1
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that over the most dangerous man in
Europe is about to arrive on britain's

2
00:00:07,900 --> 00:00:08,530
shores

3
00:00:08,530 --> 00:00:11,989
the mom

4
00:00:11,990 --> 00:00:16,270
is breaching the sewing century he's
been forced out of his native country

5
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the duh

6
00:00:21,269 --> 00:00:26,240
%uh only liberal Britain will tolerate
his presence on has soil

7
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the heads to London to live in exile

8
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the new year is 1849 good

9
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but today that man's rising for still
dangerous all

10
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the same radical so revolutionary they
continue to divide the world

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0

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it's been more than a hundred and fifty
years since he started writing about the

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wild

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00:00:55,400 --> 00:00:59,890
been a long looking for an explanation
in the global economic crisis

15
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he's a surprisingly good place to start
them

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with everything going so wrong you have
to wonder

17
00:01:10,440 --> 00:01:15,429
Comox turning out to be right

18
00:01:15,430 --> 00:01:19,320
most people know mark's as the father of
communism

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you might be surprised to hear that most
of what he bred

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about capitalism

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today his ideas about that are being
taken seriously right to the heart of

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global business

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his analysis was pretty on the button
and

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explains a lot I think about some the
things that we see going on around in

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our economy today

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for marks the best argument against
capitalism was that it was inherently

27
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unfair

28
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his ideas on inequality have already
intense than ever today

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what March the do

30
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each to install the dish change of
urgency

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siege cannot go on forever

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the way day on

33
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in this series I'll tell you about the
lives and revolutionary

34
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thinking a 3 extraordinary man John
Maynard Keynes

35
00:02:12,440 --> 00:02:17,69
Friedrich Hayek and call marks

36
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their worlds with changing as never
before base or that the basic nations

37
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would hang on the power of money

38
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made radically different ideas about how
to control room

39
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today the stakes could hardly be higher

40
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all three of these men would Giants his
ideas live on

41
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but this thing to us right now because
they more than anyone recognize the

42
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double-edged power money how markets
could transform

43
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all our lives but also plunges into
chaos

44
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Keynes and Hayek argued about whether
government

45
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should try to contain this forces human
nature

46
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capitalism Karl Marx had the most
radical and by civil

47
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get rid of it

48
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on

49
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the

50
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the new on

51
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I am dialed

52
00:03:24,180 --> 00:03:27,600
in 1989 Karl Marx's reputation

53
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lay in ruins

54
00:03:40,980 --> 00:03:45,690
ones

55
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the most diverse the fall of the Berlin
Wall meant the end of March

56
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millions rejected the horace a violent
and repressive police dept

57
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because the communist countries claim
marks as their inspiration

58
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his ideas were cast aside as well

59
00:04:13,140 --> 00:04:17,399
when this wall came down I was studying
economics at University

60
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back then we knew we thought we knew two
things about marxism

61
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communism one was it hand-delivered
freedom for the workers

62
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quite the opposite mailer just as bad a
to an economist

63
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to hand deliver prosperity the communist
approach to the economy

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just had worked

65
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well the free market West great strides
the communist

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planned economies had been left behind

67
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marks his reputation as an economist
wasn't rents

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in the last few years something strange
is happened

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like the global financial crisis has
brought call maltz back from the dead

70
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I still don't care what he said about
communism but people are going back to

71
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his damning assessment of capitalism

72
00:05:10,669 --> 00:05:14,938
all its deep-seated floors the nagging
doubt

73
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is it all now coming true

74
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when times were good marks was nowhere
but now the Western economies are in

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crisis

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00:05:26,000 --> 00:05:30,860
he's attracting new interest right at
the heart of the economic establishment

77
00:05:30,860 --> 00:05:34,820
from a former IMF chief economist

78
00:05:34,820 --> 00:05:38,150
marks is right on a number of dimensions

79
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mom he's certainly is right

80
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that income inequality can be a source

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of tremendous tension to the man who
sold the 2008 crisis coming

82
00:05:50,520 --> 00:05:53,950
yet this dude that there there a
situation in which chair

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capitalism and globalization can lead
that

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tool economic crisis

85
00:06:01,530 --> 00:06:04,570
and an economist at one of the world's
leading banks

86
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it's quite hard to convince people who
live in Chelsea or chills wit that this

87
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system

88
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great relevance to them but actually I
am it's worth a bash

89
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anyone in Chelsea 0 chance that he
thinks marks is only about communism

90
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is in for a shock it's what he said
about capitalism

91
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that ring so true today them

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mosque inside was capitalism was
inherently unstable

93
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he said we lurch from crisis to crisis

94
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and society will become increasingly
unequal

95
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marks divided the world into bosses and
workers

96
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but name they would always be adults

97
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is a recipe for crises

98
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to make profits bosses squeeeeze what
they pay workers

99
00:07:00,129 --> 00:07:04,530
the crisis comes plant workers then
don't have enough money to buy

100
00:07:04,530 --> 00:07:09,438
what bosses are trying to sell them for
decades after world war two

101
00:07:09,439 --> 00:07:13,319
look completely wrong be a New Years Eve
stable growth

102
00:07:13,319 --> 00:07:16,870
and the workers with his laundry largest
share the

103
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time but not anymore

104
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much would explain this crisis in terms
of the fact that

105
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ordinary people haven't done enough
money to spend why haven't they got

106
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enough money to spend

107
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because it's been a big redistribution
over the last few decades

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away from only people towards

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capital toward wealth are the marks

110
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there's no turning back he thought there
were laws admission running through

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human history

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capitalism would produce bigger and
bigger crises

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men collapse

114
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many believe that the polls driving us
to this final collapse

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the same one that built our world in the
first place

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the power money

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marks had a very simple formulation
about crises which is it there

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%ah manifestations a fundamental flaws

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will contradictions as he called them
capitalism how would mark sieve

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suggested solving the crisis is such
course

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by abolishing capitalism

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it's capitalism living on borrowed time
the mall

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yeah

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well

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sometimes doesn't feel that far-fetched

126
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are all

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years while I've been thinking more
about Mark's discussed

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last few years has it felt like an
ordinary recession it hasn't felt like a

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crisis for one economy offer

130
00:08:59,350 --> 00:09:02,710
a group with economies in the West at
times at me

131
00:09:02,710 --> 00:09:07,460
has felt like a crisis for the system
for capitalism as we know it

132
00:09:07,460 --> 00:09:11,260
you want a bigger explanation and no
one's

133
00:09:11,260 --> 00:09:14,640
ever had a bigger explanation for
everything that's happened

134
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then call marks on

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capitalism's most implacable

136
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critic was born in the picture postcard
town

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3n in what is now southwest Germany

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the today his birthplace makes its own
contribution to the local economy

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00:09:43,830 --> 00:09:48,000
it's a big draw for tourists

140
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buddy still a lot of people coming here
tourists

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yeah around the world warehouse more
than 40,000 tourists here

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and

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and 25 percent for and came from China

144
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calls from them come from come from
China health

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yea marx's yeah birthplace and what they
buy what they like July

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tour rates are collapse become our
supply I miss you get some not so much

147
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and know why run amok father

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finalist modern you had a 1-yard nearby

149
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Julia anything a come up with money
selling all this stuff the capitalist

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having this shop

151
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crack to author in and did enjoy it

152
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cost I'm had a good humor to

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hun

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the man with the big theory about our
world had big dreams

155
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right from the start when he was 17

156
00:10:44,800 --> 00:10:48,69
more time to write an essay about
picking the right career

157
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he said the best position in life was to
serve

158
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all of mankind say your deed would live
on

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perpetually at work and over your ashes
will be shed

160
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the whole tears have noble people 10
with that young man

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on the ground young man be surprised to
hear that his first home have been

162
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turned into a museum

163
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problem

164
00:11:13,980 --> 00:11:17,700
but for all its ambitions marks was
hardly a model student

165
00:11:17,700 --> 00:11:22,29
when he was at University in Berlin he
earned a reputation

166
00:11:22,29 --> 00:11:26,970
as a radical thinker on marks comes
across as a

167
00:11:26,970 --> 00:11:31,370
a young man is this have energetic

168
00:11:31,370 --> 00:11:36,279
fari hairy figure out here he was known
as the wild ball

169
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all the more which the points to his to
live on time

170
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complex he was full of ideas he was for
love debate he liked

171
00:11:43,779 --> 00:11:47,670
big drinking sessions and then deep
philosophical debate about

172
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the nature Christ and German Romanticism

173
00:11:51,680 --> 00:11:57,150
and politics

174
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by the time he was 24 doctor marks

175
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was a believer in a salesman is an
expert in law

176
00:12:03,420 --> 00:12:07,589
philosophy you name it but the only
thing you didn't know much about

