David Harvey "The End of Capitalism"
 

If you have never seen this, it is worth watching.

https://www.youtube.com/watch?v=sSBNTgWnJ3c

I am interested in hearing what you think about it.

I think he is right on but don't expect the capitalists here to ever start thinking as I truly doubt that they are capable of rational thought.

Is there a Cliff Notes version?:D

While capitalism has its flaws, it's still the best way yet devised to allocate resources, though does require some degree of regulation.

The principle resource that capitalism allocates is capital.

And we've seen where that leads.

John

Yep, better wealth creation and societal development than any other known methodology. It may have its warts, but it beats all known alternatives.

The warts are deadly to many without income redistribution, which cannot occur when the politicians and capitalists share the same bed.

Redistribution is a kludge. The idea is better distribution in the first place.

How would this better distribution idea work?

So you say you want a revolution...

A large portion of it can be accomplished through the tax code and returning to a time when being paid in stock was illegal.

John

Capitalism: defined return to labor (wages), all surplus goes to capital.

Communism: all surplus (in theory) goes to labor, no return (in theory) to capital.

My Way: Labor and capital split surplus in ratio to contribution.

As determined by whom?

John

Meet the new boss
Same as the old boss

Restore the labor unions and let them negotiate with management. Currently management has the deck stacked in their favor.

By law, and so by lawyers, and accountants. At some firms it would be smooth, at others there would be big fights....

Please watch some of it, it is fascinating and there are better ways. There are so many things that could happen to make our lives better.

That may be true, but getting them through the body politic is another issue altogether.

Unfortunately, people under 30 are screwed on the job venue. The economy is growing for the financial tricksters but the rest - you know.

It depends on your major. All three of my kids have had no problems getting exactly the jobs they wanted in the past 5 years (all are engineers) and each entertained many offers.

Finn, I'm fully willing to accept that your kids are exceptionally talented. Probably 95th percentile or better in the math SATs, right? And they had family tradition to build on, a secure economic background, and parents who understood what a technical education requires and helped them along. God help us if all those advantages can't pave the way for success.

Do you suppose it's valid to want the economy to work for the other 95% too?

I was responding to the assertion that "people under 30 are screwed on the job venue." If you major in the right discipline, this is not even remotely true, regardless of where you find yourself on the economic spectrum.

In fact, minority kids in technical/scientific disciplines are in even higher demand that middle-class kids and are virtually guaranteed multiple job offers. I personally have been on multiple recruiting trips to traditionally black universities as well as the University of Mayagüez in Puerto Rico actively seeking out minority kids with engineering degrees, while deliberately ignoring graduates of prestigious universities.

It is, of course, true that minority kids need to want to go to school and study in order to succeed. I'm not sure what can be done to inculcate these values, but I can't help but think the best place to start would be with their own families. FWIW, my son's two best friends are first-generation Nigerian and Haitian-American engineering graduates of Florida A&M (a traditionally black university). Their parents came here from their native countries with hardly a dime in the pockets and without formal education and their sons are now highly successful Professional Engineers (one is mechanical, the other electrical).

The fact remains that everyone can't be engineers. What's your solution for the bottom half of the bell curve? Odd jobs off the Internet at pennies a shot? See Robert Reich collum in my paper today: The Share the Scraps Economy

I expect that question to come from Sancho Panza. :D

Sancho had a pretty good 'personal assistant' type job. So I suppose far from asking the question, he'd offer that as the answer.

I'm not sure I have the answer, yet I do believe that it's mostly only possible to help those who are also willing to help themselves (in areas such as career development).

The thing is that despite the Great Depression we always had food on the table. I also had a father that taught me, well Mom taught me also but that had more to do with behavior. So when I showed up at school my stomach was full and I had a decent night's sleep. This is not the case with a lot of children today.

Plus we did not have all those "experts" telling the teachers how to teach which was a distinct benefit.

As for engineers well the IEEE did make me a full member and suggested I really should apply as a senior member.

So, those who are poor lack ambition and character and proper upbringing, so it's really all their fault and we need not concern ourselves?

Some of them. I know a few.

I guess it depends on whether you think we should continue our policies reflecting a "soft bigotry of low expectations."

Depends upon which side you are on, left or right.:D

I'm not saying they should. OTOH, it makes perfect sense to me that those getting an education or vocational training in furtherance of their career ambitions should study something for which there is a demand for workers. Unless I'm mistaken, a degree in Underwater Basket-weaving won't result in prospective employers beating a path to your door.

Have you polled those in possession of that degree. You might get a surprise.

John

No, but I've heard that a degree in Underwater Tennis Shoe Repair is also pretty worthless. Almost as worthless as one in art history.:eek:

That's all true only if you conceive of worth as economic worth, exclusively.

That's not to say I'm not all for education that is well-designed for vocational applicability, and for much better guidance and counseling along these lines. Vocational counseling of students is, for the most part, a very bad joke.

Additionally if too many people became engineers then...

Seriously, I don't mean to rag on liberal arts education. All education is good.

OTOH, I have several friends' (very smart) kids who went to expensive private schools majoring in Chemistry, Physics, Engineering, Business, etc., do very well, and then, on a whim, change their majors to Psychology or History in their junior years and then complain when the only jobs they can find upon graduation are waitressing and bartending (after having spent $250K on a degree). Worse yet, they move back into their parents' erstwhile empty nests.:eek:

Listen, what with climate change and all, these bathic disciplines could become extremely important.

John

JI, mentioning deserving poor is instant and total death. We must coddle all.

ROTFLMAO! Learning a desirable skill it an option now if you haven't heard. Vocational skills for non professionals is a slur, because wrenching or sawing is a minimum wage job?

True though that a liberal arts degree and the 'right thinking' might get you a pension, meaning a government job.

Everything would be incredibly convenient and elegantly brilliant and totally devoid of soul? :eek:

An engineer would disagree about that too :p

Pete

It does suck here that all work is not afforded the same dignity and benefits. I was impressed by the German system whereby all work from department store clerk to plumber to lawyer are have their own career ladders, training, apprenticeships, etc. Then again, more is expected from every trade in terms of professionalism and competence.

It was amazing that at a department store, the floor personnel had undergone training/apprenticeships and fully understood their merchandise, from stitch count, to fabric to button material on every item of apparel. Everybody has health insurance and everybody, from the janitor to the CEO, has the same amount of vacation time.