So important to understand... I was living in Italy in 2008 and saw first hand the repercussions of this "Austerity" imposed by the EU, IMF, World Bank, BIS etc., when the crooked Bankers used this excuse to bail out the banks own malfeasance. Thousands of small/med family owned businesses were destroyed and many more thousands were left unemployed and these properties were then bought up by monopolies at bargain prices while everyday people lost their jobs and then government safety nets, this destroyed entire peaceful communities and it was forced on peoples all over the world. This is exactly why Julian Assange is still in jail to this day, because he told people that this is what was happening.
Bravissima Clara! 👏👏 well explained, and above all eyes opening on the reality that Fascism and Liberal Democracy are just two make ups on the same face, Capitalism. Thanks heaven we do have young scholars like you, with a super solid background married to a remarkable rhetoric. That gives us hope.
Hate to tell you; history shows fascism and socialism are joined at the hip; "NazionalSocialism", remember? Only Swiss style direct democracy give people control of capitalists, socialists, lobbies and crazed acadamics.
As a European I hope the EU will do good to Europe and will serve as an umbrella to protect socialism as it will take a lot of experimentation to make it work. However while I do have an overall positive view of the EU I can see the potential dangers in it becoming a powertool for megacorps to crush competition so that's why we need to further the democratization of the EU and put in extremely harsh corruption legislation. With megacorps both private and state we need the EU to protect us. They also need to stop bailing out failing corporations. I think a big part of getting away from capitalism is to only protect people, not corporations. Not company should be too big to fail, it should be allowed to collapse completely and it's people helped to learn from their mistakes. I think no single company should be invaluable, there shouldn't not be any single point of failure that would bring down the whole economy.
Austerity pits worker against worker and transfers all power to the rich. The only answer is to organize and take it off the rich just as they have taken it off the workers.
It's like James Madison in The Federalist Paper No. 10 of The Federalist Papers was talking about. This is what Madison was talking about when he was talking about faction within Pure Democracies and why they're isn't such thing as Pure Democracies. This is also what Aristotle talked about was Mobocracy where everybody rules in everybody's interests even if it creates class antagonism and class struggle. This is what he called it to be Democracy. This is also what Plato talked about in his concept The Ship Of Fools where everybody wants to be the sailor of the ship but everyone does not know the art of navigation. Plato also said that people will attack and want to kill people who think otherwise than them. All of this is happening right now and this is the problem of what Madison penned as Pure Democracy. Their alternatives to this was polity and Federal Democratic Republics. Education, Philosophy, and Education Of Philosophy is something else and this video is evidence and proof of it. The Greek Philosophers was way ahead of their time and so as the old politician of our country.
I also think it is a way to create fake solidarity between capitalists and workers. To suggest that because capitalists made mistakes and are hurting workers should hurt as well. This makes the workers feel like they are companions of the capitalists even though it's not their fault. Misery loves company after all.
Wonderful!! I just ordered her book. I am so excited. Your observation that work should be actuallly a humanization process, rather than dehumanizing is spot on. The collective process and its benefits is my major interest.
Like on Star Trek. No one is motivated by money any more, there is none. Everyone has their material needs met and are driven to contribute to society because they want to.
How does that play out in terms of democracy ? Do workers actually vote on where investements should be made in the company in terms of marketing, inventory, technology, etc etc ?? I think this is the way of the future...but it will take a highly educated workforce.
I'm not very comfortable with the phrase "in terms of democracy". The notion that every individual in a corporation has the right to vote on the direction of the enterprise seems like a bit of a reach. There are committees, academics, and experts that can fill that role ,I should think . It's complicated for sure.
@@clarencerishworth3488 Yanis Varofakis describes 1 vote 1 share ownership/worker systems. Are you familiar with that? I guess you have to be careful who are to be considered "experts" and then to who's benefit is their responsibility. Can they truly (within a corporate environment) know what is best for the whole workplace? I would argue that there is a conflict of interest there.
I am not familiar with that idea because of my own ignoriance. I am a great fan of Varofakis. One question I would have is can shares be bought in the open market, by anyone who wants shares?
What a wonderful guest! Prof. Mattei speaks in such clear and concise terms that it makes it very easy to follow her, and I loved how energetic her delivery is. Hope we can see more of her in the future.
Prof. Mattei is one of the most energizing and insightful guests I’ve seen on the program and I strongly encourage y’all to have them back. Thank you very much for the show.
Thank you for your recent explanation of the retraites situation in France, Professor. I hope you saw Jon Stewart get Larry Summers to agree that the people who cause the crisies always get bailed out and its the workers who pay for it. Priceless.
Look no further than SVB and Credit Suisse. The six-figure managers and seven-figure CEOs that are failures get golden parachutes and workers get the shaft.
Wow, I'm so sorry I am 2 days late watching this video. Thank you very much Dr. Wolff for having Ms. Mattei speaking on this subject. Economics, I apologize, was my worse subject in undergrad, but I was a tax accountant so that's my excuse. LOL She makes the subject easier to understand which I am grateful for as I have been some very concerned about the rise of fascism here in the U.S. In the last few years.
