In the second part of their recent conversation, the renowned intellectual (left) tells the Truthdig columnist how the banking, fossil fuel and tech sectors profit from taxpayer dollars.
“I think that the word 'ideology' has to be used very carefully But when people come forward with rather simplistic truths -- you already know you’re in trouble when they say they’ve got the truth -- and they say: 'This is what must happen This is how things work This is what dominates society' That’s an ideology"“I think that the word 'ideology' has to be used very carefully'".
In this short clip from a History Channel documentary, the renowned linguist and activist explains how markets actually bring out the worst in humans by turning us into people "dedicated to maximizing individual gain, not social concern."
The renowned linguist and activist explains the only way that capitalism could be compatible with democracy.
Unlike psychological terminology -- which consists mainly of terms of invective (try to think of a desirable personality complex) -- today’s economic vocabulary is euphemistic. One rarely hears the terms "rentier" or "usury" that played so central a role in the debates of past centuries.
Perhaps the bookers over at Fox News decided to get Rep. Adam Smith, one of 16 Democrats who voted against the fiscal cliff deal, on "Fox & Friends" on Wednesday because they thought the congressman would agree with the program's hosts. If that was the case, they were sorely mistaken.
Perhaps the most troubling reality in the 21st century is that our economics now dictates our cultural values, rather than the reverse, where we the people would decide how resources, production and mutual prosperity should be systematized to achieve the best society for all.
Many in Britain and the United States are in mourning for what's taken as the suicide of the American (or Thatcherite, or Chicago-school) model of capitalism, accompanied by the non-interventionist state that hands the national economy over to business and financial leaders to run.
Sizing up Hillary Clinton's economic outlook on a campaign stop Sunday, rival presidential candidate Mitt Romney took aim at Clinton's approach, accusing her of harboring ideas more in line with "Communist Manifesto" author Karl Marx's theories than those of capitalist champion Adam Smith.