  radicalism  philosophy  dialecticalmaterialism  humans  systems  change  friedrichengels  slavery  automation  credit  finance  studentdebt  poverty  unions  organization  systemschange  china  russia  ussr  growth  2016  power  democracy  collectives  collectivism  meansofproduction  society  climatechange  environment  sustainability  rosaluxemburg  militaryindustrialcomplex  pollution  ethics  morality  immorality  ows  occupywallstreet  politics  corruption 
november 2018 by robertogreco
American Capitalism’s Great Crisis | TIME
"America’s economic problems go far beyond rich bankers, too-big-to-fail financial institutions, hedge-fund billionaires, offshore tax avoidance or any particular outrage of the moment. In fact, each of these is symptomatic of a more nefarious condition that threatens, in equal measure, the very well-off and the very poor, the red and the blue. The U.S. system of market capitalism itself is broken.

[…]

America’s economic illness has a name: financialization. It’s an academic term for the trend by which Wall Street and its methods have come to reign supreme in America, permeating not just the financial industry but also much of American business. It includes everything from the growth in size and scope of finance and financial activity in the economy; to the rise of debt-fueled speculation over productive lending; to the ascendancy of shareholder value as the sole model for corporate governance; to the proliferation of risky, selfish thinking in both the private and public sectors; to the increasing political power of financiers and the CEOs they enrich; to the way in which a “markets know best” ideology remains the status quo. Financialization is a big, unfriendly word with broad, disconcerting implications.

[…]

The changes were driven by the fact that in the 1970s, the growth that America had enjoyed following World War II began to slow. Rather than make tough decisions about how to bolster it (which would inevitably mean choosing among various interest groups), politicians decided to pass that responsibility to the financial markets. Little by little, the Depression-era regulation that had served America so well was rolled back, and finance grew to become the dominant force that it is today. The shifts were bipartisan, and to be fair they often seemed like good ideas at the time; but they also came with unintended consequences.

[…]

This sickness, not so much the product of venal interests as of a complex and long-term web of changes in government and private industry, now manifests itself in myriad ways: a housing market that is bifurcated and dependent on government life support, a retirement system that has left millions insecure in their old age, a tax code that favors debt over equity. Debt is the lifeblood of finance; with the rise of the securities-and-trading portion of the industry came a rise in debt of all kinds, public and private. That’s bad news, since a wide range of academic research shows that rising debt and credit levels stoke financial instability. And yet, as finance has captured a greater and greater piece of the national pie, it has, perversely, all but ensured that debt is indispensable to maintaining any growth at all in an advanced economy like the U.S., where 70% of output is consumer spending. Debt-fueled finance has become a saccharine substitute for the real thing, an addiction that just gets worse. (The amount of credit offered to American consumers has doubled in real dollars since the 1980s, as have the fees they pay to their banks.)

[…]

Remooring finance in the real economy isn’t as simple as splitting up the biggest banks (although that would be a good start). It’s about dismantling the hold of financial-oriented thinking in every corner of corporate America. It’s about reforming business education, which is still permeated with academics who resist challenges to the gospel of efficient markets in the same way that medieval clergy dismissed scientific evidence that might challenge the existence of God. It’s about changing a tax system that treats one-year investment gains the same as longer-term ones, and induces financial institutions to push overconsumption and speculation rather than healthy lending to small businesses and job creators. It’s about rethinking retirement, crafting smarter housing policy and restraining a money culture filled with lobbyists who violate America’s essential economic principles.

It’s also about starting a bigger conversation about all this, with a broader group of stakeholders. The structure of American capital markets and whether or not they are serving business is a topic that has traditionally been the sole domain of “experts”—the financiers and policymakers who often have a self-interested perspective to push, and who do so in complicated language that keeps outsiders out of the debate. When it comes to finance, as with so many issues in a democratic society, complexity breeds exclusion. "

[via: http://finalbossform.com/post/146159698129/americas-economic-problems-go-far-beyond-rich ]
ranafarhoo  culture  economics  us  capitalism  banking  taxes  accounting  policy  politics  finance  banks  hedgefunds  inequality  financialization  wallstreet  debt  speculation  interestgroups  corruption  government  instability  regulation  democracy  markets 
june 2016 by robertogreco
What’s wrong with bean counting? - Steve Denning - RETHINK - Forbes
"It’s important to note what’s wrong with bean counting. It’s not that counting is wrong. Counting is good. We desperately need to know what’s working and what isn’t.

