Grace Blakeley on what's wrong with capitalism | Kite Festival 2024

[@nospam3327]

Another way of looking at it is "free market" capitalism does not work when you allow monopolies, but every company is seeking to establish a monopoly, and we basically have let these giant companies establish monopolies.

[@anti-emo4721]

Right, and who supports and even subsidizes these monopolies? The State, where all these commies work!

[@frankbrennan1619]

Summed up the EU perfectly & it's collective exploitation of mass uncontrolled & mass unskilled immigration in the continued demented sole pursuit of profit & NOTHING else.

[@nunyabidness3075]

We certainly don’t want monopolies, but what monopolies are the problems? I’m in the US, and I seem to always have a choice in everything in the market as far as I can tell.

[@fromeveryting29]

@@nunyabidness3075What we percieve as alternatives aren’t really meaningul ones, though. I’m sure you have at some point heard that just a handful of companies own almost everything you buy and use. There is no true pluralism of small competing companies. It’s a handful of GIANT companies that own hundreds of brands, and who together control much of our economy. Oil, food industry, medical industry, social media, tech. These have an interest to own as much as possible, control as much as possible, and take as few risks as possible, even agreeing with their «competitors» to make worse products cheaper so that they both can maximize profit by collaborating. Giant companies buy up their competitors, they don’t allow them to compete if they can avoid it - that would be an unneccecary risk. So, there is not really an alternative to buying oil from X largest oil buisness. Or being on some other platform than youtube for a wealth of videos, for example. It’s the illusion of freedom you get for seeing 10 kinds of toothpaste in the store (who are probably all owned by 1-2 companies that have maximized the price and fucked over workers and the environment to squeeze as much out of you, and collectivizing the problems they cause.)

[@PacificSword]

@@nunyabidness3075 They're not strict monopolies, but they behave that way. Amazon, apple, google, etc. They have the size and power to be able to influence the activities of the rest of the market. They maintain their dominance through imposing barriers to entry, exerting influence over the supply chain, often by vertical integration, massive network effects, the collecting and analysis of huge amounts of user data, the use of predatory pricing, influence over policy and standards, reduction of innovation through purchasing of competitors, etc. A "free market" will always consolidate and end in neo-feudalism. The more you win, the easier each win gets. One of the roles of government should be to limit concentrations of power and wealth, harnessing the beneficial aspects of markets and private capital, while mitigating its deleterious impacts.

[@The8224sm]

As the Nobel Prize-winning economist, Professor Joseph Stiglitz succinctly put the present economic situation as "Greedflaction." Thanks for a very insightful presentation.

[@psikeyhackr6914]

There is no such thing as a Nobel Prize in Economics. Alfred Nobel never created such a thing. The Nobel Memorial Prize in Economics is a scam created by some Swedish bank in the 1960s.

[@gregborsch]

Inflation is a government policy.

[@The8224sm]

@gregborsch The government can't enforce any policy on multinational corporations; even large national corporations are free to increase their prices, and the government can't stop them. The government can only react to the dictates of commerce.

[@fromeveryting29]

@@gregborschIn capitalism, governments are the bitches of capital, though. That’s the problem.

[@mark_2]

Commercial banks creates "money" as loans and thereby inflate the currency.

[@jeanneumana1052]

Democracy as a form of government vs capitalism as a form of economy: never an easy alliance. When gov't doesn't check excess greed, there ll be blood in the streets. Socialism is a happy or at least viable medium, wherein there are safety nets. Billionaires who run the country and own the officeholders by virtue of pouring $ into elections, lobbying for market advantages, securing tax advantages, etc. etc. etc.

[@danaplaczek9664]

"Socialism is a happy or at least viable medium" - do you mean social democracy?

[@henrytep8884]

Where is socialism working in the world that isn’t a market based economy? Social democracy is not the same as Democratic socialism.

[@keahilanil3469]

Yet there are billionaires in even the "ideal" countries put on pedestals by democratic socialists. Norway and Finland for example. Let's not forget the tax havens, like Monaco and San Marino, that have been employed by the wealthy in Europe for generations. On top of that, these countries have even more of a penchant for monopolies, too.

[@mark_2]

Socialism is actually about owning the means of production not getting crumbs handed down through taxation.