Thank you for this weeks episode professor, I received my copy of Clara Matties book about three weeks ago and I am finding it the most insightful treatise into our western economy that I have ever read. The text clarifies so much that until now has been obscured by the establishment rhetoric, designed to keep the working population in check. Thank you both for your work to bring clarity and progress.
At first, when hearing her last name "Mattei", I mistook it for "Maté" and got over-the-top excited to Google if she was related to Gabor and Aaron, and I was preparing to have my mind blown like when I first discovered who Aaron was, lol. But... Nonetheless, I'm still just as excited to look into her work in much more depth! Thank you as always, D@W, for all the amazing work you do and for bringing us content that's free, enlightening, and accessible to all! It's one of the few places of solace and light in this dystopian nightmare world we're living in right now...
I had watched her lecture on New Economic Thinking and thought she was great. I love her historical perspective; maybe she'll do a deep dive on Gramsci for the 21st century -- excited about the "golden age" research, too! So glad to see Wolff bringing on younger colleagues to get their names out there. The older left who are serious NEED to be doing this -- boosting the serious people. We have no media, no infrastructure like the capitalists do. Keep going!
She is so engaging, brilliant and thought provoking. In addition to providing insights into how we got here, she offers sensible perspectives on readjusting our thinking for stepping into our collective power. 🙏👏🙌✊
Agree with concise. Michael Hudson is also an amazing economic teacher but l really need Wolff for a broad understanding of Marxist theory otherwise I'd soon get lost in the weeds. Those two economists seem to make the most sense to me.
So the person who wants to literally do the exact same thing Nazi Germany and The Soviet Union did should lead our country? Because last I checked, when they printed money uncontrollably and moved off a gold/good standard, no-one won except the stooges of the party. Read the reichsbank memorandum written by Halmar Schacht (written by an actual economist running an actual economy who tried to prevent a currency meltdown which would have lead to collapse, and said collapse is part of why Hitler invaded everyone when he did) Also, perhaps in order to achieve austerity, governments should cut back on the irrelevant things... like the military industrial complex, tax breaks for "certain" industries and in some nation's negative gearing. Final point, if we as individuals necessarily have to practice financial literacy, that is, avoid excessive debts, pay them on time and avoid bankruptcy/default, then so too should the state, which, is made up of us as collective individuals and functions solely based on our capital contributions as individual members of the state.
I've seen Prof. Mattei talk about this book in a few other videos, including some longer videos in which she had more time to unpack her thesis; but this back-and-forth with Prof. Wolff was especially good at bringing out some details that I hadn't heard her discuss previously. Great topic, great interview.
Listening to Wolff, I've come to think that my 7th grade literature teacher was a low key socialist. He introduced us to many of the same ideas that Professor Wolff does, but never once mentioned the term.
I bought Dr. Mattei's book two months ago. Hers is the most important book I've read in many years. "Capital Order: How Economists Invented Austerity and Paved the Way to Fascism" is a MUST READ!!!!!!!!
@@jgalt308 I don't think anyone who reads a book that the entire premise of is that austerity leads to fascism, despite the fact Nazi germany (peak "Fascism") didn't practice Austerity at all and had the chair of the reichsbank resign because of unlimited printing of paper currency to pay for "Austere" rearmament and social programs which in turn caused hyperinflation which couldn't be stopped with "free market" price controls... (And this is all historical fact that a five year old could figure out given enough time).
Amazing conversation with two dedicated scholar's about the everyday experience. Informative, inspiring and much appreciated. Thank you both for your time and knowledge and willingness to share with all ❣️ muchos gracias
I listened to this early this morning and it keeps popping up in my mind all day today. Thank you! I really appreciated hearing Prof Clara Mattei speak!
Thanks Richard for sharing with us these wise words from Clara's book. Thanks Clara for your analysis including international examples from the past, very rellevant to understand the technology trap today. People are getting to know.
Thanks for both professors, we need more professors like you guys, who put in the work to expose the system and reject to be bribed by the system to speak sweetly about it.. Only If i had teachers like you in my school, instead of teachers who brainwashed us to do all rote learning , more grades, high paying job etc... Forcing us down the wrong path so that they could get promotions & salary hikes, which are dependent on students grades & students fees(money, basically)... If all our teachers were like you guys, our world would have been a utopia a long time ago.. But sadly we know it's just getting closer to a dystopia now...
This is perhaps the best of many great guests you have had on. Her proposal about austerity can be more broadly offered up as Austrian Economics paves the way to fascism and is a direct reaction to the Bolshevik Revolution. Her timing on austerity as being the platform of Mussolini is fair enough, but the adoption of free markets and the rejection of big government inherent in Austrian economics is adopted knowing that free markets lead to an elite capitalist class who then overwhelms the institutions of government and allies with government enforcement agencies for domestic control, the courts to clear their market activities/secure and enhance their wealth, and militarize the economy for imperial economic objectives. Great show.
