Capitalism vs. Socialism | Glenn Loury, LaJuan Loury & Richard Wolff | The Glenn Show
When Karl Marx Made the Case for Capitalism
“According to Marx, history unfolded in a grand series of stages, each defined by its dominant mode of economic production and each specifically arising to replace the one that preceded it. “In broad outlines,” he wrote in the preface to A Contribution to the Critique of Political Economy, “ancient, feudal, and modern bourgeois modes of production can be designated as progressive epochs in the economic formation of society.” Capitalism, in other words, was a historically necessary step in human progress.
The great revolutionary forces unleashed by capitalism, Marx thought, would in turn form and shape a self-aware proletariat class that would ultimately lead humanity into a glorious communist future. But that would happen only after capitalism had worked its magic. “No social order ever perishes,” Marx maintained, “before all the productive forces for which there is room in it have developed.””
“Marx not only welcomed capitalism’s creative destruction of feudalism and slavery; he recognized and even championed capitalism’s essential role in human advancement. With free labor on the march, Marx argued in his 1861 essay “The North American Civil War,” the peculiar institution faced ultimate extinction “according to economic law.””
Declining Faith in Both Capitalism and Socialism Leaves … What?
“”I know that some people in the U.S. associate the Nordic model with some sort of socialism. Therefore I would like to make one thing clear. Denmark is far from a socialist planned economy. Denmark is a market economy,” then-Danish Prime Minister Lars Lokke Rasmussen commented in 2015. “The Nordic model is an expanded welfare state which provides a high level of security for its citizens, but it is also a successful market economy with much freedom to pursue your dreams and live your life as you wish.”
“So, what is the catch you might ask. The most obvious one, of course, is the high taxes. The top income tax in Denmark is almost 60 percent. We have a 25 percent sales tax and on cars the incise duties are up to 180 percent. In total, Danish taxes come to almost half of our national income compared to around 25 percent in the U.S.””
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Why investors suddenly care about saving the environment
“Here’s a big number: $44 trillion.
That’s how much of the world’s total economic output is dependent on animals and ecosystems, according to the World Economic Forum. Insects pollinate commercial crops, coral reefs protect coastal buildings, wetlands purify water, and all of those services — and more — help fuel economic growth.
If the economy is embedded in nature, then the global decline of wildlife and ecosystems is a risk for companies and investors alike. If insects vanish from farmland, say, farmers might have to pay to import pollinators or produce less, which hurts their bottom lines. That’s one reason why WEF ranks “biodiversity loss” as the third most severe risk to the economy over the next decade, after failure to act on climate change and extreme weather.”
“Three-quarters of the world’s food crops (and a third of global crop production) depend to some extent on pollination from birds, bees, and many other insects and small animals. And some insect populations have fallen by more than 70 percent in just a few decades. In fact, there are farmers in California who already pay to import bees because there aren’t enough local pollinators. That could eat into investor returns.”