from Encirclement:

1. 79:37 – 79:42
   Does it makes sense to say
   that GM, for example, is efficient
2. 79:43 – 79:49
   because it made $23- or 24-billion
   net profit in the last decade,
3. 79:50 – 79:53
   when it created 300,000 unemployed!
4. 79:54 – 79:56
   Does that make sense?
5. 79:56 – 79:59
   We say GM is efficient,
   but what is this efficiency?

1. 80:00 – 80:02
   We say the American economy
   is more efficient.
2. 80:03 – 80:08
   It is, in financial indicators,
   yield over capital investment, etc.
3. 80:09 – 80:14
   But the U.S. has never had so many
   people living under the poverty line,
4. 80:14 – 80:16
   the American poverty line,
5. 80:16 – 80:20
   or so many people
   without access to health care –
6. 80:20 – 80:25
   40% of the American population has
   practically no access to health care.
7. 80:26 – 80:30
   The U.S. has never had
   such a low level of education.
8. 80:32 – 80:37
   50% of Americans
   can’t locate England on a map.
9. 80:38 – 80:40
   Today, this is aberrant,
10. 80:40 – 80:44
    when there are at least
    50 TV channels per household.
11. 80:44 – 80:47
    There’s a picture of what
    I’m calling lack of meaning.
12. 80:48 – 80:50
    Materially, economically,
    financially, we’re more efficient.
13. 80:51 – 80:55
    But ecologically, socially,
    politically, humanly,
14. 80:55 – 81:00
    we are steadily losing
    our values and quality of life.
15. 81:00 – 81:02
    Senselessness.
16. 81:02 – 81:06
    To discuss this, we must eschew
    the dominant economic discourse.
17. 81:07 – 81:11
    To start to make sense of this,
    the problem must be reformulated …
18. 81:12 – 81:16
    from scratch. To do this,
    we must go back to Aristotle.
19. 81:17 – 81:20
    He said, “Do not confuse
    the economic –
20. 81:21 – 81:26
    oikos nomia, the norms
    of running home and community,
21. 81:26 – 81:29
    with chrematistic, krema atos,
    the accumulation of money.”