even our no gold price economists know how to change capitalism from the inside in fact a lot of wallerstein has been saying for the past twenty five years or so is that capitalism as we know. it's going to implode but nobody knows what's going to be next so we go back to gram she you know the old order is floundering but the new war is not being born yet ok richard if i go to you that's a very interesting comment there you want to go you want to jump in on that one. is an interesting comment. i certainly think that what's i think that's right and one way. i don't think it's going to explode it's going to implode which is quite a different thing which is that western european economies and north american economies are gradually going to become satellites to a much more complicated economic and labor picture in the world we give an example of. we're beginning to see a kind of permanent constriction of employment opportunities united states and the question of restoring jobs because there aren't jobs to be restored but there are lots of jobs available brazil turkey these are places that are gr

this david harvey has been speaking about this for at least for the past fifteen years you manuel wallerstein as well from the point of view of this stablish meant more or less than the real rubini has being seen in the directory if you see what's going on in us nowadays the cries of the economic crisis in the us the atlanticist economic crisis which involves europe as well and the fact that capitalism is basically being saved by china at the moment it's the failure of a model casino capitalism capitalism this implies the famous one percent against ninety nine percent and that's why occupy wall street is such an important movement because the child they want the absolutely nailed it in terms of what's the key conceptual question it's not fact that we have a very good style system work one percent basically controls the destiny of the other ninety nine and this implies what. this that belies in the concept of liquid more bernese by zygmunt bulb one i'm not very big fan of bottle myself but last week in italy i was discussing this with with some of my italian colleagues and we came to the concl

more so now you know emmanuel wallerstein this sociologist to you. as are a lot about globalization and he said that he thinks that. you know in the next twenty years there will be twenty new nuclear states. he sees the end of the cold war as actually an opening up for nasa political nuclear weapons nuclear material and expertise has become dispersed in the world so widely by. it is pointing to the we are i think on the verge of widespread proliferation. of belief the police threat of nuclear war is the streamlet seriousness standard among the leading strategic analyst pictured robert mcnamara the former security clearance. going to be until he thinks his estimate is that it's not only the threat this human cost of the collapse any international rate tense situation and. face up a situation where the weapons can be donors. there's going to be more nations going for nuclear weapons especially because the united states and russia still have them and still use them. to try to. to try to intimidate smaller nations. like what we're doing in the world righ

more so now you know in nano wallerstein with the sociologist who. has written a lot about globalization and he said that he thinks that. you know in the next twenty years there will be twenty new nuclear states. he sees the end of the cold war is actually an opening up for mass proliferation of nuclear weapons nuclear material and the expertise has to come dispersed in the world so widely by. at this point we are i think on the verge of widespread proliferation the belief that the threat of nuclear were sort of stream of seriousness standard of my own leading strategic on most pick say robert mcnamara a former state trooper friends with. under the terms of office and he thinks his estimate is that it's not only the threat but it's a human cost of the haka with any international weight tense situation and. phase out a situation wave of weapons and being honest. is going to be more nations going for nuclear weapons especially because the united states and russia still have them and still use them. to try to. try to intimidate smaller nations. like wha

a few years leading to serious consequences in just about every corner by to myal wallerstein who's a senior sociology scholar at yale university thinks that their real economic crash is yet to come that's now interview that's next here on our team. thank you very much for being with us today. so exactly two years ago you told me that the real economic crash is still a couple down the line is that with us right now i know it's a year or two still down the line but it's but it's very clearly to me what was the biggest trouble at this point the united states. just the rest of the world. actually everybody's in trouble but the united states is clearly in trouble the european union is in trouble i think it's in less trouble than the united states but it's in trouble but i eat i think also that the so-called newly emerging countries or the emergence countries brazil india china are also in trouble and so i i don't see anybody who isn't in trouble so like you're saying the global financial system clearly broken what is wrong with the modern capitalism of that's a very long story but i mean

the global structure he spoke to a senior sociology scholar at yale university that over emmanuel wallerstein who are things that the modern financial system is actually reaching its natural and. modern capitalism has in my view but that's a long story reach the end of a throw and it cannot survive as a system and what we are seeing is the structural crisis of the system its roots are in many ways the impossibility of continuing the basic principle of capitalism which is. cease this accumulation of capital. and that's the whole point of capitalism as a system and it's it's worked in some ways marvelously well for five hundred years it's been a extremely successful system in what it has tried to do but it has undone. itself as all systems do it's extremely dangerous to you and to me it's a system in which everything is relatively short term unpredictable if you don't know what's going to happen the next day or the next year then you don't know what to do and. that's basically what we're seeing in the world economy right now there's a paralysis nobody's investing really and if you don't invest

versity emmanuel wallerstein who believes that the real crash will take place in the next few years. thank you very much for being with us today. so exactly two years ago you told me that the real economic crash is still a couple of years down the line is that with us right now. i know it's a year or two still down the line but it's but it's very clearly to me what was the biggest trouble at this point the united states. not just the rest of the world. actually everybody's in trouble but the united states is clearly in trouble the european union is in trouble i think it's in worse trouble than the united states but it's in trouble but i eat i think also that the so-called newly emerging countries or the emergent countries brazil india china are also in trouble so i don't see anybody who isn't in trouble so i care saying the global financial system is clearly broken what is wrong with a modern capitalism that's a very long story but i mean modern capitalism in my view but that's a long. story reach the end of its rope and it cannot survive as a system and what we are seeing is the str