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Guy Standing on the Corruption of Capitalism, revival of the commons and the case for a UBI
Guy Standing on the Corruption of Capitalism, revival of the commons and the case for a UBI
The key idea of the video is that the global economy is facing increasing inequality and insecurity, and the solution lies in implementing a universal basic income and addressing the concentration of power and wealth in the hands of a few.
The key idea of the video is that the global economy is facing increasing inequality and insecurity, and the solution lies in implementing a universal basic income and addressing the concentration of power and wealth in the hands of a few.
The speaker discusses the relevance of his book on basic income in understanding the global economy, emphasizing the dangers of neo-fascist populism, the fragility of capitalism revealed by the pandemic, and the transition from welfare state capitalism to neoliberalism.
The speaker discusses the relevance of his book on basic income in understanding the global economy and emphasizes the need for politicians to address the concerns of the precarious.
The emergence of a political monster, represented by Donald Trump, highlights the potential danger of neo-fascist populism, as evidenced by his significant support in the 2020 presidential election.
The COVID-19 pandemic triggered an economic collapse, revealing the fragility of the capitalist system and the need to revisit Karl Polanyi's model of a transformational crisis in order to shape future public policy.
The 19th century was dominated by financial capital, which led to economic inequalities and insecurity, ultimately resulting in the rise of bolshevism and fascism, but after the second world war, there was a shift towards welfare state capitalism to reduce these inequalities and insecurities.
The global transformation in the 1970s and 1980s led to the rise of neoliberalism, which promoted individualism and the dismantling of social institutions in favor of a market-based system.
Neoliberalism has transitioned into a period of renting, where income, wealth, and power increasingly favor asset owners, and the idea of a free market economy is a lie perpetuated by politicians and economists.
The concentration of finance in the hands of a few, along with the rise of private equity and short-term profit maximization, has led to increasing inequality and a bubble system in asset prices, while monopolistic trends and the globalization of intellectual property rights have further exacerbated concentration and inequality.
Banks used to account for a small percentage of GDP in the 1960s and 1970s, but now in many countries, they account for a much larger portion, with financial assets of financial institutions worth over 1000% of national income in the UK and nearly 500% in Germany.
The book discusses the prevalence of individuals with previous careers at Goldman Sachs in top positions of power and influence in finance, and highlights the rise of asset manager BlackRock and its CEO who commands a significant portion of global stocks and shares.
The concentration of finance in the hands of a few, along with the rise of private equity and short-term profit maximization, has led to increasing inequality and a bubble system in asset prices.
A rising share of national income goes to financiers and asset holders, while a declining percentage goes to those who rely on work and labor for their incomes, resulting in a significant shift in the economic system.
Monopolistic trends have led to a dramatic increase in monopolization, contradicting the belief that competition would reduce monopolies, and this is linked to financial controls and conglomerations.
The globalization of the intellectual property rights system, led by US multinationals, has resulted in a guarantee of monopoly income through patents and copyrights, leading to increased concentration of production and inequality.
Countries prioritize subsidies for big corporations over low-income individuals, resulting in distortions and increased debt, highlighting the need for a revival of the commons and a universal basic income to address the erosion of culture and growing global class inequality.
Countries have become neo-mercantilist, giving huge subsidies to big corporations instead of low-income people, resulting in distortions and a significant increase in government and corporate debt.
During economic downturns, governments resort to quantitative easing and subsidies to prop up fragile corporations and banks, while the speaker emphasizes the importance of the commons in society.
The privatization and neocolonial control of our commons has led to the erosion of our culture and the emergence of a new global class structure with a plutocracy at the top, making it necessary to demand a revival of the commons and use it to fund a basic income.
The global elite, consisting of billionaires and multi-millionaires, serve the interests of finance while the middle class is shrinking and expecting their children to have less job security, leading to a revival of the welfare state.
The precariat, a growing class defined by insecure work and exploitation through debt, is feeling like supplicants relying on discretionary judgments, but their numbers are starting to decline as some seek to revive the past.
Social democracy is no longer progressive and is holding up a discredited system, while the proletariat is shrinking and the precariat is growing, with three dimensions defining the precariat in class terms.
The precariat is defined by insecure work, reliance on money wages, and exploitation through debt mechanisms by finance.
The precariat, a class losing rights of citizenship, is increasingly feeling like supplicants relying on discretionary judgments, but their numbers are beginning to decline as some seek to bring back the past.
The precarious include migrants, minorities, women, people with disabilities, and young educated individuals who were promised a future but are now facing mounting debts and a lack of opportunities.
The speaker highlights the need to address modern giants of capitalism, such as inequality and insecurity, advocating for a global basic income to provide security, improve health, and prevent the precariat from becoming more vulnerable.
The speaker discusses the need to address eight modern giants in the development of capitalism, including inequality, insecurity, debt, and stress.
We need a new income distribution system to address the rising uncertainty caused by the pandemic, automation, and the threat of extinction, in order to provide basic security and enable effective measures such as high carbon taxes.
The threat of extinction and neo-fascist populism necessitates economic reforms, with the speaker advocating for a global support base for a basic income as a means to ensure the resilience of society and prevent the precariat from becoming more insecure.
Basic income is not a cure-all, but it has been shown to improve mental and physical health, encourage more desirable types of work, and gain support from the precarious, despite resistance from financiers and the right.
The speaker encourages young people to stand up and make a positive change, expressing optimism about the energy and potential for transformation in the current dark times.
The speaker encourages young people to stand up and make a positive change, expressing optimism about the energy and potential for transformation in the current dark times.
