A patron of Economic Update asks: "Is there any evidence to support the idea that capitalism is responsible for the increase in wealth seen in the western countries during the 20th century? Or can it all be explained by technological advancement, and exploitation of the global south? Are there any other factors that contributed significantly to this increase? To what extent can capitalism be credited with aiding technological advancement, considering that basically all new developments seem to be the result of government spending, either wartime spending or government funded university projects?"
This is Professor Richard Wolff's video response.
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