Economics

"Socialism is the total opposite of capitalism/imperialism. It is the rejection of empire and white supremacy. Socialism is the violent overthrow of the bourgeoisie, the establishment of the dictatorship of the proletariat, and the eradication of the social system based on profit. Socialism means control of the productive forces for the good of the whole community instead of the few who live on hilltops and in mansions. Socialism means priorities based on human need instead of corporate greed. Socialism creates the conditions for a decent and creative quality of life for all."

"Production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin."

"Jeff Bezos is getting rich not because of the profits of Amazon, but because of the increase of the share price. You’ve heard that he made what, $60 billion since the beginning of the pandemic? That’s not because of the profits of Amazon... The actual profits are nothing like that. It’s maybe one billion altogether, but he made 60! From the share price."

"I call it techno-feudalism. I don’t call it capitalism anymore. We need to distinguish what was going on before 2008 from what was going on after 2008. Amazon is not a market; it’s a fiefdom. And it’s a fiefdom that’s connected to other fiefdoms, like Facebook, through the cloud services of Amazon, which are much greater and bigger than Amazon.com. It’s like a much more technologically advanced form of feudalism. This is completely sustained by central bank money. So you have the combination of the king, the sovereign, the state, the central bank and the feudal lords, the techno-feudal lords. You can see that this system is constantly doubling-down on our extinction as a species. We had the pandemic and what did they do? More of the same. They give them more money. They give it to the same people. They gave some money to the people in furlough wages and so on, but that is only temporary. There’s been no real investment in human capital; in students, in cancelling debt. They’re not doing any of that. They have no problem plucking the money tree for themselves. Sometimes they spread some of the money they plucked from the money tree to the many, but in a limited and transient manner. And the stagnation of the capitalist system, the techno-feudalist system as I call it, gets more and more entrenched."

"On Modern capitalism"

"Capitalism does not lie some of the time, it lies all of the time."

"If a modern wage can purchase no more food than wages from 400 years ago, something has clearly gone wrong, even if there have been gains in medical care or information technology. ‘Welfare ratios’ bring our attention to a worker's ability to meet their most basic needs. If these basic capabilities deteriorated during the rise of capitalism, and if up to a billion people today have lower real incomes in terms of access to food than 16th-century labourers, it is reasonable to conclude that the world capitalist system as such has failed to deliver meaningful progress against extreme poverty."

"Contrary to claims about extreme poverty being a natural human condition, it is reasonable to assume that human communities are in fact innately capable of producing enough to meet their own basic needs (i.e., for food, clothing, and shelter), with their own labour and with the resources available to them in their environment or through exchange. Barring natural disasters, people will generally succeed in this objective. The main exception is under conditions where people are cut off from land and commons, or where their labour, resources and productive capacities are appropriated by a ruling class or an external imperial power. This explains the prevalence of extreme poverty under capitalism."

"It is the fundamental wisdom of the capitalist system that it functions irrespective of the wisdom or the stupidity of the capitalists."

"Capitalism prospers in an environment with a peculiar combination of self-interested behavior - enough to induce individuals to look for profitable activities - and non-self-interested behavior, where one's word is one's honor, where social rather than economic sanctions suffice to enforce contracts."

"Grotesque sentiments such as the lust of business success or economic power of any kind, and indeed every purely self-regarding passion, from that of the social climber to that of the salvation-seeking ascetic, are experienced by the explorer with something of that shame which the child, emerging into adolescence, may feel toward the still-clinging fascination of his outgrown toys, or with such disgust as the youth may feel when he wakes from some unworthy sexual infatuation."

"One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them."

"Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism."

"Like a trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds."

"Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either."

"Capitalism, in contrast, has existed for fewer than 300 years. If the entire history of ' was a 24-hour day, then capitalism has existed for two minutes."

"Marxism is the capitalism of the working class."

"Violence, fraud, the prerogative of force, the claims of superior cunning—those are the sources to which titles may be traced. The original deeds were written with the sword, rather than with the pen; not lawyers, but soldiers, were the conveyancers; blows were the current coin given in payment; and for seals, blood was used in preference to wax. Could valid claims be thus constituted? Hardly. And if not, what becomes of the pretensions of all subsequent holders of estates so obtained? Does sale or bequest generate a right where it did not previously exist?"