[@danaplaczek9664]

@@mark_2 Well put!

[@grahampartridge9335]

Very well said very good speaker

[@paulmcparland3311]

The capture of government by corporations is a key feature of fascism. And we know where that leads.

[@jpsilverplaylists]

Well put, following

[@aroshaperera8750]

AGREED! You can't pitch the Market as the core of a society as the Bankers and Economist will have you believe. The purpose of the market is to pursue profit, the purpose of Government is to implement social polices. When the Market becomes dominant over Government you end up with Shareholder arguments that negate social policies.

[@jamesmorton7881]

welcome to the USA. . . . Comrads. ❤

[@psikeyhackr6914]

Adam Smith wrote "read, write and ACCOUNT" multiple times. He used the word 'education' EIGHTY Times. His use of the "Invisible Hand" can be counted on ONE FINGER. Is it Really Capitalism without mandatory accounting? Haven't economists figured that out? Oh, they don't use that Smith quote!

[@RichPober]

15:30 So true - the average person is also intimately acquainted with the potential downsides of the decisions made by the people at the top of corporations and politics, because those decisions often harm the average person's future.

[@Manic.miner2077]

"We're going to make you all feel free" I have just watched two British police officers remove a sticker from a couple's van because it was offensive. The sticker was of the popular figure on all Robertson's jam jars. We are being hammered by the state and big business.

[@sidney001]

I have no idea who this young lady is but I think I'm in love, both physically and intellectually If young people like Ms Blakeley exist then perhaps there is hope

[@daysofend]

She's a champagne socialist. She's toothless in a classist society like the UK.

[@bloodynorahvan2203]

I'd like to make 2 points, if I may: 1. Neoliberalism was born out of a counter to Communism, which was itself born out a counter to Fudalism/Royal rule - i e. the unchecked elite. Think about that... 2. Grace's income is sustained through the continuation of neo-liberalism, so she can counter argue against it. It is within her interests to keep both sides going to perpetuate the argument and thus income. The second point became obvious to me when moving from toxic X to Bluesky. Its hard to have a fight without an opposition.

[@gmw3083]

And then the whistle-blowers 💀☠️💀 Not suspicious at all😀

[@peterstafford4426]

There is a big market for books that attack capitalism. Venture Capitalism is published by the corporate giant Simon and Schuster which is owned by the venture firm KKR.

[@StanleyKubick1]

the only economist I don't abhor with a vengeance

[@nunyabidness3075]

Did she actually just say it’s untrue you should fix the roof while the sun is shining while implying resources are limitless?

[@Glumclam]

👍

[@GurmitBSingh]

FACTUALITY!

[@communistgas]

WEALTH TAX NOW

[@john_michael_white]

One of the problems is people like Grace Blakeley get called an "economist" despite having no economic qualifications, having never been employed as an economist, having most certainly never published economic papers to peer review, but who has griftingly publishing a book on economics that actual economists ridiculed as being illiterate. She did have an early grounding in money though, her school fees weren't cheap.

[@marko9506]

Holy shit I was just about to make this comment and u took the words right out of my mouth

[@briannyob7799]

Yet, she seems to have a very good understanding of how the economy works.

[@PacificSword]

Who cares what her credentials are if the ideas she has have merit.

[@kevoreilly6557]

@@PacificSwordbecause they don’t

[@ElendX]

Can you clarify your critique of her ideas? I don't necessarily see what she is talking about as an economist critiquing economic decisions, but as someone critiquing the ideology behind modern economics.

[@portmanjohn1]

First

[@MrNerdyBrit]

😩

[@raphaelward1711]

Both procapitalists and anticapitalists can agree monopoly capitalism is bad, we should get together on this

[@juhanleemet]

election of Pinochet ?!?

[@Ludicanti]

Do you realize how deep the government structure goes?

[@Riddingwithvivian]

That is the wrong question...the right one is why shouldn't we be socialists and what does socialism look like in the western world if capitalism is somehow replaced?

[@box4soumendu4ever]

...It is very simple to implement globalisation. "Let the businesses rule the one and only 🌍🌍🌎🌎🌏🌏 earth and nations get equality in its all scenes". There is no special secret in people's mind. In the era of information technologies and services everything is open and everyone is trying their best to learn past present and future. There are nothing wrong with them trying to know the actual facts. So, best idea is what I am saying for the time being. Hope leaders can see the simple formula ASAP...

[@psikeyhackr6914]

People talking about economics don't point out that double entry accounting is 700 years old. In Wealth of Nations Adam Smith used the word 'education' Eighty Times. He wrote "read, write and ACCOUNT" multiple times. In 1776 50% of Brits were illiterate and there was hardly anything Smith could do about it. But the United States could have made accounting/finance mandatory in high schools since Sputnik if not sooner. So where are the Capitalists, Socialists and Economists pointing this out?

[@Achrononmaster]

What's your point? That the UK government issues the currency by fiat? It's the state unit of account, not "tax payer money"? Hence UK parliament, if they wanted to, can tell the rentier financiers in the City to 𝔭𝔦𝔰𝔰 off to the Caymans? If so, obliquely well said, sir.

[@psikeyhackr6914]

@Achrononmaster It went over your head. I will not lower my aim.

[@henrytep8884]

@@Achrononmasterit didn’t go over your head. Incoherent rambling is the conclusion i also came to from the op.

[@psikeyhackr6914]

​@@henrytep8884 She keeps saying "market" but market in What? I asked a PhD economist to explain how an automobile engine worked. He couldn't even start but he drove a white SUV. The Economics Profession does not talk about planned obsolescence and what consumers have lost on the depreciation of automobiles and other durable consumer goods since 1950. Consumerism with Planned Obsolescence is just a high technology form of share cropping. Like we can ever have sustainability and planned obsolescence at the same time. 😂

[@williambranch4283]

Too much money ;-)

[@edwardlyons6965]

With all the economics knowledge she has, she voted for Brexit. How's that working out Grace?

[@addammadd]

“In the context of austerity, wage stagnation and the end of asset price inflation, socialist transformation is once again a genuine possibility. Europe’s social democratic model is under threat as vacillating centre-left parties fail to adapt to the realities of the post-crash era, opening the way for the rise of the far right.” -Blakely in the New Statesman 2019 “Why the Left Should Champion Brexit” She was 100% prescient. Trying reading words.

[@WaryofExtremes]

How's the EU doing? A bunch of countries don't like the deal they're given, and Germany and France may leave as well. The British establishment never allowed a proper Brexit to happen. They still let anyone just illegally enter the country and gave them benefits. A lot of people voted to stop allowing just anyone anywhere in the EU to enter Britain and get benefits.

[@keyboarddancers7751]

@@addammadd I did not know this!

[@markwelch3564]

​@addammadd so instead of facing the rise of the far right as part of a large and strong economic collective, we face the rise of the far right as an isolated and weakened billy no-mates? I agree with Grace Blakeney on a lot of things, but she _really_ dropped the ball on that one

[@addammadd]

@ you offer a false choice. The EU weren’t ever your mates, mate. You aren’t weakened by your egress from a weak position. Everyone-means every single person-faces this threat alone. The fantasy that you somehow had communion with the rest of Europe because your country accepted the financial hegemony of a few power brokers is now broken; you may now ACTUALLY fight. And I get it, it’s hard to get rid of a fantasy. It’s especially hard when the people you’ve been conditioned to hate were the catalysts of that fantasy’s dispelling. I totally get it, but again: the EU weren’t your mates, mate.

[@brett03747]

Don't listen to Grace on the errs of capitalism. At any point she can just pull the rip chord of "Oh im pretty, i dont want to work anymore". If you're an ugly chick, she is not on your side. Although time comes for all of us.... definitely has for me lol.

[@johnsilver8059]

The Boeing-McDonnell Douglas merger happened in 1997, not the 1980s. Second, Boeing was the major pusher of the merger, not McDonnell Douglas. Your facts are incorrect.

[@nunyabidness3075]

I think the Left and the Right should agree that the situation with Boeing and Airbus is bad. I’m a private pilot, former military officer who has done business with Boeing’s IT department and strangely been in the airplane business both selling and renting piston aircraft (because there aren’t just two companies making planes which is a very problematic and common oversight) which used to be a common alternative to airline usage. I’m a moderate, American conservative which means I’m actually a liberal by world standards. Where I disagree with the presentation is that I blame government and ironically everything I hear here seems to support my position. So, if some more leftist person wants an opportunity to explain how this is supposed to be a way to sell more government, I’m very interested. Ms. Blakely is not, IMO, presenting the Left’s best case.

