Wednesday, 16 March 2016

Documentary: "How Capitalism is Killing Itself"

In this short documentary released early in 2016, Professor Richard D. Wolff, Marxist economist and Professor Emeritus of Economics at University of Massachusetts, gives a concise and captivating overview over the origins of our capitalist society and its impact in the world.  North America, western Europe and Japan were the center of capitalism where industries and factories were concentrated and high wages were paid to its employees. But while growth was getting bigger, workers demanded rising standards of living. As a result, by the 1970's developing countries seemed very attractive for production, as the return on investment would soar given the cheap work force in countries like China, India or Brazil

Nonetheless, the Professor interprets the strong support for socialist Bernie Sanders, Democrat candidate to the White House, as a sign of rejection to the capitalism system that is said to have been part of the origins of the financial crisis.

Wolff argues that we should reorganise society instead of dealing individually with problems such as homelessness and inequalities. "The society as a whole should own the means of production, the factories so that its production is distributed roughly equally," he argues defending a collective system of ownership. 

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