"Capitalist enterprises buy components from others who have lower costs in producing those particular components, and sell their own output to whatever middlemen can most efficiently carry out its distribution."

"Capitalism works not through coercion or conquest, but through the consent of the consumer."

"Because the West has a property rights system, and property rights systems seem to be about ownership. What we're discovering more and more is that it's really the system that undergirds the system of values called capitalism. In other words, you have property rights in the West. In developing nations we do, too, but they're not legal. Once you legalize them and you have recordkeeping systems and you have tracking systems and you've got contracts and you're able to get all the information about somebody's ownership over an asset, all of a sudden you obtain enormous amounts of data that you do not have in developing nations. In the West, that is captured in the property system. If you are somebody that is honorable and pays their debts, which is what somebody would be interested in, that's going to be captured in your records, and your records are linked to your property records. All of these are property rights, [but we don't have them] organized in a central system … in Third World countries."

"Capitalism was born from the money loan. Money lending contains the root idea of capitalism. Turn to the pages of the Talmud and you will find that the Jews made an art of lending money. They were taught early to look for their chief happiness in the possession of money. They fathomed all the secrets that lay hid in money. They became Lords of Money and Lords of the World."

"Capitalism designates an economic system significantly characterized by the predominance of "capital." Capitalism and double entry bookkeeping are absolutely indissociable; their relationship to each other is that of form to content."

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

"The national accounting systems which are used for calculating growth in terms of GDP are based on the assumption that if producers consume what they produce, they do not in fact produce at all, because they fall outside the production boundary. The production boundary is a political creation that, in its workings, excludes regenerative and renewable production cycles from the area of production. Hence all women who produce for their families, children, community and society are treated as ‘non-productive’ and ‘economically inactive’. When economies are confined to the marketplace, economic self-sufficiency is perceived as economic deficiency. The devaluation of women’s work, and of work done in subsistence economies of the South, is the natural outcome of a production boundary constructed by capitalist patriarchy. By restricting itself to the values of the market economy, as defined by capitalist patriarchy, the production boundary ignores economic value in the two vital economies which are necessary to ecological and human survival: nature’s economy and the sustenance economy. In these economies, economic value is a measure of how the Earth’s life and human life are protected. The currency is life-giving processes, not cash or the market price. Second, a model of capitalist patriarchy which excludes women’s work and wealth creation in the mind deepens the violence by displacing women from their livelihoods and alienating them from the natural resources on which their livelihoods depend -their land, their forests, their water, their seeds and biodiversity."

"I have repeatedly stressed that the rape of the Earth and rape of women are intimately linked - both metaphorically, in shaping world-views, and materially, in shaping women’s everyday lives... When we wrote Ecofeminism we raised the issue of reductionist, mechanistic science and the attitude of mastery over and conquest of nature as an expression of capitalist patriarchy. Today the contest between an ecological and feminist world-view and a worldview shaped by capitalist patriarchy is more intense than ever. This contest is particularly intense in the area of food. GMOs embody the vision of capitalist patriarchy."

"If ... the tax scheme allows enormous intergenerational wealth transfers within families, some families will maintain considerable socioeconomic advantages over others, which allows them to provide better educations and better environments (both residential and familial) for their children, and their children's children. ... Even in a constitutional democracy in which each citizen has a publicly recognized claim to all the basic political and civil liberties, these socioeconomic inequalities would create an informal social hierarchy by birth: some would be born into great wealth and other social and political advantages while others would be born into poverty and its associated disadvantages. ... If, because a social scheme had the characteristics described above, the life prospects of some children were vastly inferior to those of others, it would be reasonable to regard these disadvantaged children as members of the lowest stratum in a descent-based social hierarchy. When such a hierarchy is, and has long been, marked by racial distinctions, equal citizenship, in any meaningful sense, does not obtain. In a society with an established democratic tradition, such a quasi-feudal order does not warrant the allegiance of its most disadvantaged members, especially when these persons are racially stigmatized. Indeed, the existence of such an order creates the suspicion that, despite the society's ostensible commitment to equal civil rights, white supremacy has simply taken a new form."

"You have to choose (as a voter) between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold."