Profiting Without Producing: How Finance Exploits Us All -- A lecture by Costas Lapavitsas

[@ШукриШукри-б7ь]

Costas Lapavitsas' ideas deserves to break into the mainstream of economic discourse. Such types of analysis will make Marxist political economics relevant again.

[@AntonioGarmsci-cy5vt]

This guy is a great economist.

[@AntonioGarmsci-cy5vt]

One of the greatest economists!

[@johnnybizaro1]

Difficult and torturous to watch. It is rewarding in the end.

[@lady-bug939]

Watching in 2023 and boy! It's a different world to 9 years ago. Very good video ❤️

[@dentonfender6492]

I listened to a third of this presentation. As a person not too interested in economics, this is like watching paint dry! But I agree with him that "financialization" is all about increasing profits to the rich. As usual, the rest of us will pay through the nose while the rich party.

[@2tabano]

By the way, John Perkins in his _Confessions of an Economic Hit Man_ also documents how Third World and developing countries become brutally "financialized."

[@johnnybizaro1]

The fundamental conclusions are brilliant 50:50. The problem that society needs investment that is good for the whole rather then a few. The problem in the system business structure finally but he does not go into this. We can see this with Dr R.Wolff.

[@RipTheJackR]

Decent lecture, good to see an economist who uses something else than t0, but a historical sequence of events, if this keeps up, we natural scientists will stop laughing at economists. Edit: By my last remark I mean that natural scientists would regard economists as proper scientists, and not idealogues.

[@tarnopol]

Left-wing economists are often (only often, mind you) more realistic than the mainstream types. I need not add that left ideology, especially Marxism (doctrinaire version), can blind, too, but at minimum it's nice to hear something other than the mainstream version. David Harvey is really good, too; more a geographer than economist. Doug Henwood and Richard Wolff; also good.

[@johnnybizaro1]

It is long and drawn out to go through the empirical evidence to support the thought. We need as usual folks who can compete with alternative explanations to be complete. Again we lack time for this.

[@MrIzzyDizzy]

they aren't scientist. they are philosophers their models are built on logical axiom and math. this doesn't always stand up to scientific experiment. some ( a few of a huge number actually)interesting sorts of examples of experiments disproving those axioms can be seen in the lecture by dan pink -" the surprising science of motivation." also there are so many ways (about 900 in economic literature) where markets can fail. and also the bankrupt ideal that pollution starvation, destruction, extinction,climate change et al are externalities and are not to be attributed to market economies is just to be blind to the horrific consequences of this line of philosophical thought. also the stupid idea that economic coercion is actually a voluntary system. its akin to saying - they" choose" to suffer in poverty. this economist points out that horrible consequences might be mitigated by political action, but very cowardly he never admits the system isn't worth having.

[@johnnybizaro1]

MrIzzyDizzy Interesting points. You do know that most of us only have one life and can only spend some of it reading about what the hell is going on.

[@andrewramsey6730]

RipTheJackR Finance exploits the scientific community as well...?

[@andrewramsey6730]

Great presentation. Thanks for sharing BU!

[@sizzla123]

EXCELLENTÉ

[@clumsydad7158]

If only we could all understand and accept this... sigh... peace

[@clumsydad7158]

Fantastic fantastic talk.. thank you !!

[@jonswanson7766]

Typically 70% of employed people are in SMEs. Small and medium sized businesses.

[@volta2aire]

14:50 the 3 elements of financialization

[@volta2aire]

companies' retained profits used to invest not in machines but money, banks seek profit from transacting in finance and lending to households, households have greater debt and also financial assets, for pensions and insurance, the rise of inequality-labor loses to capital - weaker forms of investment, less profitable

[@kennytheclown3859]

Interesting!

[@SusanSt.James-33]

State capture & financialization. Public provision, public financial enterprises, communal money and loans required as an antidote. As for the financial super class and their financial logic there seems to be no antidote.

[@2tabano]

Professor Lapavitsas appears to supplement Richard Wolff's brilliant, "Capitalism hits the fan," also available on youtube. But Professor Wolff traces the development of this pernicious trend and proposes remedies. Both professors however merely develop a trend first noted by Carroll Quigley in his brilliant, _Tragedy and Hope_.

[@flicksbyhans]

Sounds llike the Gary Economics lessons

[@ziggy08xx]

GE sits on piles of cash ? Isn't the finansilization that's causing GE to possibly go into bankruptcy?

[@indonesiamenggugat8795]

🌹🌹

[@peternugent7121]

Fascinating content. Rapidity in delivery and the Greek/British accent weaken the intelligibility of what he has to say.

[@jonswanson7766]

The IMF isn't thirty or forty years old. Neither is neocolonialism. Bretton Woods, IMF, World Bank, who created all these?🤔

[@jgalt308]

Interesting full circle to return to Marx and the "rentier" economy, where "capitalism" was the expected solution...as in production, a prediction which failed, but capitalism as it is actually defined, as production, now includes the expanded "rentier" sector, which is not "production" and therefore not "capitalism" of any kind...but required by socialism, a critique of capitalism, that has no definition and has never worked, along with "government" ( the force of those in control ) that has also never worked...and it's coup de grace..."fiat" whose date is 1933, and here you are. So not much knowledge of history or economics...all of which is endless repetition... muddled by the refusal to define the concepts correctly... and adding different words, for these repetitions, while failing to dismiss or alter, those that no longer apply. Finance is rentier, profit without production is rentier, not capitalism and government is control by force. So nothing to explain, as nothing is different.

[@davidwilkie9551]

Another "Tail Wags Dog" story about the selected interpretation of one consequential aspect of the ecological cycles has been amplified industrialised to create a "virtual economy" called Finance, but it really is not about the value put on real world activity directly related to goods and services. Someone has to analyse the situation and define what it is in respect to people's experiences. If it is adding to the destruction of the world...