Economic Update: Rise and Fall of the USSR

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Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

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Richard Wolff is such a great speaker, his delivery is never boring. I see his name, I click.

Einstein Physicist Noble Laureate on Vladimir Lenin said: "I honor Lenin as a man who completely sacrificed himself and devoted all his energy to the realization of social justice. I do not consider his methods practical, but one thing is certain: men of his type are the guardians and restorers of the conscience of humanity."

Dear Prof. Wolff, It would be great if you could do a similar cover of history of socialist Yugoslavia from the same perspective.

Hello everyone 👋 ... Monday economy class is in ... Let keeping it together Now

Not only Russians died in WWII. Soviets died. My grandfather died at that war. Every Kazakh family lost more than one family member in that war.

I just realised how genius the name of this channel is. Good work

Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

One small problem! WW2 was fought in considerable part on Soviet land. Basically they expand their economy in 50-60 years. They've expanded it in 20-30 years. Afghanistan was also a problem and consumed a lot of resources. Also, the US was in economic trouble in the later 1980s. The economy was bad. One important thing about the US to mention is that there was no fighting on its territory. That made a huge difference. It also had Central and South America to exploit.Also, there was manufacturing for US companies in the USSR.

I love studying Soviet history since I was a school kid

This video reminds me of something my grandfather once told me, "I was a communist, your grandma was a party member". The joke being that the communist party, for all the talk, all the propaganda and all the bravado simply refused to take the next step, refused to actually give the people the opportunity to make the system better because it was afraid of losing what little it had gained.

I would very highly recommend anyone to read "Blackshirts and Reds" by Michael Parenti. Great book about socialism, life, its history including detailed information on the overthrow of the Soviet Union. Any of his lectures here on YouTube are also worth a watch. Michael would make a great guest. Great work Prof. Wolff!

40% of the comments here are thanking Prof Wolff for his concise summary on a very complex topic that they knew less about than they do now. 30% are repeating each other that Wolff 'conveniently' left out Soviet violence and oppression (which he didn't even do?) and calling him a Soviet apologist. And 30% are proclaiming the righteous place the USSR deserves in history and calling Wolff an overcritical rightwinger and/or liberal. Hmm. Sounds like this session hit the mark, Professor! Kudos on a class well-presented, as always.

This should serve as a sobering reminder that just because a country didn't end up succeeding with a socialist ideal it started out with, that doesn't mean the principle is wrong. This is why I always enjoy Prof. Wolff's material.

I never realized how anxious and on-edge the Soviet Union must have felt with the threat of invasion and war always looming over their head. Certainly makes one more sympathetic to their situation....

Thanks Professor Wolff, you’ve cleared many things up for me. I was impressed with the beauty of Russia as seen in the World Cup, now you’ve helped add admiration and respect for the Russian people knowing what they’ve been through to get to where they are. Most people who criticize have no clue as to what the Russians went through and why. Again, I’m grateful to have this opportunity to learn. Thank you very much!

This talk should be 30 hours instead of minutes.

It was actually 14 countries that attacked them after the October Revolution. Anyways this is a very good video! For other interpretations of the USSR I'd recommend reading Domenico Losurdo's book "Stalin: history and critique of a black legend" and Roger Keeran and Thomas Kenny's book "Socialism Betrayed"