177
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was economics

178
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old that all changed in

179
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1842 marks by now working as a
journalist

180
00:12:21,520 --> 00:12:25,189
heard about the controversy in this
would that would help shape his

181
00:12:25,190 --> 00:12:27,880
understanding of how the world works

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on

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patents taking sticks from the forest
floor to use as firewood

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being prosecuted for bet would have been
gathered here for centuries but now the

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land owners had declared

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it belonged to them I'm

187
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what had been freely shared was now

188
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private property

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00:12:54,369 --> 00:12:58,279
say that thinking about this question
turned marks into an economist

190
00:12:58,279 --> 00:13:02,889
but I will recapture he came to think
but economics the nature

191
00:13:02,889 --> 00:13:06,279
economic relationships between p with
the heart

192
00:13:06,279 --> 00:13:10,170
up absolutely everything

193
00:13:10,170 --> 00:13:13,599
the foundations have marxist thinking
once was materialism

194
00:13:13,600 --> 00:13:16,800
that when you cutaway religion ideology

195
00:13:16,800 --> 00:13:20,199
politics at its root word material
relations

196
00:13:20,200 --> 00:13:25,190
between him and the need for for you the
need to have a roof over your

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head this is what ultimately drive so
much for human

198
00:13:28,620 --> 00:13:31,790
interaction moshe unique

199
00:13:31,790 --> 00:13:34,939
in March she didn't she economy just

200
00:13:34,940 --> 00:13:38,000
as a special each via she shot

201
00:13:38,000 --> 00:13:41,529
economy ish the stock trading to bring
sheeple

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00:13:41,529 --> 00:13:45,800
over the entire Xiao Shu the valley

203
00:13:45,800 --> 00:13:49,199
for Mark's it all begins with private
property

204
00:13:49,199 --> 00:13:53,69
which divides the world starkly there
are those that have it

205
00:13:53,69 --> 00:13:57,219
and those that don't

206
00:13:57,220 --> 00:14:00,209
take his word before it became private
property

207
00:14:00,209 --> 00:14:04,388
I could do I like with I could heat my
house with it I could make a chair

208
00:14:04,389 --> 00:14:08,129
and exchange it for food but also
someone else

209
00:14:08,129 --> 00:14:11,660
the whole relationship changes now marks
would say

210
00:14:11,660 --> 00:14:15,910
I become a member the proletariat now I
have to work for the end of the woods

211
00:14:15,910 --> 00:14:21,89
the capitalist for away each then he can
so what I've made

212
00:14:21,89 --> 00:14:24,899
for more than he paid me look what
happened something that was part of my

213
00:14:24,899 --> 00:14:25,730
life

214
00:14:25,730 --> 00:14:30,329
is now a financial transaction
capitalists made profit

215
00:14:30,329 --> 00:14:34,459
you can use that to buy more would build
factories make more profit

216
00:14:34,459 --> 00:14:38,829
and so it goes on profit is now the
heart in everything

217
00:14:38,829 --> 00:14:42,508
0 meaning

218
00:14:42,509 --> 00:14:45,540
wall you have it

219
00:14:45,540 --> 00:14:49,300
the Marxian view of capitalism all just
a bit anyway

220
00:14:49,300 --> 00:14:52,809
if you want more you'll have to wade
through hundreds of pages marks for

221
00:14:52,809 --> 00:14:53,309
yourself

222
00:14:53,309 --> 00:14:58,990
the key point for us is that driving
force of capitalism the meter

223
00:14:58,990 --> 00:15:04,480
more more profit remarks thought that
was also a recipe for constant crises

224
00:15:04,480 --> 00:15:10,160
so marks would say you could

225
00:15:10,160 --> 00:15:14,990
trace the roots of the crisis we're in
today right to the very heart of

226
00:15:14,990 --> 00:15:15,939
capitalism

227
00:15:15,939 --> 00:15:22,939
to its need to generate profit

228
00:15:33,300 --> 00:15:36,430
but we're also seeing in triana was a
world in flux

229
00:15:36,430 --> 00:15:41,529
feudalism was on the way out an entirely
new way of doing things for the ride

230
00:15:41,529 --> 00:15:45,550
now we know what capitalism's really
made of

231
00:15:45,550 --> 00:15:48,689
the power money today means a lot more
than just

232
00:15:48,689 --> 00:15:53,959
throwing a few peasants in jail a buncha
guys in a trading floor can turn into

233
00:15:53,959 --> 00:15:55,508
our economy upside down

234
00:15:55,509 --> 00:15:59,350
around the world all our lives

235
00:15:59,350 --> 00:16:03,480
depends all markets on capitalism being
able to deliver

236
00:16:03,480 --> 00:16:07,769
if Moses right it is fundamentally
flawed

237
00:16:07,769 --> 00:16:14,769
well but the really big problem we might
see a complex modern economy

238
00:16:19,250 --> 00:16:22,879
with all of us have a stake in mark this
would say

239
00:16:22,879 --> 00:16:24,89
same ol

240
00:16:24,89 --> 00:16:27,709
still apply but then who owns what

241
00:16:27,709 --> 00:16:32,199
still means everything they see workers

242
00:16:32,199 --> 00:16:35,8
still slaving away

243
00:16:35,9 --> 00:16:39,380
and capitalists mothballs was eat still
exploiting them

244
00:16:39,380 --> 00:16:46,380
always driving make more profit marxist
world

245
00:16:49,000 --> 00:16:52,779
any cap is the BBC maximum profit is
soon replaced by

246
00:16:52,779 --> 00:16:57,699
one dust said the system

247
00:16:57,699 --> 00:17:01,300
follows a completely predictable calls
peaks a

248
00:17:01,300 --> 00:17:03,660
to its own destruction

249
00:17:03,660 --> 00:17:06,409
it's not an idea that many people except

250
00:17:06,410 --> 00:17:09,420
did he was completely wrong

251
00:17:09,420 --> 00:17:13,890
including the ideas the capitalism was
merely a phase

252
00:17:13,890 --> 00:17:17,459
and contained within to see dividend
destruction

253
00:17:17,459 --> 00:17:21,10
that's not the case well everything is
bound to collapse

254
00:17:21,10 --> 00:17:25,770
we long enough for me in your splendid
you know sucked into the Sun

255
00:17:25,770 --> 00:17:30,240
some heat no he be forgiven for thinking
that

256
00:17:30,240 --> 00:17:35,900
table collapse capitalism sounds a
little implausible

257
00:17:35,900 --> 00:17:42,900
happy seeking profit be sent disastrous
when it's done such amazing things

258
00:17:44,220 --> 00:17:49,110
just look at how we peeked under
capitalism

259
00:17:49,110 --> 00:17:53,520
to get fresh fruit flown in from all
over the world

260
00:17:53,520 --> 00:17:57,730
we can choose from seven hundred times
and breakfast cereal

261
00:17:57,730 --> 00:18:02,910
we have enough a bit and it's all safe
to eat

262
00:18:02,910 --> 00:18:06,150
this incredible 20 and the technology it
depends on

263
00:18:06,150 --> 00:18:09,630
didn't come from the state it's what
happens when you let

264
00:18:09,630 --> 00:18:13,730
capitalists compete for profit

265
00:18:13,730 --> 00:18:19,880
they didn't do it for our benefit they
did it because it made him rich

266
00:18:19,880 --> 00:18:24,380
sec first glance marx's idea that
capitalism search for profit would be

267
00:18:24,380 --> 00:18:25,539
its downfall

268
00:18:25,539 --> 00:18:31,10
sounds absurd profit mail to sign venal
email Tucson wrong but it is what pushes

269
00:18:31,10 --> 00:18:32,250
progress ahead

270
00:18:32,250 --> 00:18:36,330
profit is actually what drives the world
forward and that's what marks

271
00:18:36,330 --> 00:18:39,399
could never quite handle the profit
motive is essential

272
00:18:39,400 --> 00:18:43,230
I'm after all what is the profit
measures just away

273
00:18:43,230 --> 00:18:46,530
of all the cheating a better society

274
00:18:46,530 --> 00:18:49,678
by people wanting to better their own
individual

275
00:18:49,679 --> 00:18:54,340
locked

276
00:18:54,340 --> 00:18:57,870
when you think about fundamentally the
profit motive is shaped in

277
00:18:57,870 --> 00:19:03,280
reached our world it's no wonder marks
fell out of favor

278
00:19:03,280 --> 00:19:06,680
do be shouldn't dismiss doctor martz
quite get

279
00:19:06,680 --> 00:19:10,780
miss true he talked a lot about class
exploitation misery

280
00:19:10,780 --> 00:19:13,930
chaos but he didn't think capitalism was
all bad