Que emocionante ver la pasión por el pensamiento,el estudio ,el análisis el cuestionamiento, qué nos presentaron los profesores, el maestro Wolf de mi generación y la joven y apasionada profesora,este es el camino del cambio ,con medios como esté, donde participen todas las formas de pensamiento y cada cuál considere ,cuál sería la mejor,siempre bajo la mejor información, saludos desde un pequeño municipio de Colombia ,Sur América,donde siempre tenemos la eterna primavera
@@robyenney951 If we could somehow include punitive slap lines in your plan, it would be perfect. So you take all the billionaires, after you taxed them back down to humanity, and you line them up. Then you get all the people who feel some kind of way about the billionaires strongly enough to want to slap them. Set the two lines up at right angles, advance one position and rotate to the end of the line after each slap. Continue until people get tired of smacking the ever living doodah out of billionaires or the billionaires can no longer form coherent sentences. Call it even and forget it.
When people have no options and lose hope they'll always fall back to the first person who says "I alone can fix it"...Despite the fact that person is a Conartist.
Big chunk of why MAINSTREAM MEDIA (radio, television, and newspapers) is bearing a big roll on all the mess we are now by not doing their job on informing the public about the issues.
Fantastic discussion as always. This professor makes a really compelling argument for the connection between austerity and fascism, both of which we certainly see in all of Europe right now. As austerity grew in Europe especially in the aftermath of the 2008 Global Financial Crisis and Great Recession, explicitly fascist parties like Golden Dawn in Greece and "post/neo-fascist" parties like Alternative für Deutschland in Germany and Fratelli d'Italia in Italy have grown rapidly, to the detriment of the once dominant social democratic parties of Europe as the connection between the working class and the historically working class parties has severed. Here in the US, the Democratic Party's turn away from New Deal-era Fordist policies and towards austerity and neoliberalism has led up to a decoupling of class and party identity with the Democratic Party now being the party of highly educated urban people alongside poor minority workers and the lumpenproletariat, and the election of Trump due to growth of working class voters in the GOP (the GOP coalition now consisting of rural working class people, certain segments of the capitalist class - especially those involved in energy and natural resource extraction and corporate management, along with the shrinking group of highly religious people, and certain segments of white people) and a corresponding revival of explicitly white supremacist groups and rhetoric throughout society, and only ending austerity can ever end this growth of fascism. I really want to buy this book!
Has it occurred to you that if a nation truly was "Austere" they wouldn't be in massive debt, which literally every nation on earth is in, at the very least minor, debt. Besides Austerity is impossible so long as the military industrial complex exists, social-democratic states are capable of having balanced budgets, one need only look at Australia from 83-96, they had a surplus whilst passing universal health care, tackling inflation and introducing superannuation among other things. Austerity is not fascist, it cannot be fascist because any sane government, would attempt to avoid crippling debts so as to keep inflation (which only benefits the rich), down and thus real wage growth up. If states are made up of individuals, and the individuals within the state are expected to practice financial literacy, such as the avoidance of debt, paying of debts, avoiding default and bankrupt, and held to stringent standards, then so too should the state, which is made up of, and supposedly represents them. But of course everything I said means nothing because Austerity has to be evil and associated with Fascism*, instead of governments generally being incompetent and useless by spending far too much on over inflated militaries and far too little on social programs, and the little that is spent being wasted... *What the "international" organisations do, I.E the WEF, IMF, and EU do is financial Fascism or at the very least tyranny, but this doesn't forgive the stupidity of individual states...
Outstanding. Thank you so much. Austerity is the Mantra of ALL the British political Posties… it is their deep shame dunce Corbyn’s defeat. That was very useful in our struggle. Thanks.
May God Bless Professor Richard Wolff. My Day is not complete without Watching his Videos. May God Bless "Democracy At Work" Channel. All must watch this Video "Economic Update" & Appreciate this Video & Support this Channel. May God Bless You All. Thank You.
Excellent conversation thank you very much! Got Austerity Capitalism? "The first step to break away and construct a different world is to understand who your enemies are!"
My copy of The Capital Order arrived while I was watching this video. I was already looking forward to reading it, but the discussion provided helpful context. Thank you both.
Neoliberal policies pave the way to fascism in one form or some other...it has long been evident that what gets called "austerity," which is chopping off working people's political power, is common to both neoliberalism and fascism.
@@terrybake _"Neoliberal policies pave the way to fasc ism in one form or some other..... is common to both neolibe ralism and fas cism."_ Wrong. They don't and there is nothing in common. They are literally the opposites.
@@Historia.Magistra.Vitae. fascism and socialism are fundamentally different ideologies. Fascism promotes authoritarianism, nationalism, and the suppression of individual rights, whereas socialism generally advocates for social equality, workers' rights, and democratic control of the means of production. These ideologies have distinct historical roots, philosophical underpinnings, and goals, despite occasional rhetorical overlaps or misappropriations.
@@terrybake _"fasc ism and soci alism are fundamentally different ideologies."_ Social ism is not an ideology in the first place, it's an economic system ... which the fascis ts used as the basis for their economy.
Very interesting insights. Do you think that we need to start building new, grassroots democratic institutions that can compete with with and eventually render obsolete the current ones? I can't help but feel that austerity is an integral part of the liberal democratic model (thus, even radical political parties will eventually incorporate it into their platforms)
Thanks Proff for bringing such a clear minded proff. I have been reading Frankfurt School to try to understand how people participate in their own oppression but in one go, she has explained it all. I am buying her book.
@@jgalt308 what kind of a question is that? Most of us work for someone else for a wage, not because we want to work for someone else (with the employer profiting off our work while having to do little or nothing), but because the choice is either to work for someone or starve.
@@matthewmcree1992 What kind of answer is that? What does it have to do with the comment or the commenter, it is being asked of? Consider what has been said. Clearly, as an "oppressed" person, he is not only not starving, but he can afford to buy a book, to answer a question, for which he has already claimed to have been answered by the above video. Not a comment that indicates any evidence of either oppression or starvation. So why assume that...and considering the fact that you had access to both the video and the comments as well as the ability to respond...you do not appear to be starving either. But thanks for sharing your understanding of the words starvation and oppression. Unfortunately, they do not seem to be consistent with the actual conditions of either starvation or oppression.
Loved your video, and Professor Mattei was spot on in this video, and this reflects what is happening in both the US, UK and in the Westernworld, which is more obvious, and that's the problem with capitalism. The rich will always get richer and the poor poorer. China's example is getting people out of poverty and creating better living standards. I am not saying China's model is the best, but China has done something right.
"Shape ourselves up" is a truly insightful notion. John Dewey corrected a notion that persists: people don't need a stimulus (punishment or threat) to endeavor in something social. He pointed out that despite the psychology on the subject of motivation, the notion remained strong, and that was about 100 years ago.
I appreciate and look forward to both the updates and the interviews. However, I almost always wished the interviews were longer. They often seemed to be just getting into the substance of a topic before running out of time. I would like a longer program in the update/interview format with additional time devoted to the interview.
That might be a great idea for Wolff's every other month Global Capitalism lecture! Alternate with a longer form interview. Hopefully they see this comment!
@@Cid2065 I disagree. I want to see continued weekly updates on current events that highlight aspects of the ongoing war against workers that I may have missed.
So Americans need explaining what "austerity" means! Maybe the Big Good Wolff could also tell them what "World War" on home ground is like. We Europeans have had them twice and don't ever want them again. 🤔 Perhaps NATO and Russia could slog it out across the Pacific this time? (Green Fire, UK) 🌈🦉
So important to understand... I was living in Italy in 2008 and saw first hand the repercussions of this "Austerity" imposed by the EU, IMF, World Bank, BIS etc., when the crooked Bankers used this excuse to bail out the banks own malfeasance. Thousands of small/med family owned businesses were destroyed and many more thousands were left unemployed and these properties were then bought up by monopolies at bargain prices while everyday people lost their jobs and then government safety nets, this destroyed entire peaceful communities and it was forced on peoples all over the world.
This is exactly why Julian Assange is still in jail to this day, because he told people that this is what was happening.
It was one of the most informed and insightful interviews I have watched on any subject.
So basically you have been living in a closet?
Também achei! Brilhante!
Most of us are living in a closet, called " capitalist propaganda"
@@jgalt308 why be so rude? Have you been living in a closet deprived of an education in common decency?
Hello from the west of Ireland...♥️🇮🇪🍀🇵🇸🕊
Bravissima Clara! 👏👏 well explained, and above all eyes opening on the reality that Fascism and Liberal Democracy are just two make ups on the same face, Capitalism. Thanks heaven we do have young scholars like you, with a super solid background married to a remarkable rhetoric. That gives us hope.
Hate to tell you; history shows fascism and socialism are joined at the hip; "NazionalSocialism", remember? Only Swiss style direct democracy give people control of capitalists, socialists, lobbies and crazed acadamics.
As a European I hope the EU will do good to Europe and will serve as an umbrella to protect socialism as it will take a lot of experimentation to make it work. However while I do have an overall positive view of the EU I can see the potential dangers in it becoming a powertool for megacorps to crush competition so that's why we need to further the democratization of the EU and put in extremely harsh corruption legislation. With megacorps both private and state we need the EU to protect us. They also need to stop bailing out failing corporations. I think a big part of getting away from capitalism is to only protect people, not corporations. Not company should be too big to fail, it should be allowed to collapse completely and it's people helped to learn from their mistakes.
I think no single company should be invaluable, there shouldn't not be any single point of failure that would bring down the whole economy.
Austerity pits worker against worker and transfers all power to the rich.
The only answer is to organize and take it off the rich just as they have taken it off the workers.
revolution will come this summer...
It's like James Madison in The Federalist Paper No. 10 of The Federalist Papers was talking about. This is what Madison was talking about when he was talking about faction within Pure Democracies and why they're isn't such thing as Pure Democracies. This is also what Aristotle talked about was Mobocracy where everybody rules in everybody's interests even if it creates class antagonism and class struggle. This is what he called it to be Democracy. This is also what Plato talked about in his concept The Ship Of Fools where everybody wants to be the sailor of the ship but everyone does not know the art of navigation. Plato also said that people will attack and want to kill people who think otherwise than them. All of this is happening right now and this is the problem of what Madison penned as Pure Democracy. Their alternatives to this was polity and Federal Democratic Republics. Education, Philosophy, and Education Of Philosophy is something else and this video is evidence and proof of it. The Greek Philosophers was way ahead of their time and so as the old politician of our country.
