richard on capitalism

Richard Wolff – on capitalism – 6 – 2 min videos

I talk a lot about capitalism and socialism. But I don’t always explain it. What is capitalism? What is socialism?
Well, here, watch these six short videos. This is as simple as it gets. Basic arithmetic.
Original Tweet:

1\ embodied labor (from people who made hammer, et al) + living labor (people making chair w hammer et al) = total value

2\ embodied labor is owned by the employer (the capitalist – who didn’t do the work).. if you have the stuff you can be the employer

3\ sell chair for 200.. 100 (to replace hammer et al to capitalist) – could give other 100 to worker.. but we don’t give the value added.. ever.. to the worker in capitalism

4\ capitalists divide 100 into two parts.. and gives half to worker..  leaves 50 as surplus/profits.. what capitalist has left over.. but he has to pay workers less than value added.. he has to steal from them.. the condition of your employment is that you produce more by your labor than you get paid

5\ not that your employer gives you a job.. but you give your employer the surplus.. hence.. a taste of that repression

6\ what is socialism.. given what i’ve described.. socialism now becomes this surplus.. but instead of going from workers to employers.. (marx): workers still work and get 50 in wages.. but other 50.. they collectively decide what to do with it.. that’s what socialism is about.. no more capitalism.. they become their own boss.. ie: worker coop


gabor on capitalism