Professor Chomsky spoke on this subject at the SEIU District 1199 Union Hall in Dorchester, MA, on 9-30-2014. Truth and Justice Radio was there to record.
Chomsky reminds us that despite the jingoistic nonsense we all hear, the US economic system is primarily a state-capitalist system, in which public funds are used to research and develop pioneering technology (the computer, the internet, radar, the jet plane etc.) largely in the form of "defense" spending, and once developed and mature these technologies are turned over to the corporate sector where civilian uses are developed for private control and profit. This is NOT real capitalism. He also reminds us that capitalism (in either form) and democracy (in any form) are mutually contradictory.
Chomsky provides a vast set of facts, in case of any doubt. He points out that most if not all of the obscene private fortunes are accumulated as a result of government protectionism and harsh suppression of labor rights. The prime example is the Carnegie fortune in the late 1800s, garnered from U.S. Steel. Steel was better and cheaper from foreign sources, but our government enacted tariffs closing that market. Meanwhile, one of the first major strikes against U.S. Steel (at Homewood, PA) was put down with the help of the National Guard.
In today's context, the highest reported profits are in the infamous financial sector, including banks and vulture funds. However, the numbers show that those profits are virtually all from government subsidies and forgiveness of obligations. Meanwhile, governments are deciding they "can't afford" to pay their workers' pensions, for which the workers actually paid in advance.
Chomsky also has a few choice comments about certain vaunted slogans and concepts that capitalism apologists claim came from Adam Smith's "The Wealth of Nations." Chomsky actually read that book, and found otherwise!
Our recording is split up into three pieces, so broadcasters can fit various air schedules. The first piece is Chomsky's main presentation. Two questions were entertained, separated in this posting. Finally, a consolidated version is also posted here, which fits a one-hour air slot. If you broadcast any of it, we would love to know: TJR@bluebottle.com is our address.
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