I also think it is a way to create fake solidarity between capitalists and workers. To suggest that because capitalists made mistakes and are hurting workers should hurt as well. This makes the workers feel like they are companions of the capitalists even though it's not their fault. Misery loves company after all.
This sounds like the failed communism system
Wonderful!! I just ordered her book. I am so excited. Your observation that work should be actuallly a humanization process, rather than dehumanizing is spot on. The collective process and its benefits is my major interest.
Like on Star Trek. No one is motivated by money any more, there is none. Everyone has their material needs met and are driven to contribute to society because they want to.
How does that play out in terms of democracy ? Do workers actually vote on where investements should be made in the company in terms of marketing, inventory, technology, etc etc ?? I think this is the way of the future...but it will take a highly educated workforce.
I'm not very comfortable with the phrase "in terms of democracy". The notion that every individual in a corporation has the right to vote on the direction of the enterprise seems like a bit of a reach. There are committees, academics, and experts that can fill that role ,I should think . It's complicated for sure.
@@clarencerishworth3488 Yanis Varofakis describes 1 vote 1 share ownership/worker systems. Are you familiar with that?
I guess you have to be careful who are to be considered "experts" and then to who's benefit is their responsibility. Can they truly (within a corporate environment) know what is best for the whole workplace? I would argue that there is a conflict of interest there.
I am not familiar with that idea because of my own ignoriance. I am a great fan of Varofakis. One question I would have is can shares be bought in the open market, by anyone who wants shares?
Dr. Clara Mattei gives me hope for the future. Her holistic approach is inspiring.
Love this author and would love to hear more and see her appear on more programs like yours!!
😊
Listen, but?..
She did a full interview at The Majority Report a few weeks ago
@@michaelzilbering9844 ₩!
Listen to Michael Zilbering v ideo three parts HOW
To FIX CAPITALISM on You Tube
What a wonderful guest! Prof. Mattei speaks in such clear and concise terms that it makes it very easy to follow her, and I loved how energetic her delivery is. Hope we can see more of her in the future.
Hearing Prof. Wolff call me 'Friend' at the beginning of each of these episodes always makes my day a bit better. 👍
Prof. Mattei is one of the most energizing and insightful guests I’ve seen on the program and I strongly encourage y’all to have them back. Thank you very much for the show.
Thank you for your recent explanation of the retraites situation in France, Professor. I hope you saw Jon Stewart get Larry Summers to agree that the people who cause the crisies always get bailed out and its the workers who pay for it. Priceless.
& they can buy all the political support & the good will of people, cuz they have money, & workers will be perceived as lazy & bad guys..
Look no further than SVB and Credit Suisse. The six-figure managers and seven-figure CEOs that are failures get golden parachutes and workers get the shaft.
Wow, I'm so sorry I am 2 days late watching this video. Thank you very much Dr. Wolff for having Ms. Mattei speaking on this subject. Economics, I apologize, was my worse subject in undergrad, but I was a tax accountant so that's my excuse. LOL She makes the subject easier to understand which I am grateful for as I have been some very concerned about the rise of fascism here in the U.S. In the last few years.
Thank you for this weeks episode professor, I received my copy of Clara Matties book about three weeks ago and I am finding it the most insightful treatise into
our western economy that I have ever read. The text clarifies so much that until now has been obscured by the establishment rhetoric, designed to keep the working population in check. Thank you both for your work to bring clarity and progress.
Excellent explanation,
Need to bring this analysis to workers and community level
An explanation of what?
She has a clarity about her point of view. Thanks for this interesting interview. As Marianne Williamson said once, it's not complicated its corrupt.
At first, when hearing her last name "Mattei", I mistook it for "Maté" and got over-the-top excited to Google if she was related to Gabor and Aaron, and I was preparing to have my mind blown like when I first discovered who Aaron was, lol. But... Nonetheless, I'm still just as excited to look into her work in much more depth!
Thank you as always, D@W, for all the amazing work you do and for bringing us content that's free, enlightening, and accessible to all! It's one of the few places of solace and light in this dystopian nightmare world we're living in right now...
I wholeheartedly support this new long-form interview. As good as the others were, 15 minutes just isn't enough.
Thanks! So good I had to watch it 3 times👍
Bravissima Prof. Mattei! Thank you Prof. Wolff!
right to the point
I had watched her lecture on New Economic Thinking and thought she was great. I love her historical perspective; maybe she'll do a deep dive on Gramsci for the 21st century -- excited about the "golden age" research, too! So glad to see Wolff bringing on younger colleagues to get their names out there. The older left who are serious NEED to be doing this -- boosting the serious people. We have no media, no infrastructure like the capitalists do. Keep going!
She is so engaging, brilliant and thought provoking. In addition to providing insights into how we got here, she offers sensible perspectives on readjusting our thinking for stepping into our collective power. 🙏👏🙌✊
Getting these thorough and concise explanations feels like a relief in these loud and busy times! ❤from Morocco!
Super Nice!