281
00:19:13,930 --> 00:19:20,930
far from it this cocktail bar in London
Soho

282
00:19:21,360 --> 00:19:25,800
hides a revolutionary past

283
00:19:25,800 --> 00:19:30,500
used to be the red line and pop cited
the clandestine meeting of communist in

284
00:19:30,500 --> 00:19:31,650
1847

285
00:19:31,650 --> 00:19:38,650
that would echo down the ages

286
00:19:38,990 --> 00:19:42,480
it was at that meeting that they
commission Karl Marx and his sidekick

287
00:19:42,480 --> 00:19:46,740
Friedrich angles too bright one of the
most incendiary pamphlets a full-time

288
00:19:46,740 --> 00:19:53,740
the Communist Manifesto

289
00:19:55,610 --> 00:19:57,20
summer this you probably know

290
00:19:57,20 --> 00:20:01,240
the famous opening line a specter is
haunting Europe

291
00:20:01,240 --> 00:20:06,680
and of course the end about the workers
having nothing to lose but their chains

292
00:20:06,680 --> 00:20:09,740
they have a world to win working men
love

293
00:20:09,740 --> 00:20:13,600
all countries unite capital letters but

294
00:20:13,600 --> 00:20:16,949
what you probably don't know I find most
interesting

295
00:20:16,950 --> 00:20:20,390
is what's in the middle one of the most
perceptive

296
00:20:20,390 --> 00:20:23,830
admiring bit surprising about capitalism

297
00:20:23,830 --> 00:20:26,928
and red fact it reads a lot

298
00:20:26,929 --> 00:20:31,720
true and now the when it was written

299
00:20:31,720 --> 00:20:35,290
thing was surprising blocks is writing
is that you find

300
00:20:35,290 --> 00:20:39,409
in amongst the communism a loss if good
analysis of capitalism

301
00:20:39,410 --> 00:20:42,500
and that she also find within it am

302
00:20:42,500 --> 00:20:47,30
color praise for capitalism matches
attitude towards capitalism

303
00:20:47,30 --> 00:20:50,879
each basically ambiguous fuchsia did
think

304
00:20:50,880 --> 00:20:55,580
time he was amish get much will to
fashion a jerk he was fully aware that

305
00:20:55,580 --> 00:20:56,310
the huge

306
00:20:56,310 --> 00:21:03,70
the most productive day Namiki spinning
the history of humanity and Shalom

307
00:21:03,70 --> 00:21:06,809
the truth is marked did understand that
the drive for profit would achieve

308
00:21:06,809 --> 00:21:08,100
incredible

309
00:21:08,100 --> 00:21:14,209
things it has been the first to show
what man's activity can bring about

310
00:21:14,210 --> 00:21:18,80
it's accomplished wonders far surpassing
Egyptian pyramids

311
00:21:18,80 --> 00:21:22,678
Roman at could not send Gothic
cathedrals it is conducted expeditions

312
00:21:22,679 --> 00:21:23,830
that put in the shade

313
00:21:23,830 --> 00:21:29,30
all former exodus is a nations and
Crusades

314
00:21:29,30 --> 00:21:32,300
he didn't really get the current global
aspect he got the idea

315
00:21:32,300 --> 00:21:35,860
word people will suddenly be able to get
things small the way around the world

316
00:21:35,860 --> 00:21:40,600
in a completely new way in the impact
needed

317
00:21:40,600 --> 00:21:44,909
pension the expanding market for its
products chases the balls was the

318
00:21:44,910 --> 00:21:48,860
over the whole surface at the Glen it
with Nestle everywhere

319
00:21:48,860 --> 00:21:51,959
settle everywhere established
connections

320
00:21:51,960 --> 00:21:55,660
everywhere it creates a world

321
00:21:55,660 --> 00:22:02,660
after its own image but you know there's
got to be a downside for the boys onesie

322
00:22:03,10 --> 00:22:06,360
modern balls Law Society

323
00:22:06,360 --> 00:22:10,959
is like the sorcerer who's no longer
able to control the powers have been in

324
00:22:10,960 --> 00:22:11,530
the world

325
00:22:11,530 --> 00:22:15,610
BB is called up by his spells with the
boys onesie

326
00:22:15,610 --> 00:22:18,659
therefore produces a bomb vol is its own

327
00:22:18,660 --> 00:22:23,130
grave diggers it the and the victory in
the proletariat

328
00:22:23,130 --> 00:22:26,879
are equally inevitable

329
00:22:26,879 --> 00:22:28,939
mmm

330
00:22:28,940 --> 00:22:32,60
ok

331
00:22:32,60 --> 00:22:36,990
it's tearing stuff but it does raise a
bit of a puzzle cut marks

332
00:22:36,990 --> 00:22:40,200
think the capitalists the Bulls lousy so
brilliant

333
00:22:40,200 --> 00:22:45,30
and yet so dooms well for him it all
came down to the way they treat their

334
00:22:45,30 --> 00:22:45,810
staff

335
00:22:45,810 --> 00:22:52,810
the

336
00:22:55,260 --> 00:22:59,658
to understand boxes analysis of crises
we have to first understand the

337
00:22:59,659 --> 00:23:01,299
capitalism that he knew

338
00:23:01,299 --> 00:23:06,190
nineteenth century capitalists might
have built wonders surpassing Egyptian

339
00:23:06,190 --> 00:23:07,29
pyramids

340
00:23:07,29 --> 00:23:10,149
but they also forced and workers to
enjoy

341
00:23:10,149 --> 00:23:17,149
terrible conditions and pay the

342
00:23:22,120 --> 00:23:25,899
the industrial revolution and all the
incredible achievements that followed

343
00:23:25,900 --> 00:23:30,669
were made possible by coal miners

344
00:23:30,669 --> 00:23:34,20
this is a replica to like it but too
often it on the ground

345
00:23:34,20 --> 00:23:38,129
the man you can see it aside and a pick
and shovel and it worked the cold

346
00:23:38,130 --> 00:23:42,70
Phil cough and then his wife at Ajanta

347
00:23:42,70 --> 00:23:47,149
toll Miranda to load in part which will
put me up to 30 kilometers away

348
00:23:47,150 --> 00:23:51,760
didn't realize that there with her
husband moesha how it little fun miss

349
00:23:51,760 --> 00:23:55,730
the need the need that little by little
girl to work the store as well

350
00:23:55,730 --> 00:23:59,740
to be he took the job he had to some
provide small child

351
00:23:59,740 --> 00:24:03,730
30 the only light there between them
work under which that kept

352
00:24:03,730 --> 00:24:06,830
say cuz he wouldn't go for it so the
little boy or girl

353
00:24:06,830 --> 00:24:09,970
sucked on the real in that that the 12
hours a day

354
00:24:09,970 --> 00:24:13,80
it is

355
00:24:13,80 --> 00:24:16,480
difficult team overstate the horror all

356
00:24:16,480 --> 00:24:20,559
industrialization in Europe in 1829

357
00:24:20,559 --> 00:24:25,178
Liverpool for example life expectancy at
birth was about twenty eight years

358
00:24:25,179 --> 00:24:28,620
and that was the lowest age since the
Black Death

359
00:24:28,620 --> 00:24:32,189
so the impact of the Industrial
Revolution

360
00:24:32,190 --> 00:24:37,530
on life chances will absolutely
terrifying

361
00:24:37,530 --> 00:24:39,30
on

362
00:24:39,30 --> 00:24:43,899
by 1849 his revolutionary writings it
got marks band from everywhere but

363
00:24:43,900 --> 00:24:44,600
britain

364
00:24:44,600 --> 00:24:47,139
home

365
00:24:47,140 --> 00:24:50,590
phiri could observe the power money had
to ruin lives

366
00:24:50,590 --> 00:24:56,590
a suitably safe distance course I think
in the last few minutes

367
00:24:56,590 --> 00:24:59,610
come closer to what it was actually like

368
00:24:59,610 --> 00:25:03,379
drudgery a Victorian times the Comox
images

369
00:25:03,380 --> 00:25:07,620
he never went to a mind and as far as we
can tell me any went to a factory once

370
00:25:07,620 --> 00:25:11,340
towards the end of his life wouldn't
stop in writing

371
00:25:11,340 --> 00:25:18,340
vividly about the horrors a Britain's
dark satanic mills

372
00:25:19,600 --> 00:25:22,830
the horrors a Victorian working
conditions clearly shaped

373
00:25:22,830 --> 00:25:26,779
marx's economics

374
00:25:26,779 --> 00:25:31,190
in his time minimum pay for proles meant
maximum profits for bosses

375
00:25:31,190 --> 00:25:38,30
and any bosses who did choose to pay
more usually went bust

376
00:25:38,30 --> 00:25:41,300
he sought to lose be downward pressure
on wages and wages would

