True Capitalism is Universal Access, says Wendell Pierce

  1. if you wont equal access to good schools and capital, you should be in favour of school choice, and against dodd-frank and bank bailouts. And these arent democratic policies they're republican

  2. Current societies can be dumbed down into capital and social equality. For capitalists, equality is a means to capital. For socialists, capital is a means to equality. Surely, we can coexist.

  3. "It is not a radical idea to say if a person works 40 hours a week, that person should not live in poverty."
    -Bernie Sanders


  4. very good.
    the question for me is, how do we put an end to being led by the least among us?
    The US, UK and EU are all led by psychopathic people who's behavior can be seen as being more like a cancerous tumor than human.
    we have business leaders like bill gates who had the balls to sponsor a talk that said that gmo's are the same as selective husbandry that has been practiced forever.
    more scary was the ted talk he did stating that his vaccination program is the means to reach the end of a declining population. Any fuckwit can kill and that is exactly what psychopaths often do because they are incapable of connecting with anyone outside of their own immediate self interest.

  5. Very well said. This is why distribution is the problem and also the resistance to progress and improvements.

  6. Equal access to resources is indeed a corner stone of a free market. The ideological fathers of capitalism such as the Physiocrats, Adam Smith and Ricardo all saw access to the natural resource of land as the most fundamental of economic principles and advocated the taxation of the monopoly rights to exclude others from these as 'the natural source of government revenue.
    The confusion has come from faux libertarians and neoliberals alike conflating land and capital, and so called progressives focusing upon taxes upon wages and capital rather than distinguishing between productive and unproductive investments.
    The whole narrative has become corrupted from this basic insight, and the problem now is not rampant capitalism but neofuedalism.

  7. < free education
    < paying for the employees and other funds needed without shitty taxes that kill the middle class
    choose one although it's already happening

  8. Capitalism, as the name says for itself, puts capital above all else. It is an economic system, and as such, it constitutes a way allocating production and access to goods and services. It uses markets and its prices in order to be able to allocate those goods and services. In such markets, one only has access to goods and services if one has the means to afford it, and the most common way to get that money is by access to another market, the labour market, where one does not get the fruit of its work, but rather what comes out of the negotiation with the owners (or its representative) of the means of production.
    Basically, capitalism inherently leaves people out of the race.
    Doing reforms while maintaining the system will not solve the problem in the long run.
    A revolution is needed, to put people and the planet above capital status.

  9. Love you Wendell, but you're all over the map on this one. The best I can tell is that you mean capitalism to mean creativity. But the best in a nutshell description of capitalism I've seen came from someone describing China's move away from Marxism, "We're all greedy self serving assholes and nature seems to like it that way." History is FULL of GRAND PLANS for how society should order itself, starting out with mysticism since we didn't know how nature worked and thought sacrificing a goat would help, or something a little more visionary like Allah telling Mohammed about the perfect, harmonious Ummah, or the Chinese with their Confucianism. As our population, mobility and technology increased we became aware that the economic aspects of our grand plans were very undeveloped, because they hadn't needed to be for the most part. Even an economic giant of the ancient world like China put the merchant class on quite a low rung of society, and had very little in their philosophies that pertained to economics. The great Caliphates (particularly the Abassids) addressed these issues a little further and created Islamic Finance. It wasn't until the industrial revolution however that economics became a school of thought in its own right. Even what we now call Mercantilism was really just economies being forced to serve newly emerged ideas of nationalism that were replacing ideas of monarchy, monarchies only really seriously limited trade between faiths rather than nations. Most of our Grand Plans in history fail though. And capitalism is really just an umbrella term for what we're left with after we get rid of what didn't work. It turns out that a few of the things that consistently work, or fail to fail, is private ownership (solves many of the problems of The Tragedy of The Commons), capital accumulation (because economies of scale are a real mathematical thing), profit (cut the high-minded bullshit, we're selfish, it's better to be honest than to have good intentions, especially if one comes at the expense of the other), and a relatively independent 'system of money'. Economies are studied not invented. Basically, Adam Smith (i) heavily criticized Mercantilism (a high level of government control of trade), and then (ii) gave the name "capitalism" to just about every economic activity that wasn't controlled by and for the profit of said governments.

  10. Capitalism as pure competition leads to child labor in third world countries. So long as someone is paid cheaper somewhere, manufacturing will happen there.

  11. As is often the case with these ruminations, Wendell Pierce is conflating two important but ethically and politically different concepts: agency and ownership.

    Capitalism is based on a particular construct of ownership and control. This only confers greater "opportunities" for agency on those who own. Equality of opportunity is always in conflict with uncontrolled (unregulated) ownership.

    I really wish social commentators would stop reifying "opportunity" as if it is a thing that exists and can be handed over to people in isolation from the factors that cause it to exist or not exist for people.

    Capitalism is simply the ability to own the means of production. There isn't some special "true" form of capitalism that is somehow dependent on 'universal access'. Capitalism is in fact predicated on the uneven distribution of a very specific kind of "access" amongst a population of economic actors.