Agree with concise. Michael Hudson is also an amazing economic teacher but l really need Wolff for a broad understanding of Marxist theory otherwise I'd soon get lost in the weeds. Those two economists seem to make the most sense to me.
@@SofaKingShit Too bad their understanding is diametrically opposed.
People like both of you should be leading our country.
Thank you for your effort to propagate this criticali formation.
So the person who wants to literally do the exact same thing Nazi Germany and The Soviet Union did should lead our country?
Because last I checked, when they printed money uncontrollably and moved off a gold/good standard, no-one won except the stooges of the party.
Read the reichsbank memorandum written by Halmar Schacht (written by an actual economist running an actual economy who tried to prevent a currency meltdown which would have lead to collapse, and said collapse is part of why Hitler invaded everyone when he did)
Also, perhaps in order to achieve austerity, governments should cut back on the irrelevant things... like the military industrial complex, tax breaks for "certain" industries and in some nation's negative gearing.
Final point, if we as individuals necessarily have to practice financial literacy, that is, avoid excessive debts, pay them on time and avoid bankruptcy/default, then so too should the state, which, is made up of us as collective individuals and functions solely based on our capital contributions as individual members of the state.
I've seen Prof. Mattei talk about this book in a few other videos, including some longer videos in which she had more time to unpack her thesis; but this back-and-forth with Prof. Wolff was especially good at bringing out some details that I hadn't heard her discuss previously. Great topic, great interview.
Thank you for having Prof. Mattei on. Very interesting discussion and observations. Looking forward to reading the book and future discussions.
She is outstanding , speaks with such a clarity, makes the interview a pleasure indeed.
Absolutly wonderful presentation Clara, I love you
Listening to Wolff, I've come to think that my 7th grade literature teacher was a low key socialist. He introduced us to many of the same ideas that Professor Wolff does, but never once mentioned the term.
I bought Dr. Mattei's book two months ago. Hers is the most important book I've read in many years. "Capital Order: How Economists Invented Austerity and Paved the Way to Fascism" is a MUST READ!!!!!!!!
Don't read much do you?
@@jgalt308 I don't think anyone who reads a book that the entire premise of is that austerity leads to fascism, despite the fact Nazi germany (peak "Fascism") didn't practice Austerity at all and had the chair of the reichsbank resign because of unlimited printing of paper currency to pay for "Austere" rearmament and social programs which in turn caused hyperinflation which couldn't be stopped with "free market" price controls...
(And this is all historical fact that a five year old could figure out given enough time).
I´ve just searched for the book online. Pity it´s so pricey, even as an ebook! 😏
I like Wolff's refutation of Labor as a disutility; that work should be a joy & relationship-building ...
Amazing conversation with two dedicated scholar's about the everyday experience. Informative, inspiring and much appreciated. Thank you both for your time and knowledge and willingness to share with all ❣️ muchos gracias
I listened to this early this morning and it keeps popping up in my mind all day today. Thank you! I really appreciated hearing Prof Clara Mattei speak!
Thanks Richard for sharing with us these wise words from Clara's book. Thanks Clara for your analysis including international examples from the past, very rellevant to understand the technology trap today. People are getting to know.
Technology trap? I think I missed that part. What is that about? Thanks
I used Clara's book, to help explain austerity to my family. It's a word that was foreign to them, since we don't use it that much in the USA.
Thanks for both professors, we need more professors like you guys, who put in the work to expose the system and reject to be bribed by the system to speak sweetly about it..
Only If i had teachers like you in my school, instead of teachers who brainwashed us to do all rote learning , more grades, high paying job etc... Forcing us down the wrong path so that they could get promotions & salary hikes, which are dependent on students grades & students fees(money, basically)...
If all our teachers were like you guys, our world would have been a utopia a long time ago.. But sadly we know it's just getting closer to a dystopia now...
Great format. Great guest. Thank you, Prof. Wolff.
This is perhaps the best of many great guests you have had on. Her proposal about austerity can be more broadly offered up as Austrian Economics paves the way to fascism and is a direct reaction to the Bolshevik Revolution. Her timing on austerity as being the platform of Mussolini is fair enough, but the adoption of free markets and the rejection of big government inherent in Austrian economics is adopted knowing that free markets lead to an elite capitalist class who then overwhelms the institutions of government and allies with government enforcement agencies for domestic control, the courts to clear their market activities/secure and enhance their wealth, and militarize the economy for imperial economic objectives. Great show.
Great intro to a much larger discussion, thanks for inviting this guest
Que emocionante ver la pasión por el pensamiento,el estudio ,el análisis el cuestionamiento, qué nos presentaron los profesores, el maestro Wolf de mi generación y la joven y apasionada profesora,este es el camino del cambio ,con medios como esté, donde participen todas las formas de pensamiento y cada cuál considere ,cuál sería la mejor,siempre bajo la mejor información, saludos desde un pequeño municipio de Colombia ,Sur América,donde siempre tenemos la eterna primavera
I have her book and can say ‘it’s a must read’. Goes into much detail, all illuminating. Great interview.
Excellent!! Really enjoyed listening to Clara.
We need a program of austerity for the rich.
@@robyenney951 If we could somehow include punitive slap lines in your plan, it would be perfect.
