[Season 2 Episode 1] Capitalism hits the fan 2.0?
Welcome to another season, and the first episode of Season 2, of the dialectic at work: a podcast dedicated to understanding Marxian theory. Thank you all for your continued support.
The year did not begin well for global capitalism, with 600 billion dollars erased in the valuations of AI companies within hours on January 27th.
This week, the dialectic explores the following question: Why is capitalism prone to such volatile movements and crises? What is it about the logic of this system that produces such madness: cycles of stock valuation booms, followed by busts? How does Marxian theory help us understand this phenomenon?
Prof Wolff explained how the AI tech collapse recently shows something deeper and more fundamental about the capitalist economy: it is a highly volatile economic system. This is why, “Hi-tech stocks that zoom upward can easily drop down just as fast and China made that happen as its remarkable dynamism increasingly will do” (Wolff).
About:
The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxian theory. It utilizes the dialectical mode of reasoning, that is the method developed over the millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis via a dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work intending to solve the urgent life crises that we face as a global community.
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