Capitalism
In the early days of the system, that came to be known as Capitalism, political economists of all stripes struggled to understand the laws that govern the flow of capital - and of Capitalism's related activities. As a result, a critical assessment and sketchy understanding of how Capitalism worked began to emerge. But in recent times, as the system, and the world, has grown a hundredfold more complex we have veered away from the pursuit of any clear, critical understanding of the phenomenon. Economic departments in most major universities in the English-speaking world have abolished courses in the history of Economic and political economy. We are left with incomprehensible mathematical models whose relevance to the real world is hotly disputed. We were told very little about Adam Smith, David Ricardo and Thomas Malthus yet their names have been used to give legitimacy to contemporary economic activities. To further obscure the issues, this « econo speak » has been supplemented by endless superficial news reports, pundits discussions and analysis filled with clichés and superficial information. Our series intends to puncture this veil of opacity to go beyond the current « econo- speak » to re examine the ideas which have been used in the past 40 to reshape the world. Is today's economic crisis a temporary blimp on the road to progress or a symptom of a deeper crisis of the system as a whole? Can the big ideas of the at the heart of our Economic system help us understand today's economic crisis, or obscure it? And more importantly - can they show us a way out?
- 2014-2014
- 2 seasons
- Icarus Films
- Documentary
In the early days of the system, that came to be known as Capitalism, political economists of all stripes struggled to understand the laws that govern the flow of capital - and of Capitalism's related activities. As a result, a critical assessment and sketchy understanding of how Capitalism worked began to emerge. But in recent times, as the system, and the world, has grown a hundredfold more complex we have veered away from the pursuit of any clear, critical understanding of the phenomenon. Economic departments in most major universities in the English-speaking world have abolished courses in the history of Economic and political economy. We are left with incomprehensible mathematical models whose relevance to the real world is hotly disputed. We were told very little about Adam Smith, David Ricardo and Thomas Malthus yet their names have been used to give legitimacy to contemporary economic activities. To further obscure the issues, this « econo speak » has been supplemented by endless superficial news reports, pundits discussions and analysis filled with clichés and superficial information. Our series intends to puncture this veil of opacity to go beyond the current « econo- speak » to re examine the ideas which have been used in the past 40 to reshape the world. Is today's economic crisis a temporary blimp on the road to progress or a symptom of a deeper crisis of the system as a whole? Can the big ideas of the at the heart of our Economic system help us understand today's economic crisis, or obscure it? And more importantly - can they show us a way out?
Season 2 Episode Guide
2 Episodes 2014
Episode 4
What If Marx Was Right?
53 mins
In Flint, Michigan, a weed-strewn lot is all that's left of a factory that once employed over 10,000 people. In Haiti, cheap subsidized American rice has flooded the market, forcing local producers out of business and into the capital, Port-au-Prince, where they struggle to find work. In Ghana, the International Monetary Fund's "structural adjustment" has meant selling public assets to foreign investors and a market flooded with cheap imports. All of these events can be traced back to the thinking of two men born in the 18th century: David Ricardo and Thomas Malthus. Ricardo was a stockbroker who developed the notion of comparative advantage: that countries should specialize and meet each other's needs through trade. Malthus was the demographer who feared a population explosion would cause the world to run out of food by 1890, and worked with Ricardo to eliminate public assistance for the poor in order to create a mobile and motivated workforce. Together, they would restructure society in the image of the market. But the origins of international trade are far from free. They involved heavy subsidies, market protection, and the barrels of guns pointed at recalcitrant nations.
Episode 5
Keynes vs Hayek, a Fake Debate?
53 mins
For nearly a century, most economic debate in capitalist societies has come down to a battle royal between two camps: those following John Maynard Keynes and those whose allegiance lies with Friedrich Hayek. Or, in other words, the ideological divide between those who see the need for economic policy to serve social cohesion and stability, and those for whom price - as set by the free market - is the only guide to rational economic decisions. KEYNES VS HAYEK: A FAKE DEBATE? Delves deeply into the origins of both schools of thought, and how they were shaped by post-WWI German reparations, the Depression, and the need to rebuild industrial economies after World War II. Keynesians ruled the day in the post-war economic expansion, but the soaring crime rates and economic stagnation of the 1970s rekindled interest in the idea that the government could not successfully guide the economy. This was the moment at which uber-Hayekian economist Milton Friedman emerged from obscurity, influencing the neo-conservative governments of Ronald Reagan and Margaret Thatcher, and leading to an economic revolution whose hallmarks - privatization and deregulation - continue to be felt today. Is it time for the pendulum to swing back to Keynes? Or do we need a whole new approach that goes beyond the dualism of Keynes vs Hayek?