377
00:25:41,300 --> 00:25:44,909
come down to the minimum that enabled
their survival they couldn't go lower

378
00:25:44,910 --> 00:25:48,850
than that of 12 workers with time but he
thought to be depressed down to that man

379
00:25:48,850 --> 00:25:52,600
the reality of course has been the
opposite it has been a continual

380
00:25:52,600 --> 00:25:55,689
advancement in wages year in and year
out decade in

381
00:25:55,690 --> 00:26:00,600
decade count

382
00:26:00,600 --> 00:26:03,908
marks was wrong he thought it would all
get so bad

383
00:26:03,909 --> 00:26:08,690
the workers would overthrow the system

384
00:26:08,690 --> 00:26:11,630
yet even as he was writing reformers
were beginning to get

385
00:26:11,630 --> 00:26:17,60
redid the worst employment practices
capitalism got kinda

386
00:26:17,60 --> 00:26:21,850
not Nastya but the idea that the
competing interests have bosses and

387
00:26:21,850 --> 00:26:23,230
workers with pools

388
00:26:23,230 --> 00:26:30,230
crises well that does seem relevant
today

389
00:26:34,370 --> 00:26:38,90
has a very sophisticated arguments I'm
going to need children's stories

390
00:26:38,90 --> 00:26:43,260
to explain let me see right at the start
none of these toys and dolls

391
00:26:43,260 --> 00:26:47,379
any kind of on a resolution now is mine

392
00:26:47,380 --> 00:26:50,900
capitalist minds

393
00:26:50,900 --> 00:26:53,910
with or without a hat now

394
00:26:53,910 --> 00:26:58,730
margin that there aren't very many minds
then

395
00:26:58,730 --> 00:27:02,210
the mine and has to compete with the
other capitalists

396
00:27:02,210 --> 00:27:06,100
for workers probably end up having to
chaim

397
00:27:06,100 --> 00:27:09,620
moment liked it

398
00:27:09,620 --> 00:27:13,889
trouble is those higher costs cut into
profits

399
00:27:13,890 --> 00:27:18,909
now that's happening across the economy
you got declining way to profit

400
00:27:18,909 --> 00:27:23,299
and a lot of capitalists going out of
business the crisis

401
00:27:23,299 --> 00:27:26,770
you get countless workers losing their
jobs

402
00:27:26,770 --> 00:27:31,260
having a terrible time until finally
wages fall far enough

403
00:27:31,260 --> 00:27:36,169
capless can go back to expose so

404
00:27:36,169 --> 00:27:42,59
high labor costs a bad for business but
what makes the collapse of capitalism

405
00:27:42,59 --> 00:27:43,490
inevitable for Mark's

406
00:27:43,490 --> 00:27:49,559
the bosses are in trouble even when they
have things their own way

407
00:27:49,559 --> 00:27:52,559
numbers in the opposite situation you
got no need to workers

408
00:27:52,559 --> 00:27:56,389
you love this not competing

409
00:27:56,389 --> 00:27:59,649
for a single dome men well

410
00:27:59,649 --> 00:28:04,18
May 13 smiling the capitalists any has
to pay the workers

411
00:28:04,19 --> 00:28:07,499
the bare minimum

412
00:28:07,499 --> 00:28:13,599
his bucket bookmarks would have called
the industrial reserve army of the

413
00:28:13,599 --> 00:28:14,198
unemployed

414
00:28:14,199 --> 00:28:18,899
its bombast full this not can keep
paying

415
00:28:18,899 --> 00:28:22,508
very low wages keep making profits text
sent

416
00:28:22,509 --> 00:28:25,899
in the end as a problem

417
00:28:25,899 --> 00:28:30,688
badly paid workers don't spend very much
and not very much spending in an economy

418
00:28:30,689 --> 00:28:35,159
is not good for business you get another
crisis more companies going bust

419
00:28:35,159 --> 00:28:40,119
and this crisis it's going to be hard to
fix

420
00:28:40,119 --> 00:28:43,168
you see what marks not the capitalists
were in trouble no matter what they do

421
00:28:43,169 --> 00:28:46,899
they never want a pain has more money
they always need to

422
00:28:46,899 --> 00:28:51,408
make more profit but in seeking out
profit Bhandup eroding the basis on

423
00:28:51,409 --> 00:28:52,440
which it's made

424
00:28:52,440 --> 00:28:56,269
gotten if you like where their money
ultimately comes from

425
00:28:56,269 --> 00:28:59,950
the punchline as a No marks capitalism

426
00:28:59,950 --> 00:29:05,39
is deemed I'm

427
00:29:05,39 --> 00:29:08,749
so that's how problems with wages can
cause crises

428
00:29:08,749 --> 00:29:12,999
at least in theory house any about
relevant to right now

429
00:29:12,999 --> 00:29:18,570
I'm a marxist would say that little
parable with the toy

430
00:29:18,570 --> 00:29:21,749
men tells you everything you need to
know about the financial crisis just

431
00:29:21,749 --> 00:29:22,89
seeing

432
00:29:22,89 --> 00:29:26,789
but they'd say you can explain the last
forty years have world history

433
00:29:26,789 --> 00:29:30,809
entirely in terms of capitalism's
desperate need

434
00:29:30,809 --> 00:29:34,359
to have the advantages have a ready
supply of cheap labor

435
00:29:34,359 --> 00:29:37,839
but none other costs and you don't have
to take my word for it

436
00:29:37,839 --> 00:29:43,658
Huff

437
00:29:43,659 --> 00:29:47,419
let's take a look at the last 20 years
history through the prism

438
00:29:47,419 --> 00:29:51,469
Marxist theories to show how they might
explain the mess we're in

439
00:29:51,469 --> 00:29:54,859
an imaginary marxist

440
00:29:54,859 --> 00:30:00,89
Broadcasting Corporation would see it
all is a good old 1970s style class

441
00:30:00,89 --> 00:30:00,658
struggle

442
00:30:00,659 --> 00:30:05,159
as usual the world's divided between
workers

443
00:30:05,159 --> 00:30:09,659
and capitalists always fighting to get a
bigger slice of the pie

444
00:30:09,659 --> 00:30:12,779
and the crisis happened martz's would
argue

445
00:30:12,779 --> 00:30:17,39
because the capitalist have been coming
out on top that too often

446
00:30:17,39 --> 00:30:20,229
the fight is over

447
00:30:20,229 --> 00:30:23,729
wages happiness want to pay less the
workers

448
00:30:23,729 --> 00:30:29,660
want to get more in

449
00:30:29,660 --> 00:30:33,520
seventies powerful trade unions battle
to keep wages

450
00:30:33,520 --> 00:30:37,320
mine

451
00:30:37,320 --> 00:30:39,918
then we come to the AC's fight back

452
00:30:39,919 --> 00:30:43,850
time for capitalists sheik

453
00:30:43,850 --> 00:30:47,719
marks would have seen Margaret Thatcher
and Ronald Reagan

454
00:30:47,720 --> 00:30:51,49
as acting purely in the interests of the
capitalist bosses

455
00:30:51,49 --> 00:30:55,179
it was their governments that helped
business

456
00:30:55,179 --> 00:30:59,190
by getting rid of the obstacles that
made it hard to cut wages

457
00:30:59,190 --> 00:31:02,789
bombs intimidation we have seen

458
00:31:02,789 --> 00:31:06,749
should never have happened it is the
workers extremists

459
00:31:06,749 --> 00:31:11,450
it is the enemy within if they do not
report for work within 48 hours

460
00:31:11,450 --> 00:31:18,450
they have forfeited their jobs and will
be terminated

461
00:31:20,640 --> 00:31:24,240
say for the marxist Broadcasting
Corporation the capitalist one in the

462
00:31:24,240 --> 00:31:30,800
1980s and I kept on winning

463
00:31:30,800 --> 00:31:34,800
the guaranteed high wages and job
security that workers had enjoyed until

464
00:31:34,800 --> 00:31:35,750
the seventies

465
00:31:35,750 --> 00:31:41,80
had gone the and downward pressure on
wages

466
00:31:41,80 --> 00:31:44,250
started to lay the seeds of the crisis
we see today

467
00:31:44,250 --> 00:31:51,250
but was great telly

468
00:31:54,350 --> 00:31:59,370
is actually true well we know the masses
few histories right about one thing

469
00:31:59,370 --> 00:32:03,530
at least in Britain and America earnings
at the very top have soared in the last

470
00:32:03,530 --> 00:32:04,370
few years

471
00:32:04,370 --> 00:32:08,120
and everyone else has been squeezed in
Britain

472
00:32:08,120 --> 00:32:11,149
real earnings have been flat or falling

473
00:32:11,150 --> 00:32:14,290
the best part in 10 years since before
the crisis