Please ask any questions you have in the chat, as I would love to engage in a discussion with you.
The speaker discusses the potential for the precariat to have a similar impact on society as the working class did in the past.
The development of the proletariat in the 19th century led to a choice between a revival of work independence and the values of crafts cooperatives, or the path of industrial trade unions and labor parties, resulting in the latter dominating and perpetuating sexism and hierarchy.
New forms of social organization are emerging, emphasizing the importance of belonging to interest groups like the basic income movement, while discussing the revival of the commons and the need for political will to implement a universal basic income and address economic inequality.
New forms of social organization are rapidly multiplying, and it is important for individuals to belong to various interest groups that represent their specific agendas, such as the basic income movement.
The speaker emphasizes the importance of agency and the need to phase out old political movements in order to create a new class-based alliance, while also discussing the revival of the commons and the implementation of a universal basic income.
The speaker discusses the funding and implementation of universal basic income and the reclaiming of the commons, highlighting the need for political will and providing a shorter answer in their book.
John Maynard Keynes stated that anything we really need can be afforded, and in the financial crash of 2007-2008, if just a fraction of the money spent on quantitative easing had been used for a basic income, it could have provided everyone in Europe with a basic income for three or four years.
Governments and central banks have been irresponsibly spending money, leading to predictable economic outcomes such as increased asset prices, privatization of public assets, and inequality, with the biggest interest-free loan given to a profitable chemical corporation.
Set up a commons capital fund in every country, similar to Norway's, where interest from the commons compensates society and funds are distributed as dividends, along with implementing high carbon taxes, eco taxes, and a land value tax to reduce inequality and build capacity.
Implementing a digital data tax on companies like Google is necessary to address the illegitimate profits they make from our information, and we must demand these structural changes through political action.
Historical Context and Economic Shifts
Historical Context and Economic Shifts
📚 Public policy in the coming years should be based on a model similar to Karl Polanyi's "The Great Transformation," which highlights the need for a fundamental shift in the economic system.
💰 The dominance of financial capital in the 19th century led to economic inequalities and insecurity, ultimately resulting in the rise of bolshevism, fascism, and the second world war.
💥 The rise of neoliberalism in the 1970s and 1980s led to the dismantling of institutions of social solidarity in favor of individualism and market dominance.
💰 The current economic system is not a free market economy, but rather the most unfree market economy ever constructed, with wealth and power concentrated in the hands of asset owners.
🌍 "The commons are part of our heritage. Not only the land the sea the water the air. But the social amenities the social facilities built up over generations."
📚 The book "The Making of the English Working Class" by E.P. Thompson is a fantastic resource for understanding the historical agency of the working class.
Inequality and Exploitation
Inequality and Exploitation
🌍 A new global class structure has emerged, with a plutocracy at the top, highlighting the need for research and political activism around anti-capitalism.
💰 The precariat is the first mass class in history being exploited through both wage and debt mechanisms, with finance wanting everyone to be in debt because that's where they make their money.
😔 The pandemic has exacerbated precarity and rising morbidity, highlighting the need for a new welfare system to provide basic security for millions of people.
💰 "Millions of people have suddenly realized the importance of a basic income as a right, understanding that the resilience of our society depends on the resilience of its weakest members."
Potential for Change and Hope
Potential for Change and Hope
🌍 Despite resistance from financiers and political opponents, basic income is gaining support, especially in light of the COVID-19 pandemic, and is becoming part of the agenda for a new politics of paradise.
🌍 "There's an energy out there that is fantastic." - Guy Standing expresses optimism about the potential for positive change and the enthusiasm he sees in people.
🌍 The revival of the commons and the multiplication of new forms of social organization are happening rapidly, offering hope for a more equitable future under capitalism.
💬 "We can't have a future without voice."
Wow. Wide ground covered and comprehensible to non-economists and very structured too.
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this is fantastic
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The biggest problem is that the wrong people are in power.
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16.19 back in the 70-80 ies you didn't have to have 2 or more jobs, it wasn't impossible to get permanent work etc. I feel for youth now...a permanent contract what holidays and sick pay a decent salary This will explode. Together with increasing conflict as well as the total neglect of all our resource boundaries (incl corruption, sucking out "developing" countries pretending to help them, while keeping a new colonial rule alive), exploiting the last living virgin forest exuding water/bringing rain to the Amazon or killing every last habitat in our ocean, depleting groundwater, soils...it's like a "perfect" storm.
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Are there any bills in US Congress to institute UBI?
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Great true story,book title-"Cowboy Mafia "-
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12.55 black rock can splash more cash annually than the government budget of a 2-3 EU countries I heard in a DW documentary (about some "self made" very arrogant property developer, very unaware of how; despite trying to highlight his philanthropic "efforts", extremely self content/ego he was). It was about how local councils basically have to "give in" to extra luxury units/less social or affordable housing and approve his planning application hoping for scraps...mind numbing. If you want to see a true horror film, look it up.
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YANIS ROCKS!!
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AN INTELLIGIBLE ECONOMIST !!!
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He seemed to be sitting down the whole time though
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American History 🇺🇸 can be summed up as ‘Get rich beyond your wildest dreams.’
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Print more money just like they do for the war machine!
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This has not aged well. IT's impossible to find people who can be trusted to redistribute the wealth in a fair way. Besides every time wealth redistribution happens the people who are earning the most wealth leave.
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I love the liberal types. They can explain there is a problem. But then they devolve not the usual failed current left of center liberal idealism.
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