Prof Wolff gives an example of how we collectively prevented inflation during World War II in the United States. Turns out, a market solution doesn't always work, and sometimes, collectively issued distribution, to each according to their needs, does work well.
"The question was how do we distribute the reduced supply of food, clothing, shelter and so on to the American people? If we had allowed the free market to do it, it would have meant allowing the producers of food, clothing and shelter to jack up the price the way they're doing now. We would have allowed it then, but wise people in Washington understood if we did that, rich people would be able to get through the war very comfortably and everybody else wouldn't and that would destroy whatever unity we had in this country which we badly needed to fight the war. So, we wouldn't have a free market. We banished the free market."
This is a clip from S12 E17 of Economic Update: "Inflation - How Markets Fail"
Watch the full episode on our YouTube channel at https://youtu.be/y54R5CcOf4E
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Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!
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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly
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"The question was how do we distribute the reduced supply of food, clothing, shelter and so on to the American people? If we had allowed the free market to do it, it would have meant allowing the producers of food, clothing and shelter to jack up the price the way they're doing now. We would have allowed it then, but wise people in Washington understood if we did that, rich people would be able to get through the war very comfortably and everybody else wouldn't and that would destroy whatever unity we had in this country which we badly needed to fight the war. So, we wouldn't have a free market. We banished the free market."
This is a clip from S12 E17 of Economic Update: "Inflation - How Markets Fail"
Watch the full episode on our YouTube channel at https://youtu.be/y54R5CcOf4E
You can also listen to this show on our website or as a podcast on your favorite podcast player.
______________________________________________________________________________________
We make it a point to provide the show free of ads. Please consider supporting our work.
Become an EU patron on Patreon: https://www.patreon.com/economicupdate
Become a monthly donor via our website: https://www.democracyatwork.info/donate
_______________________________________________________________________________________
Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!
www.democracyatwork.info/books
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly
http://www.lulu.com/spotlight/democracyatwork
_________________________________________________________________________________________
Want to help us translate and transcribe our videos?
Learn about joining our translation team: http://bit.ly/2J2uIHH
Jump right in: http://bit.ly/2J3bEZR
Follow us ONLINE:
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http://www.rdwolff.com
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http://www.facebook.com/DemocracyatWrk
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Subscribe to our podcast: http://economicupdate.libsyn.com
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