474
00:32:14,290 --> 00:32:18,10
in america that's been happening since
the seventies

475
00:32:18,10 --> 00:32:21,670
ha and

476
00:32:21,670 --> 00:32:25,410
United States a full-time male worker

477
00:32:25,410 --> 00:32:28,960
median income has stagnated for third of
a century

478
00:32:28,960 --> 00:32:33,680
no increase household income today's the
same it will

479
00:32:33,680 --> 00:32:39,150
as it was fifteen years ago all the
increase in the income has gone to the

480
00:32:39,150 --> 00:32:39,780
top

481
00:32:39,780 --> 00:32:43,540
the sharer are being common United
States

482
00:32:43,540 --> 00:32:47,700
that was going to the top part 1 percent
of the households

483
00:32:47,700 --> 00:32:50,880
twenty years ago was a rhonda

484
00:32:50,880 --> 00:32:55,300
12 percent today that share

485
00:32:55,300 --> 00:33:02,300
is closer to 23 percent

486
00:33:03,160 --> 00:33:06,150
on things haven't gone that far the UK

487
00:33:06,150 --> 00:33:09,310
but inequalities certainly creeping up
the agenda

488
00:33:09,310 --> 00:33:16,310
on said the greedy capitalists been
picking the pockets of the workers

489
00:33:16,680 --> 00:33:19,460
them

490
00:33:19,460 --> 00:33:22,809
so what do I think all that money's been
flowing to the top

491
00:33:22,809 --> 00:33:26,549
mother think it's a big conspiracy but
there have been

492
00:33:26,549 --> 00:33:29,710
social and political changes but it made
a difference

493
00:33:29,710 --> 00:33:34,620
we used to have really big unions we
used to have a very high tax rates

494
00:33:34,620 --> 00:33:38,129
on rich people and we had social norms

495
00:33:38,130 --> 00:33:41,960
just wasn't done for the people running
a bank to take a huge chunk of the

496
00:33:41,960 --> 00:33:43,350
profits for themselves

497
00:33:43,350 --> 00:33:47,789
those things help keep a lid on in the
Colisee we don't have them anymore

498
00:33:47,789 --> 00:33:52,690
but really crucial to all of this the
changing structure of our economy

499
00:33:52,690 --> 00:33:59,220
big

500
00:33:59,220 --> 00:34:01,520
a lot of it's down to new technology

501
00:34:01,520 --> 00:34:06,990
part

502
00:34:06,990 --> 00:34:10,440
work previously done by hand stand on by
machines

503
00:34:10,440 --> 00:34:14,918
fewer workers needed

504
00:34:14,918 --> 00:34:18,779
there are more competing for every job
meaning boxes can pay them less

505
00:34:18,780 --> 00:34:25,390
up but perhaps the most significant
factors globalization

506
00:34:25,389 --> 00:34:30,109
up with calling barriers to trade around
the world

507
00:34:30,110 --> 00:34:33,750
global business has gained access to it
giant new pool

508
00:34:33,750 --> 00:34:37,290
cheaper labor do you have brought

509
00:34:37,290 --> 00:34:41,650
into the market now millions and
millions of new workers

510
00:34:41,650 --> 00:34:46,230
in China in India in other parts of a
sure

511
00:34:46,230 --> 00:34:49,409
in parts of South America Brazil for
instance

512
00:34:49,409 --> 00:34:53,389
so that process has transformed

513
00:34:53,389 --> 00:34:57,60
the capital labor ratio global scale

514
00:34:57,60 --> 00:35:01,330
for example in analyst can

515
00:35:01,330 --> 00:35:05,29
as well be sitting in the Philippines
are removed by

516
00:35:05,30 --> 00:35:09,510
I to do the job that is done and a much
higher price

517
00:35:09,510 --> 00:35:12,470
in New York

518
00:35:12,470 --> 00:35:16,970
the haha many workers in the rich
countries

519
00:35:16,970 --> 00:35:20,328
and now competing with industrial
reserve army

520
00:35:20,329 --> 00:35:27,150
running into the billions

521
00:35:27,150 --> 00:35:32,329
think emerging market economies they've
been overwhelming vote in favor what has

522
00:35:32,329 --> 00:35:32,920
happened

523
00:35:32,920 --> 00:35:36,10
because almost everyone is better off
than they were

524
00:35:36,10 --> 00:35:39,809
would have been but that's less evident
in the industrialized world

525
00:35:39,809 --> 00:35:44,69
many lower pay people to become even
lower-paid relative to

526
00:35:44,69 --> 00:35:50,579
those opposed and that is a concern

527
00:35:50,579 --> 00:35:54,240
two years after world war two we could
be pretty sure marks was wrong

528
00:35:54,240 --> 00:35:59,220
where you had capitalism it was working
pretty well you could talk about rising

529
00:35:59,220 --> 00:35:59,919
tides

530
00:35:59,920 --> 00:36:03,690
lifting all boats you look at the global
economy today

531
00:36:03,690 --> 00:36:06,970
I think you see capitalism that marks
would recognize

532
00:36:06,970 --> 00:36:09,980
it's lifted hundreds of millions out of
poverty in China

533
00:36:09,980 --> 00:36:14,789
but the most ordinary people in the West
the system is not working in small

534
00:36:14,789 --> 00:36:21,789
for them capitalism's not coming through
on its on the deal

535
00:36:24,50 --> 00:36:27,710
it's an analysis that rings true even
for the leader in the world

536
00:36:27,710 --> 00:36:32,430
biggest economy long before the research

537
00:36:32,430 --> 00:36:35,669
jobs in manufacturing began leaving our
shores

538
00:36:35,670 --> 00:36:39,180
technology make businesses more passion

539
00:36:39,180 --> 00:36:45,240
but also made some jobs obsolete for the
top saw their incomes rise like never

540
00:36:45,240 --> 00:36:50,290
before but most hardworking Americans
struggled would cost that we're growing

541
00:36:50,290 --> 00:36:55,230
paychecks that weren't and personal debt
but kept piling up

542
00:36:55,230 --> 00:36:59,380
mile

543
00:36:59,380 --> 00:37:04,190
for the yo

544
00:37:04,190 --> 00:37:08,60
out

545
00:37:08,60 --> 00:37:12,420
I'll marks would say this squeeze on
wages

546
00:37:12,420 --> 00:37:17,230
was the root cause the huge economic
crisis that we've been living through

547
00:37:17,230 --> 00:37:21,300
but you might see a problem

548
00:37:21,300 --> 00:37:27,120
with the marxist explanation who's all
down to low wages you'd expect the

549
00:37:27,120 --> 00:37:30,250
crisis is started where people spend
their pay

550
00:37:30,250 --> 00:37:34,440
house in the real economy one way
another that is how most in recession

551
00:37:34,440 --> 00:37:35,270
since the war

552
00:37:35,270 --> 00:37:39,540
got started but this time it was High
Street sank the city

553
00:37:39,540 --> 00:37:44,950
daily rounds the explosion that brought
the global economy in 2008

554
00:37:44,950 --> 00:37:48,439
was dixon et ses d inside the bank's

555
00:37:48,440 --> 00:37:53,660
so how would mark slick

556
00:37:53,660 --> 00:37:57,430
low wages to troubled banks the answer
is

557
00:37:57,430 --> 00:38:02,120
the store capital is endlessly adaptable
it could solve one problem

558
00:38:02,120 --> 00:38:05,290
low wages but only at the cost to
creating another

559
00:38:05,290 --> 00:38:09,90
the most

560
00:38:09,90 --> 00:38:12,950
underestimate capitalism people was
fundamentally flawed

561
00:38:12,950 --> 00:38:17,700
didn't think it was stupid in low spots
the population were being paid enough to

562
00:38:17,700 --> 00:38:18,890
support demand

563
00:38:18,890 --> 00:38:22,569
while he would have been at all
surprised to hear the capitalist to come

564
00:38:22,570 --> 00:38:29,570
up with a brilliant solution the credit
card

565
00:38:32,220 --> 00:38:33,359
with consumer credit

566
00:38:33,360 --> 00:38:39,540
people carry on spending even if they
haven't got the money

567
00:38:39,540 --> 00:38:42,300
the economy stays afloat and the
capitalist

568
00:38:42,300 --> 00:38:48,950
still make that profit ok

569
00:38:48,950 --> 00:38:50,990
some credit provided on city

570
00:38:50,990 --> 00:38:54,430
always capitalism's worms but anything
while

571
00:38:54,430 --> 00:38:58,620
remember marks keep the system is
fundamentally flawed

572
00:38:58,620 --> 00:39:02,680
they might be very clear that these
capitalists but now more than ever