So you take all the billionaires, after you taxed them back down to humanity, and you line them up.
Then you get all the people who feel some kind of way about the billionaires strongly enough to want to slap them.
Set the two lines up at right angles, advance one position and rotate to the end of the line after each slap.
Continue until people get tired of smacking the ever living doodah out of billionaires or the billionaires can no longer form coherent sentences.
Call it even and forget it.
When people have no options and lose hope they'll always fall back to the first person who says "I alone can fix it"...Despite the fact that person is a Conartist.
Doubtless... The question becomes how do we make people as a collective act to fix the problem instead of making them back a "strong" man?
Wonderful conversation, thank you both
Big chunk of why MAINSTREAM MEDIA (radio, television, and newspapers) is bearing a big roll on all the mess we are now by not doing their job on informing the public about the issues.
Fantastic discussion as always. This professor makes a really compelling argument for the connection between austerity and fascism, both of which we certainly see in all of Europe right now. As austerity grew in Europe especially in the aftermath of the 2008 Global Financial Crisis and Great Recession, explicitly fascist parties like Golden Dawn in Greece and "post/neo-fascist" parties like Alternative für Deutschland in Germany and Fratelli d'Italia in Italy have grown rapidly, to the detriment of the once dominant social democratic parties of Europe as the connection between the working class and the historically working class parties has severed. Here in the US, the Democratic Party's turn away from New Deal-era Fordist policies and towards austerity and neoliberalism has led up to a decoupling of class and party identity with the Democratic Party now being the party of highly educated urban people alongside poor minority workers and the lumpenproletariat, and the election of Trump due to growth of working class voters in the GOP (the GOP coalition now consisting of rural working class people, certain segments of the capitalist class - especially those involved in energy and natural resource extraction and corporate management, along with the shrinking group of highly religious people, and certain segments of white people) and a corresponding revival of explicitly white supremacist groups and rhetoric throughout society, and only ending austerity can ever end this growth of fascism. I really want to buy this book!
Has it occurred to you that if a nation truly was "Austere" they wouldn't be in massive debt, which literally every nation on earth is in, at the very least minor, debt.
Besides Austerity is impossible so long as the military industrial complex exists, social-democratic states are capable of having balanced budgets, one need only look at Australia from 83-96, they had a surplus whilst passing universal health care, tackling inflation and introducing superannuation among other things.
Austerity is not fascist, it cannot be fascist because any sane government, would attempt to avoid crippling debts so as to keep inflation (which only benefits the rich), down and thus real wage growth up.
If states are made up of individuals, and the individuals within the state are expected to practice financial literacy, such as the avoidance of debt, paying of debts, avoiding default and bankrupt, and held to stringent standards, then so too should the state, which is made up of, and supposedly represents them.
But of course everything I said means nothing because Austerity has to be evil and associated with Fascism*, instead of governments generally being incompetent and useless by spending far too much on over inflated militaries and far too little on social programs, and the little that is spent being wasted...
*What the "international" organisations do, I.E the WEF, IMF, and EU do is financial Fascism or at the very least tyranny, but this doesn't forgive the stupidity of individual states...
VERY< VERY< Great! Thank you for a thought provoking time.
Wow!
I've got to get her book.
Clara is one of your best guests EVER!
Had to watch this more than once , thank you !
This was one of the most enlightening discussions here for me.
Such an amazing lady and interview. Thank you both and your crew
Brilliantly spoken and explained. Right on!
As always insightful, clear, informative LIVE LONG AND PROSPER Richard Wolff
Wow, very informative. Great guest Thanks!
Thanks for having her on and asking good questions.
Thanks!
She needs her own show. Phenomenal!
Outstanding. Thank you so much. Austerity is the Mantra of ALL the British political Posties… it is their deep shame dunce Corbyn’s defeat. That was very useful in our struggle. Thanks.
What a powerhouse! I admire how Prof Mattei sees right through the insidious deceptions of the powers of this world.
Wow! Such an impressive and empowering interview! Thank you both for being a beacon of knowledge and truth for these troubled times.
"Blackshirts and Reds" by Michael Parenti is a great book on a related topic of liberalism, socialism and fascism
... imagine writing a book about a subject you have no clue about. Michael Parenti, typical amur ican.
@@Historia.Magistra.Vitae. shitty bait bro try again later
May God Bless Professor Richard Wolff. My Day is not complete without Watching his Videos. May God Bless "Democracy At Work" Channel. All must watch this Video "Economic Update" & Appreciate this Video & Support this Channel. May God Bless You All. Thank You.
This was a fascinating interview... but I also miss the economic news updates. Both please!
Great guest!! Thank you!!
Hvala.
Excellent conversation thank you very much!
Got Austerity Capitalism?
"The first step to break away and construct a different world is to understand who your enemies are!"
Thank you both professors. ❤
My copy of The Capital Order arrived while I was watching this video. I was already looking forward to reading it, but the discussion provided helpful context. Thank you both.
It´s expensive though!
She is simply brilliant in her analysis of similarity of fascist and neoliberal economics.
Neoliberal policies pave the way to fascism in one form or some other...it has long been evident that what gets called "austerity," which is chopping off working people's political power, is common to both neoliberalism and fascism.