[@getzinger]

Isn't the root problem the use of Marxist Keynesian "economics" -- a Central Bank Federal Reserve system -- instead of Classical Economics, a.k.a., Austrian Economics? Isn't this what the Bitcoin people seem to understand: that money printing causes massive inequality, not Capitalism itself? Read The Bitcoin Standard by Saifedean Ammous, a real economist (Classical Economics). Communism requires money printing, Marx and Stalin explicitly said so. This was all done for Marx's "conflict theory".

[@leeturnbull2082]

It is a shame no one will read this

[@henrytep8884]

No. The problem is the neo liberal world order that has nothing to do with Marxism, but does have its root in Keynesian. Austrian economics doesn’t work, but very non existence, that is evidence of its inability to survive and adapt in this world.

[@SeamusMcFitz-jz9if]

Every single piece of technology that you use right now everyday was invented in America. A free-market captialist system.

[@alexbrucker2555]

All systems are run by the same greedy people, that's why each system failed by now. Capitalism has been distributing wealth and properties much better than others. So, let's improve capitalism and not go backwards.

[@CBT5777]

Capitalism, Labor laws, the legal system, the monetary system, lobbyists and insurance companies all used together to exploit the people.

[@markevans8206]

The mistake is thinking you have to choose one ideologically pure system. And capitalism has not been doing great distributing wealth, it’s been funneling wealth to the already obscenely wealthy. Kamala Harris got more than double the campaign donations from small donors than Trump. 3 billionaires made up the difference, offsetting the donations of millions of people. The mainstream media is all owned by billionaires and did an intentionally terrible job representing the platforms of both parties, making Trump seem more sane than he is and pretending that Harris’ platform lacked detail. The incoming administration in the US is openly talking about gutting social security, Medicare and other social programs t while cutting the taxes on corporations and billionaires. Capitalists own the government and solve all problems with “more capitalism” even when capitalism is what caused the problem they are trying to solve. “Trickle down” always becomes “fire hose up.”

[@garry8390]

@@markevans8206 Nonsense

[@erikhilsinger9421]

@@garry8390 well detailed argument there.

[@garry8390]

@@erikhilsinger9421 No Harris supporter is intelligent enough to understand an argument

[@fg786]

There's nothing wrong with capitalism, it works fine, just as you would expect. It's just that peoples expectations ware wrong, therefor they claim it's "broken".

[@cletusMcFart]

Same as feudalism. It also worked exactly as designed until it was replaced by capitalism.

[@someonenotnoone]

Tell yourself all you want, just don't expect everyone else to agree.

[@chrisclassical7]

capitalism works great, i agree. the problem is that the people who run the regulators (the government) are owned by the people who run the corporations. so the regulations and the rules are written by the corporation and the rest of us are forced to obey rules we had no input into.

[@fg786]

@@chrisclassical7 Just get enough money and therefore influence and do the same? You don't want ruling in their favor but in yours then? But ruling in your favor hurts capitalism. It's harder to get the infinite money glitch going when the average Joe gets more pay and regulations and their surveillance etc. Your wellbeing and a nonpoluted environment are bad for capitalism.

[@someonenotnoone]

@@fg786 "Just get enough money and therefore influence and do the same?" Why? None of this is justified. You're acting like it is somehow.

[@ConanDuke]

Who?

[@himwhoisnottobenamed5427]

😂😂I love the hypocrisy going on here. You lot bitch about capitalism but benefit from it while using the products that capitalists produce. 😂😂😂😂

[@norsen5517]

Capitalism produces nothing. Labor produces everything.

[@shmaughn]

If you watched the video then you know that this is a criticism of socialism for corporations. The problems being highlighted are about anti-competitive practices that run counter to the spirit of capitalism. A good capitalist should want better than what we're getting right now.

[@CBT5777]

Like that's some kind of own, when were all forced to use this system.

[@littlefurrow2437]

What a silly take.

[@eliasE989]

You criticize slavery??? But you walk streets that were built by slaves 😂😂😂 Hypocrite 😂😂😂

[@paulmcparland3311]

The capture of government by corporations is a key feature of fascism. And we know where that leads.