573
00:39:02,680 --> 00:39:09,299
they were living on borrowed time

574
00:39:09,300 --> 00:39:13,90
should

575
00:39:13,90 --> 00:39:17,259
as we know it went well beyond credit
cards

576
00:39:17,259 --> 00:39:20,720
would ultimately brought the crisis to a
head with the billions borrowed on

577
00:39:20,720 --> 00:39:21,640
mortgages

578
00:39:21,640 --> 00:39:26,890
people thought the value of their house
with keep going up for ever

579
00:39:26,890 --> 00:39:29,150
housing credit is beautiful

580
00:39:29,150 --> 00:39:32,690
because if your house prices increasing
and you're boring

581
00:39:32,690 --> 00:39:37,369
against the increase in value of your
pulse you don't feel boring a week to

582
00:39:37,369 --> 00:39:38,50
pick

583
00:39:38,50 --> 00:39:44,430
but of course you are in america it
happened on a massive scale

584
00:39:44,430 --> 00:39:48,609
there as we know the capitalist was
getting

585
00:39:48,610 --> 00:39:55,60
richer and richer they could spend all
their extra money

586
00:39:55,60 --> 00:39:59,90
driven as ever by the desire to make
more profit

587
00:39:59,90 --> 00:40:04,280
they lent it out in riskier and risky
aways

588
00:40:04,280 --> 00:40:07,230
the name given to this lending might
well be

589
00:40:07,230 --> 00:40:12,170
familia subprime

590
00:40:12,170 --> 00:40:17,580
the what we did

591
00:40:17,580 --> 00:40:21,440
is as the incomes most Americans were
stagnating or

592
00:40:21,440 --> 00:40:25,460
Mar in declining we said don't let it
bother you

593
00:40:25,460 --> 00:40:28,730
keep spending as if your income was
going up

594
00:40:28,730 --> 00:40:32,920
and they did that very well I mean who
would oppose it

595
00:40:32,920 --> 00:40:36,710
the bank to making money a the house
also getting there

596
00:40:36,710 --> 00:40:40,000
their house the politicians who have
happy constituents

597
00:40:40,000 --> 00:40:43,660
mean there is no nobody was going to be
unhappy in this process

598
00:40:43,660 --> 00:40:48,720
until it collapses them

599
00:40:48,720 --> 00:40:52,620
and we all know how it ended in
retrospect

600
00:40:52,620 --> 00:40:55,870
it seems obvious lending to people who
couldn't afford it

601
00:40:55,870 --> 00:41:00,589
on the lasting solution to anything it
led to a housing bubble

602
00:41:00,590 --> 00:41:05,440
which burst threatening some of the
world's biggest banks

603
00:41:05,440 --> 00:41:09,959
and thanks to our integrated world what
started in the United States bread

604
00:41:09,959 --> 00:41:13,910
an infected the entire system causing a
global recession

605
00:41:13,910 --> 00:41:20,910
so here's the marxist explanation for
the crisis we've just seen

606
00:41:21,449 --> 00:41:25,180
he got a global economy with business is
getting better and better

607
00:41:25,180 --> 00:41:29,339
as squeezing wages and pushing up
profits but there's a problem

608
00:41:29,339 --> 00:41:33,308
producing a lot of stuff the workers can
no longer afford

609
00:41:33,309 --> 00:41:38,319
and a lot of profits looking for a new
home a global property bubble

610
00:41:38,319 --> 00:41:42,829
provided an answer to both those
problems the system was kept afloat

611
00:41:42,829 --> 00:41:46,869
on a mountain debts it was only a matter
of time

612
00:41:46,869 --> 00:41:50,449
before it all came crashing down
capitalism's

613
00:41:50,449 --> 00:41:54,329
only ever a strong as its latest
temporary fix

614
00:41:54,329 --> 00:41:58,450
by

615
00:41:58,450 --> 00:42:02,290
it's an extraordinary tale from a lot of
people would say

616
00:42:02,290 --> 00:42:05,500
it's completely wrong it

617
00:42:05,500 --> 00:42:08,430
marxism doesn't actually work but it
keeps coming back because it makes it

618
00:42:08,430 --> 00:42:09,578
makes for a good story

619
00:42:09,579 --> 00:42:13,540
identically wages paid any real it all
in causing the crisis

620
00:42:13,540 --> 00:42:17,630
the crisis was caused by governments and
central banks flooding the market with

621
00:42:17,630 --> 00:42:19,109
cheap credit and cheap money

622
00:42:19,109 --> 00:42:22,380
because politicians don't like downturn
in the economy

623
00:42:22,380 --> 00:42:26,339
throws people at work I think it may
have it to some degree

624
00:42:26,339 --> 00:42:29,839
have to increase the level of
indebtedness that people went into

625
00:42:29,839 --> 00:42:34,740
the crisis with which I think intense on
its how deep the crisis became

626
00:42:34,740 --> 00:42:39,29
but it wasn't the underlying calls it's
a contest to fund to which made it worse

627
00:42:39,30 --> 00:42:42,619
home

628
00:42:42,619 --> 00:42:46,289
but the idea that low wages may have
contributed to the crisis

629
00:42:46,289 --> 00:42:49,440
is gaining ground even if the name marks

630
00:42:49,440 --> 00:42:52,960
is as toxic as ever on

631
00:42:52,960 --> 00:42:57,39
George Magnus is a senior economic
adviser

632
00:42:57,39 --> 00:43:02,789
to one of the world's leading banks even
writing quite a lot about mark since

633
00:43:02,789 --> 00:43:03,609
this crisis

634
00:43:03,609 --> 00:43:07,400
started how did you come to look at him
again achieve it was on this trading

635
00:43:07,400 --> 00:43:07,960
floor

636
00:43:07,960 --> 00:43:11,410
the it was probably the weekend before
LeMans when

637
00:43:11,410 --> 00:43:14,519
lost and its normally

638
00:43:14,519 --> 00:43:18,618
a little bit noisy but at the time it
was you could hear a pin drop it was

639
00:43:18,619 --> 00:43:20,49
that deathly quiet and

640
00:43:20,49 --> 00:43:24,170
I could almost feel you know about
global systems

641
00:43:24,170 --> 00:43:27,829
frozen I'm and it was quite a scary
thought

642
00:43:27,829 --> 00:43:32,420
it took me back to a lot of the things I
used to read about him study when I was

643
00:43:32,420 --> 00:43:33,140
much younger

644
00:43:33,140 --> 00:43:36,589
the days when I actually read Marx fun

645
00:43:36,589 --> 00:43:40,210
and you wrote about that and what was
the reaction I did get a lot of hate

646
00:43:40,210 --> 00:43:41,539
mail app say

647
00:43:41,539 --> 00:43:44,999
there are a lot of people who work quite
opposed to the idea

648
00:43:44,999 --> 00:43:49,488
at that anything that was socialistic
marxist year could be

649
00:43:49,489 --> 00:43:53,249
at all considered serious in the
mainstream I love this

650
00:43:53,249 --> 00:43:57,399
hate my life to say came from the United
States and I was accused of being

651
00:43:57,400 --> 00:44:01,859
you know Obama clone and President Obama
the well no sorry this is what the

652
00:44:01,859 --> 00:44:02,480
models

653
00:44:02,480 --> 00:44:07,329
very mysterious forces so there was a
lot of negative reaction from

654
00:44:07,329 --> 00:44:10,640
I think people probably predictably I am
you know

655
00:44:10,640 --> 00:44:14,808
had already tied their own ideological
colors to the malls

656
00:44:14,809 --> 00:44:18,729
but the people who do find value in
Mark's aren't necessarily gonna follow

657
00:44:18,729 --> 00:44:24,529
him all the way

658
00:44:24,530 --> 00:44:28,950
I think marks helps and framing the
problem but I think the solutions

659
00:44:28,950 --> 00:44:29,819
have

660
00:44:29,820 --> 00:44:34,400
to be different given the different in
mind

661
00:44:34,400 --> 00:44:39,300
except marks would insist the trap is
inescapable

662
00:44:39,300 --> 00:44:43,320
cap this must seek profit above all else
although can add a business

663
00:44:43,320 --> 00:44:48,900
so why would they have a choose to give
workers a bigger share of the pie

664
00:44:48,900 --> 00:44:52,780
marks Woodside is that we have to look
for ways

665
00:44:52,780 --> 00:44:55,880
how to this crisis which look beyond

666
00:44:55,880 --> 00:44:58,890
the restoration have kept this class
power

667
00:44:58,890 --> 00:45:02,900
I think this is a time when we actually
need to start thinking about the

668
00:45:02,900 --> 00:45:09,900
revolutionary solution again but who
exactly is revolting against who

669
00:45:10,690 --> 00:45:14,480
marks divided the world neatly into
workers capitalists

670
00:45:14,480 --> 00:45:18,30
but today his start distinction is
incredibly blood

671
00:45:18,30 --> 00:45:25,30
bosses work for themselves a workers
oppose shares

672
00:45:29,530 --> 00:45:33,140
in our modern world another birds do you
have a stake in the system

673
00:45:33,140 --> 00:45:37,520
but the mobile phones all pension plans
to stave off boredom of

674
00:45:37,520 --> 00:45:41,770
revolt

675
00:45:41,770 --> 00:45:48,770
but what about the people capitalism
failing his moms have to say to them

676
00:45:53,40 --> 00:45:56,730
pretty amazing how well mark seems to
understand our world

677
00:45:56,730 --> 00:46:00,670
where we more interconnected than you
could ever have imagined where all the

678
00:46:00,670 --> 00:46:02,270
faces of capitalism

679
00:46:02,270 --> 00:46:06,800
good and bad and now on display in
pretty much every corner of the globe

680
00:46:06,800 --> 00:46:09,900
but he was the one who famously said it
wasn't enough

681
00:46:09,900 --> 00:46:13,690
to interpret the world the point was to
change it

682
00:46:13,690 --> 00:46:18,330
fuel skin what exactly was supposed to
replace capitalism with

683
00:46:18,330 --> 00:46:25,330
when he had remarkably little to say
about that

684
00:46:27,550 --> 00:46:34,550
as mark vented his final years be seen
quite content with the way things work

685
00:46:35,859 --> 00:46:39,670
he'd been pool for a lot of his life but
by 1856

686
00:46:39,670 --> 00:46:46,289
get enough money to move to London
suburbs

687
00:46:46,289 --> 00:46:48,750
the young firebrand now looked like

688
00:46:48,750 --> 00:46:52,940
part of the establishment he would spend
his day

689
00:46:52,940 --> 00:46:57,99
walking around Hampstead Heath he would
bar about personal finances

690
00:46:57,99 --> 00:47:01,529
bar about his his daughters and
expensive piano lessons I mean he

691
00:47:01,529 --> 00:47:05,510
he lived a a remarkably Busch wildlife
in

692
00:47:05,510 --> 00:47:09,700
in in many ways

693
00:47:09,700 --> 00:47:13,609
in his later years most will mean world
authority on the revolution

694
00:47:13,609 --> 00:47:17,299
but he didn't seem to be in a hurry to
make it happen young hottie did

695
00:47:17,299 --> 00:47:20,519
socialists from around the world would
come to North London to pay their

696
00:47:20,519 --> 00:47:21,299
respects

697
00:47:21,299 --> 00:47:25,279
when his support mister n seemed happy
to watch

698
00:47:25,279 --> 00:47:31,180
I'm wait

699
00:47:31,180 --> 00:47:33,000
marks only really had contempt

700
00:47:33,000 --> 00:47:38,170
for terrorists those who were seeking to
false Ford political progress by

701
00:47:38,170 --> 00:47:41,320
having changed through through all the
tree violence

702
00:47:41,320 --> 00:47:45,000
you needed the economic fundamentals in
place

703
00:47:45,000 --> 00:47:48,000
for a proper revolution to succeed

704
00:47:48,000 --> 00:47:54,140
to understand why he didn't want to rush
revolution we need to understand

705
00:47:54,140 --> 00:48:01,140
the last time I promise a bit more
Marxist theory

706
00:48:02,520 --> 00:48:08,710
as usual he had a grand analysis but the
history of the world

707
00:48:08,710 --> 00:48:12,750
he sold a great sweet the humanities
endeavors from the caveman

708
00:48:12,750 --> 00:48:16,650
to the slave societies and Greece and
Rome

709
00:48:16,650 --> 00:48:21,940
to feudalism kings and castles

710
00:48:21,940 --> 00:48:25,650
all of which was replaced in turn by RM
capitalist system

711
00:48:25,650 --> 00:48:30,700
bosses and workers incredibly unfair

712
00:48:30,700 --> 00:48:36,730
but also incredibly productions

713
00:48:36,730 --> 00:48:40,990
said any but we've got everything we
could out of capitalism to be afford to

714
00:48:40,990 --> 00:48:47,729
have a revolution

715
00:48:47,730 --> 00:48:50,370
in his words the now love capitalist

716
00:48:50,370 --> 00:48:55,270
private property sounds the x-pro
creators are expropriated

717
00:48:55,270 --> 00:49:00,120
all to be replaced by

718
00:49:00,120 --> 00:49:02,140
more or less not

719
00:49:02,140 --> 00:49:03,390
irritate

720
00:49:03,390 --> 00:49:06,310
is next to know you alternative laid out

721
00:49:06,310 --> 00:49:11,480
March basically was not the one pushing
be given gave us the blueprint you in a

722
00:49:11,480 --> 00:49:12,480
five stages

723
00:49:12,480 --> 00:49:17,230
after capital Asian communities each you
have the basic guidelines what to do and

724
00:49:17,230 --> 00:49:17,780
show 1

725
00:49:17,780 --> 00:49:21,160
no no each up to ask you just opened up

726
00:49:21,160 --> 00:49:25,560
defeat the new is there an alternative
to capitalism

727
00:49:25,560 --> 00:49:30,830
have no idea blisters communal councils
as dead silence starvation

728
00:49:30,830 --> 00:49:35,470
home who will the end the world or the I
simply have no idea

729
00:49:35,470 --> 00:49:39,40
if there is little to doesn't doesn't
occur to you to be in pain

730
00:49:39,40 --> 00:49:45,680
important sizing israel also due to
weather

731
00:49:45,680 --> 00:49:47,290
I'm

732
00:49:47,290 --> 00:49:50,320
also we couldn't describe what the next
stage if you develop

733
00:49:50,320 --> 00:49:54,540
would look like any more than a feudal
serf could have described our lives

734
00:49:54,540 --> 00:49:55,89
today

735
00:49:55,89 --> 00:49:59,420
to it you might say fair enough except
you might also think it was pretty

736
00:49:59,420 --> 00:50:00,290
telling

737
00:50:00,290 --> 00:50:04,710
after all nobody else has been able to
describe a convincing alternative to

738
00:50:04,710 --> 00:50:05,780
capitalism either

739
00:50:05,780 --> 00:50:10,190
I think he would have written

740
00:50:10,190 --> 00:50:14,89
lot more had he lived ten years more
home

741
00:50:14,89 --> 00:50:18,450
watery Socialist Republic would look
like

742
00:50:18,450 --> 00:50:22,379
and who knows but that might have saved
the world a lot

743
00:50:22,380 --> 00:50:28,579
bopper

744
00:50:28,579 --> 00:50:34,830
without it blueprint we all know what
happened next

745
00:50:34,830 --> 00:50:38,170
there weren't any revolution rich
developed countries

746
00:50:38,170 --> 00:50:40,59
marked predicted

747
00:50:40,59 --> 00:50:46,70
stead it happened in one of the world's
poorest nations

748
00:50:46,70 --> 00:50:50,640
soviet russia may have left marks far
behind but it was an attempt to try

749
00:50:50,640 --> 00:50:51,830
something else

750
00:50:51,830 --> 00:50:56,578
many have drawn lessons from its face

751
00:50:56,579 --> 00:50:59,339
the truth is at the moment there a
different forms of capitalism

752
00:50:59,339 --> 00:51:02,680
but on the big argument about whether
you really want to have

753
00:51:02,680 --> 00:51:06,319
a communist system or caplets one that
is pretty much one

754
00:51:06,319 --> 00:51:09,440
everywhere I think there are more humane

755
00:51:09,440 --> 00:51:13,29
versions of capitalism all mobile that
by Barrick forms a capitalism

756
00:51:13,29 --> 00:51:17,260
arm but I don't think this a systemic
alternative to capitalism

757
00:51:17,260 --> 00:51:20,579
will there ever be yes I would think so
I mean

758
00:51:20,579 --> 00:51:23,660
you know nothing is forever absolutely
nothing

759
00:51:23,660 --> 00:51:30,600
and cap capitalism is not forever

760
00:51:30,600 --> 00:51:35,299
but anyone looking for a fairer
alternative knows they can't ever repeat

761
00:51:35,300 --> 00:51:38,720
what happened East the Berlin Wall
dictatorship

762
00:51:38,720 --> 00:51:45,720
political oppression and millions a
ruined lives

763
00:51:50,340 --> 00:51:55,600
from nineteen forty-five until 1989 this
was the main Remand Centre for political

764
00:51:55,600 --> 00:51:56,190
prisoners

765
00:51:56,190 --> 00:52:03,190
in communist East Germany today it's
been turned into a memorial

