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Prof. Richard Wolff: What happened to the Left and why?

submitted by radx

1 decade 3 months 1 week ago

The short review of Piketty's book "Capital in the Twenty-First Century" starts at 33:08 and leads to Wolff's somewhat provocative conclusions, which are excellent food for thought, as always.

However, if a Marxian perspective does not sit well with your stomach, don't bother hitting the play button.

3 Comments

*promote!

Promoting this video and sending it back into the queue for one more try; last queued Monday, February 17th, 2014 9:11am PST - promote requested by enoch.

Fascinating to hear the history of this.

Around his point of the labourer being paid less than their worth: I think he closes over the point of "capital" in the first place. No matter what you produce, be it cars, hammers, phones or even intangibles like software or movies, someone had to invest money in it or there would be no output. Simply saying that the initial investment is in the value of the output is gross oversimplification (ignoring the reality of things like time for return on investment, etc.)

I would consider myself fairly left leaning, but even I don't have a problem with that. What I DO have a problem with is how inequal it's become.

It used to be that an employee was paid x% of their value add. These days it has been repressed down to .5x%.

Add to that, large parts of the economy produce nothing, simply shifting money around generating capital that is grossly disproportionate to their economic input (i.e. they're making lots of money, but not employing people or buying plant).

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