Economic Update: A Deepening Crisis of Capitalism
Economic Update: A Deepening Crisis of Capitalism
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Economic Update: [S8 E17] A Deepening Crisis of Capitalism
THIS WEEK'S TOPICS (w/timestamps):
00:57 - Updates on the IMF’s prediction of slowing global growth;
04:25 - Bank of England warnings on accumulation of sub-prime debt;
06:17 - Nordhaus Nobel prize and market ideology;
08:43 - Dutch unions and others against corporate tax evasion;
11:42 - signs of labor militancy in Marriott strike and profit-sharing demands of steelworkers.
15:16 - SPECIAL GUEST: Professor Wolff interviews Chris Hedges on his latest book: America: The Farewell Tour.
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RICHARD D. WOLFF
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THE PROFIT MOTIVE
Present-day profit-motivated economics is doomed unless profit motives can be augmented by service motives. Ruthless competition based on narrow-minded self-interest is ultimately destructive of even those things which it seeks to maintain. Exclusive and self-serving profit motivation is incompatible with Christian ideals -- much more incompatible with the teachings of Jesus.
In economics, profit motivation is to service motivation what fear is to love in religion. But the profit motive must not be suddenly destroyed or removed; it keeps many otherwise slothful mortals hard at work. It is not necessary, however, that this social energy arouser be forever selfish in its objectives.
The profit motive of economic activities is altogether base and wholly unworthy of an advanced order of society; nevertheless, it is an indispensable factor throughout the earlier phases of civilization. Profit motivation must not be taken away from men until they have firmly possessed themselves of superior types of nonprofit motives for economic striving and social serving -- the transcendent urges of superlative wisdom, intriguing brotherhood, and excellency of spiritual attainment.
