the business cycle proves capitalism has failed, according to karl marx but joseph schumpeter sees theseycles as proof of the glorious success of capitalism. is either man right? 1929 is the year of collision between 19th-century economic theory and 20th-century economic reality. out of the crash john maynard keynes provides a new theory of the business cycle. what was his revolutionary idea? boom and bust: who can explain the business cycle? with the help of richard gill, we'll explore that question on this edition of economics usa. i'm david schoumacher. boom or bust? why is the economy so unstable? factories sit idle or stagger along because nobody has any money to spend. workers sit home without any money to spend hoping the economy gets better so they can work again. it's a pattern that repeats itself over and over again. few people worried about trying to explain economic fluctuations during the 19th century. americans were too busy building railroads expanding commerce overseas, or creating new industry. the years after the civil war saw a continuing expansion of the american econ

and mcdonald says, you know, none of the political theorists of the 19th century, including karl marx, grappled with this concept of permanent war, where you're constantly fighting both the external and the internal enemy. in fact, marks doesn't write much -- max doesn't write much about -- marx doesn't write much about war, but he writes and hopes for a german victory because it will, if there's a german victory, we will come closer to having the workers state. and i think mcdonald's write -- right. so, you know, what becomes an effective mechanism, one by the way which is closely cop idea by the nazi, one of the seminal texts that gobals uses is bernaiss' book, propaganda. there's a kind of very dark irony in the fact that the work of a bernais contributes quite directly to the murder of his own -- many of his own relatives. and it becomes all about emotion and all about the manipulation of emotion. and after the war, all of these people go straight to madison avenue and they start working or corporations. and laura nader, who teaches at berkeley and is ralph's sister, when we had d

the business cycle proves capitalism has failed, according to karl marx, but joseph schumpeter sees theses as proof of the glorious success of capitalism. is either man right? 1929 is the year of collision between 19th-century economic theory and 20th-century economic reality. out of the crash, john maynard keynes provides a new theory of the business cycle. what was his revolutionary idea? boom and bust: who can explain the business cycle?

>> guest: that capitalist -- the communist take shoes to karl marx to the growth of communism and life either treated that as a particular element also how it creeps into our culture but what i try to do is get under that to say why? why is that so insidious and evil? then naked capitalist was a look at how the money was socialized i love of margaret thatcher's'' taken out of context and combined but socialism works and tell day by not of other people's money. i love that. how to get other people's money? that is what "the naked capitalist" is about. , the book review tragedy and hope is the big fat book of coulter hundred pages but carol explains and shows how central banking gradually unfolded in our society and eventually putting countries into debt. i was just adding this sub. all of us pay billions and billions. they are private institutions alexander hamilton had that idea with a constitutional convention the other founders left him out of the room he went home only showed up two or three times during the development of the constitution. and "the naked capitalist" exurbs long quo

you are not going to proverb me to karl marx.encouraging to me. what i am concerned about most is if the opportunity that i had in my life is going to be available for all of you. how many of you worry about the american dream not being there for you? hands up. how many disagree. how many think it's there, no problem? i think -- yes? just because i went to nyu -- >> the american dream is the idea that it's been brought up, but it's about hard work and it's not a dream. it should be something available to everybody. if you work hard, if you pay taxes and you get a lot back from the government and have a lot of opportunities, you can succeed. it's wonderful that you succeeded and i hope everyone succeeds from hard work and not from the idea of a dream. >> everyone wants the american dream to be there. it has been said before and should be said again there is far more that unites us than divides us. this is a perfect example. you were talking earlier about working through college and you think you pulled yourself up by your boot str

you not want to respect that debacle it's probably the best arguments against democracy you know karl marx said that democracy leads to socialism and socialism is slavery as lord acton had stated but the problem here is that when you look at individual rights i mean business owners have rights but the problem is you're only thinking about the local businesses you're not thinking about the local consumers so i have no the economists who are saying the people who are voting but remember the day consumers are the consumers when they go to walmart or another store they get fifteen to twenty percent lower prices and they get at a lot of these the other locals local consumers. voted for doesn't matter and well if you believe that i'm ocracy individual i get a collective or i get it that you don't believe in democracy that's right so if you're going to have a decision making process if a local community gets to decide things and they don't do it democratically yeah you're suggesting that that decision should be made by the billionaires who on the wal-mart i would suggest had been overturned by th

we're talking about the massachusetts state supreme court which, on a ruling between karl marx and leninhing. the standards, they're not fighting a religious fight anymore. the supreme court already ruled on the religious aspect. there is no religion here. this is equal treatment. this the is same loophole which they used to invent right to get married which doesn't exist in the -- bill: do you think the court will do this? what would they do? give suit option to pass or -- quiet or -- >> that is exactly what needs to happen, bill. you can have the right to pass on the pledge. for us to compare it to equal protection allows for gay and lesbian families to get married that is far stretch. >> that is what the case being made. that is what the plaintiffs are arguing. it is already voluntary. in massachusetts nobody is required in public schools to say the pledge. bill: why is this thing in court then? >> because you have to endure the pledge. that is what these two whiney losers who have lawyers are saying. my son or daughter, we don't know, sits in the classroom, other people say the pledg

i do quote karl marx, also, who -- historical events recur, happen twice, the first of the tragedy, therce. john kerry said this is our munich moment, the moment we stand up to dictators. unfortunately, it turns out that it was kind of a munich moment to a much lower scale where we did not stand up to a dictator. i think that is worrisome because as we were saying about werepanish civil war, we led to war, 9, 10 months later, munich was fought too late to avoid a major war. i think that is still the moment -- i don't think things have generated -- have degenerated to but it wasf 1948, ironic that john kerry said munich moment when he thought the president was behind him, and he ended up having a president who did not have the will -- maybe that is not fair -- should not make the judgment that it was right to use force. now we are in a ridiculous situation where we will have endless discussions with the u.n. no one really think that i thought can get rid of all of the chemical weapons. no one thinks we know where they all are. it is the middle of a civil war. you and forces are not going

logic, the author of the suppression of the african slave trade now steeped ever more deeply in karl marx the authors embryonic thesis was to be brought full turn a decade later but it was indian admire whose analytical sophistication matched dubois', the scholar politician, capitalism and slavery argues that the profits pouring into bristol and liverpool from slaves, sugar, rum, coffee and finished goods underwrote to a controversial degree great britain's industrial takeoff. many other critics who saluted the brilliance of the book tended to feel uncomfortable, or become suspicious when dealing with its suite in depth, nor is it unexpected that much of what troubled exercising a limited dubois' critics now seems less significant six decades after publication to contend for a student of society who have designed inside and black reconstruction that the former critics either ignored or simply overlooked. there was more than met the eye and dubois' vivid direction, and perfected the fallacy by substituting depersonalize conscripts insurance for a black men, women and children who toiled. d

i do quote karl marx, also, who famously said -- historical events recur, happen twice, the first is the tragedy, the second time is farce. john kerry said this is our munich moment, the moment we stand up to dictators. unfortunately, it turns out that it was kind of a munich moment to a much lower scale where we did not stand up to a dictator. i think that is worrisome because as we were saying about the spanish civil war, we were led to war, 9, 10 months later, munich was fought too late to avoid a major war. i think that is still the moment i don't think things have degenerated to the point of 1938, but it was ironic that john kerry said munich moment when he thought the president was behind him, and he ended up having a president who did not have the will -- maybe that is not fair -- should not make the judgment that it was right to use force. now we are in a ridiculous situation where we will have endless discussions with the u.n. no one really thinks that assad can get rid of all of the chemical weapons. no one thinks we know where they all are. it is the middle of a civil war.