766
00:52:05,170 --> 00:52:07,180
civil suspicion Angelucci

767
00:52:07,180 --> 00:52:14,160
who have no the with you she's guilty

768
00:52:14,160 --> 00:52:18,160
it's possible that places like this
explain why even capitalism's

769
00:52:18,160 --> 00:52:21,819
toughest critics today seldom talk
seriously about

770
00:52:21,820 --> 00:52:28,750
replaced it

771
00:52:28,750 --> 00:52:31,940
you can she beat all these protests in
Europe Greece

772
00:52:31,940 --> 00:52:35,300
and so on and wash in Spain in Greece

773
00:52:35,300 --> 00:52:38,620
asking call was the same question okay
more

774
00:52:38,620 --> 00:52:43,180
do you want apart from some purely
moderately speak on such

775
00:52:43,180 --> 00:52:47,839
I didn't get any group completes
proposed as you know and such like

776
00:52:47,840 --> 00:52:52,620
all money should just be booed not
people should have been money

777
00:52:52,620 --> 00:52:55,630
may go to keep that in everyone with
fifth-degree Swedish

778
00:52:55,630 --> 00:52:59,460
I'm sure he would have thought the with
this implosion

779
00:52:59,460 --> 00:53:03,800
banking system harder happens is in the
United States

780
00:53:03,800 --> 00:53:07,510
United Kingdom and so on there would be
a huge

781
00:53:07,510 --> 00:53:10,780
the rush the two

782
00:53:10,780 --> 00:53:14,360
marxism in extreme solutions that has
really happened

783
00:53:14,360 --> 00:53:17,830
a his same

784
00:53:17,830 --> 00:53:24,279
quite surprising and the peace

785
00:53:24,280 --> 00:53:28,750
memories at this place do fade could
there ever be an alternative to

786
00:53:28,750 --> 00:53:31,10
capitalism

787
00:53:31,10 --> 00:53:34,330
ship what happened here be a lesson for
all time

788
00:53:34,330 --> 00:53:37,850
if someone wants you couldn't miss you
too

789
00:53:37,850 --> 00:53:39,480
capitalism

790
00:53:39,480 --> 00:53:42,930
saying by seeking missiles into but
capitalism

791
00:53:42,930 --> 00:53:46,180
whose basis rather than

792
00:53:46,180 --> 00:53:49,220
fact life and saying whoops

793
00:53:49,220 --> 00:53:53,29
resist human nature can people said
fundamentally the revealing themselves

794
00:53:53,30 --> 00:53:54,230
as utopian

795
00:53:54,230 --> 00:53:58,550
and the problem with utopia is the
communion be approached across the sea

796
00:53:58,550 --> 00:53:59,160
of blood

797
00:53:59,160 --> 00:54:02,670
and you never arrive this is my big
mantra

798
00:54:02,670 --> 00:54:06,80
when we left each and accused of utopias
maybe but

799
00:54:06,80 --> 00:54:09,299
the only real utopia is to think that
week

800
00:54:09,300 --> 00:54:13,80
jumpers make the change fynch can go on
indefinitely

801
00:54:13,80 --> 00:54:20,80
the way they are now

802
00:54:20,960 --> 00:54:26,460
here Lori

803
00:54:26,460 --> 00:54:29,530
world

804
00:54:29,530 --> 00:54:33,800
a marks died in 1883

805
00:54:33,800 --> 00:54:38,920
in a speech in his grave his longtime
friend and collaborator Friedrich Engels

806
00:54:38,920 --> 00:54:39,620
declared

807
00:54:39,620 --> 00:54:42,700
his name in work well in G or through
the ages

808
00:54:42,700 --> 00:54:47,410
here

809
00:54:47,410 --> 00:54:50,450
for most of the 20th century his name
did angel

810
00:54:50,450 --> 00:54:55,290
they usually for all the wrong reasons

811
00:54:55,290 --> 00:54:58,960
but now it's the 21st century welcome is
long dead

812
00:54:58,960 --> 00:55:05,960
prussian really say to us but

813
00:55:09,30 --> 00:55:09,890
fundamentally

814
00:55:09,890 --> 00:55:12,990
I think Mark's reminds us that
capitalism

815
00:55:12,990 --> 00:55:16,520
doesn't work for everyone it might not
work at all

816
00:55:16,520 --> 00:55:21,970
when you look at what's happening the
pressure on wages

817
00:55:21,970 --> 00:55:25,40
can you understand why people are so the
looking again at

818
00:55:25,40 --> 00:55:28,350
at some Marx's analysis yes

819
00:55:28,350 --> 00:55:32,40
the big picture I'm the workers versus

820
00:55:32,40 --> 00:55:35,50
the capitalists and there's no doubt
that there have been

821
00:55:35,50 --> 00:55:38,110
significant changes in inequality

822
00:55:38,110 --> 00:55:43,530
and in the distribution income which
make you pause about the benefits

823
00:55:43,530 --> 00:55:47,200
the developments all outputs and
prosperity that was seen

824
00:55:47,200 --> 00:55:53,200
I don't think you can afford to believe
that the benefits of a market economy in

825
00:55:53,200 --> 00:55:55,220
bringing prosperity will be there

826
00:55:55,220 --> 00:55:58,799
unless there is a collective commitment
to keep the system going in that does

827
00:55:58,800 --> 00:56:00,000
require people to believe

828
00:56:00,000 --> 00:56:03,670
that everyone will benefit in the end I
think some other

829
00:56:03,670 --> 00:56:06,890
the ugliness of capitalism that he saw

830
00:56:06,890 --> 00:56:10,359
E and the 19th century seems to be you

831
00:56:10,360 --> 00:56:14,160
a reappearing in the twentieth in 21st
in

832
00:56:14,160 --> 00:56:17,640
in a way we have to the keep our are are

833
00:56:17,640 --> 00:56:21,170
perspective on this health conditions
are much better

834
00:56:21,170 --> 00:56:24,440
living standards are are starting from a
higher level

835
00:56:24,440 --> 00:56:27,530
by it is still the case

836
00:56:27,530 --> 00:56:30,910
there

837
00:56:30,910 --> 00:56:32,500
things are the way they ought to be

838
00:56:32,500 --> 00:56:38,350
and they're not moving in where they
should be

839
00:56:38,350 --> 00:56:41,910
but let's face it marks wasn't just
talking about tweaking the system

840
00:56:41,910 --> 00:56:47,940
he had a much grander claim the mat
demoss change the world

841
00:56:47,940 --> 00:56:51,530
call seeded after that funeral people
did week

842
00:56:51,530 --> 00:56:55,790
hot tea is a disgrace justices seventeen
year old self would have wanted

843
00:56:55,790 --> 00:57:00,210
probably many more live took persons
name but there's no getting around it

844
00:57:00,210 --> 00:57:07,210
capitalism's still here marks was right
to see capitalism is inherently unstable

845
00:57:10,520 --> 00:57:14,520
and often on fair Keynes and Hayek saw
that too

846
00:57:14,520 --> 00:57:18,50
but marks was the first unlike then

847
00:57:18,50 --> 00:57:22,920
he didn't think we should find a way to
live with it

848
00:57:22,920 --> 00:57:26,900
he said capitalism would bounce back
from crises and reinvent itself

849
00:57:26,900 --> 00:57:30,210
but in the end a compelling alternative
would appear

850
00:57:30,210 --> 00:57:34,100
and capitalism would collapse

851
00:57:34,100 --> 00:57:37,259
for all that rings true now in Mark's
combat

852
00:57:37,260 --> 00:57:41,380
he seems to have been dead wrong maybe
did underestimate

853
00:57:41,380 --> 00:57:45,120
capitalism to suddenly overestimated the
opposition to it

854
00:57:45,120 --> 00:57:48,549
I think the system needs to reinvent
itself now

855
00:57:48,550 --> 00:57:53,460
again the compo mass of we'll be talking
even less about Mark's

856
00:57:53,460 --> 00:57:56,640
a century from now but the last few
years

857
00:57:56,640 --> 00:58:03,640
have left capitalism with clinton's
approved

858
00:58:07,170 --> 00:58:11,330
15 universities produce 61 min
animations to explain some other key

859
00:58:11,330 --> 00:58:13,790
economic ideas that affect all of us

860
00:58:13,790 --> 00:58:16,830
said he want to learn how to spot an
invisible hand

861
00:58:16,830 --> 00:58:22,680
for other secret to economics go to BBC
.co .uk slash masters have money

862
00:58:22,680 --> 00:58:28,970
and for the link to the Open University

863
00:58:28,970 --> 00:58:31,560
make this evening here on BB txt they
would have paid

864
00:58:31,560 --> 00:58:32,390
nevermind the Buzzcocks