    This talk is a purely rhetorical and emotive assertion. I assume it's driven by the fact the capitalism in the U.S.A. is an utterly valorised and and normative concept, and anyone who wants to attenuate its less desirable consequences has to sidle up to it disingenuously and avoid challenging its myths – if they expect others to listen.

    But in the end, this is magical thinking – it makes us feel better, but takes us nowhere.

  12. Yeah, right. Look, what is now… this is no longer "capitalism". It is something else – call it "mutacapitalism", no more "true capitalism" for ya, folks. You don't need to be mr. Wallerstein to say this world-system is coming to an end – that is obvious, you can weep and cry for "true capitalism" all you want. The real problem is – what comes after, cause this will be scary.

  13. True Capitalism is when the economy is allowed to regulate itself. What this guy is talking about IS socialism, despite his denial. He's simply trying to sugar-coat it because he knows that the vast majority of Americans hate socialism.

  14. Only problem is, for the sake of profit, products created through capitalism are already obsolete and are designed to fail. Durability, efficiency, effectiveness, all of these are enemies of capitalism. A system based on endless growth is totally unsustainable. We live in a world of FINITE amounts of resources, and capitalism does not allocate these resources at all. At least not intelligently. Point is, we really need to change the system. Change it to one that is mindful. We have the technology. We have the intelligence. We also have the compassion. But the ones in charge right now don't have the passion for change because they are not living tough lives. They will never know the struggles of being in poverty. The reason so many bad things happen is because of what poverty makes people do. After all, what do the ones in poverty have to do otherwise? Participate in a system that dooms them right from the start? It makes it incredibly hard for somebody in poverty to get ahead in the system we have. Almost everything pushes back against them. And capitalist society in the United States has caused most people to look down on the people in poverty as if it were a joke, like they want things better for themselves they should work harder. Well thanks to capitalism, it is not a fair system that offers opportunity to all. Only some. The fortunate ones that are not born into poverty. What we need is to take all the good, meaning ethical, ideas from all sorts of country management styles and combine them into one system that helps everyone. And if you say it is impossible to help everyone, YOU ARE SO FUCKING WRONG IT IS SICK. Because it has to do with the values nations hold.

  15. I'm sure he's intelligent and all, but looks like he didn't prepare what he was really going to say.

  16. i dont like this democratic socialism stuff personally, but i ADORE the analogy to jazz improvisation. most people wont understand the significance there but i do really like that explanation. whether it actually plays out like that or not is a different story

  17. Exactly. Framing the question as Capitalism v Socialism is wrong.
    The two aren't mutually exclusive terms. They cab be mutualistic.

  18. Capitalism and socialism can't coexist because each is mutually exclusive. Capitalism relies on a free market economy and the ability for individuals to determine how to live their own lives and spend their money how they'd like, and socialism relies on state force, regulation and theft of the money and products of labor from citizens. Socialism is ultimately corrupt, and it's ultimate goal is communism. Only through a powerful state are special interests able to legally impose their will on you. Without the force of the state backing them up, a state embraced by socialism and opposed by capitalism, they would hold no power over anyone. True story. Yeah I'll take capitalism and freedom any day of the week.

  19. A coherent definition of capitalism would have done this talk wonders. It's as though he is exploiting the vagueness of his language to skip important steps in logical thought.

  20. Anyone who dislikes socialism doesn't understand the term. It is the total democratisation of the economy. It is an economy based on cooperative enterprises. There are already over 30,000 cooperatives in the US, and over a billion people work in them worldwide (more than those who work for multinationals).

    It severely mitigates or ends child labour, the outsourcing of labour, disparities in pay between sexes and ethnicities, low wages, acutely high wages and bonuses, poor business regulation and the destruction of the environment, etc.

    To dislike socialism is to dislike freedom and liberty. You can't dislike socialism. Ergo, those who do simply don't understand socialism.

  21. If we would of lived in true capitalism, I am pretty sure the use of coal, gas would be way obsolete today in 2016.

  22. I Wish that could be true but I'm afraid it sounds better than what actually happens in Reality. Capitalism is a system of Competition. The Incentives in this type of system come at the expense of others Competing for Scarce Resources and 'Losing'. The only thing that can turn into what the Video is talking about is if you REGULATE the System like never before until it basically starts to look and operate like something else.

  23. This post also mentions egalitarianism, which is honestly the wrong priority. Who cares if the rich are significantly richer, so long as the least of us has been pretty much lifted out of poverty, which honestly is quite the case, if we actually compared living standards to just a few decades ago.

  24. we stepped away from true capitalism as in we moved away from truly free market as well as society that wasn't weighed down by regulations and barriers to entry. something that in my opinion, does even more damage than the poverty trap created by a significant welfare state.

  25. True capitalist is like true power never shared and alway in control. Monopoly Dictatorship.Orwellain definition of capitalism

  26. People talk about the poor as if they have no responsibility of their own for their situation . The high school drop outs, the teen pregnancies , criminal records , the general lazy. The most fairest system you can have is allowing you to reap what you sow .

    Not all boats on a rising tide are sea worthy…

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