There is nothing similar about them. Fas cism and neoliber alism are literally the polar opposites, fas cism being one of the branches of socia lism.
@@terrybake _"Neoliberal policies pave the way to fasc ism in one form or some other..... is common to both neolibe ralism and fas cism."_
Wrong. They don't and there is nothing in common. They are literally the opposites.
@@Historia.Magistra.Vitae. fascism and socialism are fundamentally different ideologies. Fascism promotes authoritarianism, nationalism, and the suppression of individual rights, whereas socialism generally advocates for social equality, workers' rights, and democratic control of the means of production. These ideologies have distinct historical roots, philosophical underpinnings, and goals, despite occasional rhetorical overlaps or misappropriations.
@@terrybake _"fasc ism and soci alism are fundamentally different ideologies."_
Social ism is not an ideology in the first place, it's an economic system ... which the fascis ts used as the basis for their economy.
Adore you, Professor....you speaketh truth.
Very interesting insights. Do you think that we need to start building new, grassroots democratic institutions that can compete with with and eventually render obsolete the current ones? I can't help but feel that austerity is an integral part of the liberal democratic model (thus, even radical political parties will eventually incorporate it into their platforms)
More guests like her, Richard. I would love to hear her on D@W in the future as well.
Thanks Proff for bringing such a clear minded proff. I have been reading Frankfurt School to try to understand how people participate in their own oppression but in one go, she has explained it all. I am buying her book.
Reall;y? How can you afford that????
@@jgalt308 what kind of a question is that? Most of us work for someone else for a wage, not because we want to work for someone else (with the employer profiting off our work while having to do little or nothing), but because the choice is either to work for someone or starve.
@@matthewmcree1992 What kind of answer is that? What does it have to do
with the comment or the commenter, it is being asked of?
Consider what has been said. Clearly, as an "oppressed" person, he is not only
not starving, but he can afford to buy a book, to answer a question, for
which he has already claimed to have been answered by the above video.
Not a comment that indicates any evidence of either oppression or starvation.
So why assume that...and considering the fact that you had access to both the video
and the comments as well as the ability to respond...you do not appear to
be starving either.
But thanks for sharing your understanding of the words starvation and oppression.
Unfortunately, they do not seem to be consistent with the actual conditions of
either starvation or oppression.
really interesting. intend to watch a 3rd time even. whether I can stand to read another book I'm not sure, but we'll see about that.
So interesting.
This author also wrote the book connecting fascism to liberalism and a lot of this audience needs to read it
Study Weimar Germany. It, like liberalism today, ushered in fscism.
This was an excellent discussion, please bring her on again. I love how she explains economics in such simple terms.
Thank you once again!
She is a very, very clear communicator and ties her theories to practical outcomes of hypercapitalism. Well Done, professors!!
Hypercapitalism? Oh, you mean fascism.
Amazing episode! Wow! This woman is an incredibly talented teacher!
Loved your video, and Professor Mattei was spot on in this video, and this reflects what is happening in both the US, UK and in the Westernworld, which is more obvious, and that's the problem with capitalism.
The rich will always get richer and the poor poorer.
China's example is getting people out of poverty and creating better living standards.
I am not saying China's model is the best, but China has done something right.
Thank You !!!
Great analysis!
We've been getting screwed like this for a very long time.
SHINE BRIGHT CLARA!!💥🙌👍
AUSTRALIA!🤍💙❤👊💪
Super Important Vital EYE-Opening Excellent Episode! Thank You!!!
Great spirit, strength and presentation from Clara
Brilliant interview, well done.
In the US we call austerity business as usual.
Would that be why the United States has only ever had it's national debt not exist under one president?
Not awfully "Austere" is it, oh wait...
She's brilliant! I'd love to hear her speak in person one day!
Powerful talk
We need more people to hear them
This lady is awesome.
"Shape ourselves up" is a truly insightful notion.
John Dewey corrected a notion that persists: people don't need a stimulus (punishment or threat) to endeavor in something social. He pointed out that despite the psychology on the subject of motivation, the notion remained strong, and that was about 100 years ago.
That must have been when the era of extreme "bullshit" began!!!
I appreciate and look forward to both the updates and the interviews. However, I almost always wished the interviews were longer. They often seemed to be just getting into the substance of a topic before running out of time. I would like a longer program in the update/interview format with additional time devoted to the interview.
That might be a great idea for Wolff's every other month Global Capitalism lecture! Alternate with a longer form interview. Hopefully they see this comment!
@@Cid2065 I disagree. I want to see continued weekly updates on current events that highlight aspects of the ongoing war against workers that I may have missed.
Brilliant prof', this interview answered a lot of the gaps in my knowledge of austerity capitalism...
Clara's smile really shines !
Thank you for this informative and insightful interview.
So Americans need explaining what "austerity" means! Maybe the Big Good Wolff could also tell them what "World War" on home ground is like. We Europeans have had them twice and don't ever want them again. 🤔 Perhaps NATO and Russia could slog it out across the Pacific this time? (Green Fire, UK) 🌈🦉
Top notch interview
This is great - looking forward to the book