Global Capitalism: Capitalism Turns To The Authoritarian State

Global Capitalism: Capitalism Turns To The Authoritarian State

July 12, 2023

Democracy At Work - Professor Richard D. Wolff

Can capitalism be authoritarian?

Authoritarian capitalism, is an economic system in which a capitalist market economy exists alongside an authoritarian government.

Capitalism is often presented as synonymous with freedom, but when the ruling class meets resistance it responds with censorship and violence... and exposes the coercion that sustains a deeply unequal system.

In this lecture, Prof. Wolff discusses the following topics:

* Why Private Capitalism Makes That Turn

* Why State Capitalism Makes That Turn

* Will the Authoritarian State Save or End Capitalism? (United States vs. China)

* Socialism and the Authoritarian State.

Some group of economists have projected that both the United States and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

https://tribunemag.co.uk/2021/03/capitalism-has-always-been-authoritarian

Original: https://youtu.be/w0c5Gfh2ZWY

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