John Cassidy

No, no, it's a very good question. Number one, he said that, you know, we depend on other people for our livelihoods. Basically, you know, you depend on the butcher to provide you with food. You depend on the tailor to, you know, to clothe you, etc. And he said the market is this mechanism which sort of coordinates all these different forms of economic activity.

And if there's competition, also fairly because things sell for pretty much the cost of producing them with a little profit margin. But, you know, Adam Smith didn't have Google and, you know, sort of Amazon.com to contend with.

And if there's competition, also fairly because things sell for pretty much the cost of producing them with a little profit margin. But, you know, Adam Smith didn't have Google and, you know, sort of Amazon.com to contend with.

And if there's competition, also fairly because things sell for pretty much the cost of producing them with a little profit margin. But, you know, Adam Smith didn't have Google and, you know, sort of Amazon.com to contend with.

No, exactly. He viewed the great colonial companies, they were actual monopolies. They had monopoly grants from the government. A lot of government ministers invested in the East India Company, so it was sort of crony capitalism. It wasn't, again, very contemporary. At the moment, the monopoly aspect is front and center.

No, exactly. He viewed the great colonial companies, they were actual monopolies. They had monopoly grants from the government. A lot of government ministers invested in the East India Company, so it was sort of crony capitalism. It wasn't, again, very contemporary. At the moment, the monopoly aspect is front and center.

No, exactly. He viewed the great colonial companies, they were actual monopolies. They had monopoly grants from the government. A lot of government ministers invested in the East India Company, so it was sort of crony capitalism. It wasn't, again, very contemporary. At the moment, the monopoly aspect is front and center.

At some points in the 2008 crisis, this instability question was front and center. That was front and center when Marx and Engels were around thinking that financial blowups in New York were going to end capitalism.

At some points in the 2008 crisis, this instability question was front and center. That was front and center when Marx and Engels were around thinking that financial blowups in New York were going to end capitalism.

At some points in the 2008 crisis, this instability question was front and center. That was front and center when Marx and Engels were around thinking that financial blowups in New York were going to end capitalism.

I take two things from them, basic things. Number one, you know, the Communist Manifesto was the first book about globalization. You know, they have these great... ringing phrases about the bourgeois going to the ends of the earth and, you know, destroy every all that is holy is profane. It's a global system which sort of rips up everything in its path.

I take two things from them, basic things. Number one, you know, the Communist Manifesto was the first book about globalization. You know, they have these great... ringing phrases about the bourgeois going to the ends of the earth and, you know, destroy every all that is holy is profane. It's a global system which sort of rips up everything in its path.

I take two things from them, basic things. Number one, you know, the Communist Manifesto was the first book about globalization. You know, they have these great... ringing phrases about the bourgeois going to the ends of the earth and, you know, destroy every all that is holy is profane. It's a global system which sort of rips up everything in its path.

And, you know, I think that is a very profound and correct analysis. The Marxism, if you boil it down to one sentence, classical Marxism, is that the most important divide in society is between the people who own property and the people who don't. Ownership of property is dominated by the capitalists, especially industrial capital. Workers, the only thing they have to sell is their labor.

And, you know, I think that is a very profound and correct analysis. The Marxism, if you boil it down to one sentence, classical Marxism, is that the most important divide in society is between the people who own property and the people who don't. Ownership of property is dominated by the capitalists, especially industrial capital. Workers, the only thing they have to sell is their labor.

And, you know, I think that is a very profound and correct analysis. The Marxism, if you boil it down to one sentence, classical Marxism, is that the most important divide in society is between the people who own property and the people who don't. Ownership of property is dominated by the capitalists, especially industrial capital. Workers, the only thing they have to sell is their labor.

They have nothing to lose but their chains in the famous phrase.

They have nothing to lose but their chains in the famous phrase.

They have nothing to lose but their chains in the famous phrase.

Well, I think what's happened is, you know, capitalism itself has, you know, put its worst face forward in the last 20 or 30 years through capitalism. The growth of huge monopolies, which seem completely beyond any public control or accountability.