The problem with the bean counters is what’s being counted. It’s a focus on solely counting things, rather than dimensions of life related to people. It’s perfectly possible to measure dimensions like client delight and employee satisfaction, but the bean counters–and 20th Century business–focused on counting the beans.

Bean counting is the consequence of a view of the world as consisting of “things” to be manipulated, rather than people to be interacted with and conversed with and responded to.

The new economics counts the people dimensions as well as the beans. And guess what? Even in conventional bean-counting terms, the new economics turns out to be two- to four-times more productive than traditional management…"
economics  society  change  management  administration  numbers  statistics  accounting  accountability  accountants  people  leadership  standardizedtesting  whatmatters  tunnelvision  from delicious
february 2011 by robertogreco
For Most People, College Is a Waste of Time - WSJ.com
"Here's the reality: Everyone in every occupation starts as an apprentice. Those who are good enough become journeymen. The best become master craftsmen. This is as true of business executives and history professors as of chefs and welders. Getting rid of the BA and replacing it with evidence of competence -- treating post-secondary education as apprenticeships for everyone -- is one way to help us to recognize that common bond."
education  colleges  universities  learning  degrees  credentials  employment  work  apprenticeships  certification  accountability  accounting  testing  assessment  academia  society  culture  lcproject  change  reform 
december 2008 by robertogreco
Edge: ECONOMIC DIS-EQUILIBRIUM By George Dyson
"The unlimited replication of information is generally a public good... The problem starts, as the current crisis demonstrates, when unregulated replication is applied to money itself. Highly complex computer-generated financial instruments (known as derivatives) are being produced, not from natural factors of production or other goods, but purely from other financial instruments. When the Exchequer splits the tally stick in two, the King keeps the gold and silver, and you keep one half of the stick. Derivatives are the equivalent of splitting off (and selling) further copies of the same stick—or the "clipping" and debasing of coinage that led Isaac Newton to spend the later part of his life reforming the financial system as Master of the Mint. The result is a game of musical chairs that follows von Neumann's model of an expanding economic equilibrium—until the music stops, or we bring in Isaac Newton, whichever comes first."
economics  history  psychology  business  meltdown  banking  mathematics  finance  crisis  2008  markets  money  information  georgedyson  accounting  via:blackbeltjones 
october 2008 by robertogreco
Freelancing, finance, self-employment | Salon Life
"Tired of getting gouged on your taxes? Sensing an impending mental breakdown? Here are tips for the self-employed, from someone who feels your pain."
freelancing  business  glvo  entrepreneurship  finance  freelance  money  taxes  tips  accounting 
april 2008 by robertogreco
And Still I Persist » Blog Archive » Charting The Banking Crisis - A Boomerang Demo
"We decided to apply the Boomerang approach to this mass of data, adding in some ideas from the groundbreaking gapmider.org effort to create a dynamic overview of just how tough it’s getting for banks and their mortgage portfolios."
accounting  complexity  economics  banking  visualization  money  subprime  housingbubble  finance  history  information 
march 2008 by robertogreco
Mint | Refreshing Money Management
"freshest, most intelligent way for you to manage your money online. Not only is it free, it saves you money. While existing personal finance software require hours to set up, passion for accounting and hours of weekly maintenance, Mint is virtually effor
accounting  aggregator  banking  finance  money  webapps  freeware  household  web2.0  software  planning  tracking 
february 2008 by robertogreco
BBC NEWS | Technology | File-sharers forced to play fair
"Researchers have found a way to enforce good manners on file-sharing networks by treating bandwidth as a currency."
filesharing  p2p  bittorrent  copyright  files  socialsoftware  social  accounting  bandwidth  technology  currencies  net  sharing  media 
october 2007 by robertogreco

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