Speech by Prof. Noam Chomsky on the role of the state in capitalism and the myth of "free markets". He talks about how the state protects the "Military Industrial Complex" as subsedizes it to maintain control over the society.
Capitalism in the neoliberal version has exhausted itself. Financial sharks do not want to lose profits, and shift the main burden of debt to the retirees and the poor. A ghost of the "European Spring" is haunting the Old World and the opponents of capitalism explain people how their lives are being destroyed. This is the topic of the article of a Portuguese economist Guilherme Alves Coelho.
"America worships the idea of capitalism but there have been many fundamental paradoxes and contradictions in terms of how it's actually practiced," says Gillian Tett, U.S. managing editor of The Financial Times. The 2008 crisis "has forced us to rethink a lot of our assumptions, not just about Wall Street but much more broadly about how we run the economies."
Personally, I think the greatest possibility lies in bringing together the ecological crisis and the economic crisis. I see climate change as the ultimate expression of the violence of capitalism: this economic model that fetishizes greed above all else is not just making lives miserable in the short term, it is on the road to making the planet uninhabitable in the medium term.
From seed to plate, our food system is now even more concentrated than our banking system. Most economic sectors have concentration ratios hovering around 40 percent, meaning that the top four firms in the industry control 40 percent of the market. Anything beyond this level is considered "highly concentrated," where experts believe competition is severely threatened and market abuses are likely to occur.
In a recent article, Salon reported that the Occupy movement is planning to begin a nationwide action protesting the foreclosure crisis, called Occupy Our Homes. Whatever your views of the movement itself, they are casting a bright light on the place where capitalism, our democracy, and our society have all failed: the housing crisis. The financial crisis effectively started with the housing crisis, and it will not end until we find a way to resolve the housing crisis.
When I studied business in the early 1960s at Columbia University, the concept of a successful and highly regarded corporation was one that balanced maximizing profits with keeping its many constituencies content - and by constituencies I mean the shareholders, who own the company, the employees who make it go, the customers that buy the products - and last but not least - the community that supports the company and in return gets help and contributions to remain vital.
Criticism of capitalism has increased in recent months. Protest movements, such as Occupy Wall Street, are outraged at the excesses of bankers who, according to the protesters, bear the main responsibility for the current economic crisis - but apparently are not being held responsible. A growing number of voices from different parts of society are now showing solidarity with the anti-capitalism activities and reflecting the widespread frustration felt by citizens.
Nicholas Kristof of Ney York Times says, "while alarmists seem to think that the movement is a 'mob' trying to overthrow capitalism, one can make a case that, on the contrary, it highlights the need to restore basic capitalist principles like accountability."
Yes, there always going to be rich and poor. But we used to live in country where rich owned factory and make 30 times what factory worker make. Now we live in country where rich make money by lying about value of derivative bonds and make 3000 times what factory worker would make if factories hadn't all moved to China.