Best of the Left - Leftist Perspectives on Progressive Politics, News, Culture, Economics and Democracy #1491 Mismanaging Capitalism Can Lead to Fascism (Inflation and the Working Class)
May 27, 2022
Richard Wolff, an economist renowned for his critiques of capitalism, discusses the perilous connection between economic distress and the rise of fascism, drawing lessons from Germany's post-WWI collapse. Jayati Ghosh, a development economist, highlights rampant corporate profiteering driving inflation and the dire effects on developing nations. David Dayen, an investigative journalist, sheds light on the baby formula shortage stemming from monopolistic practices and the urgent need for regulatory reforms to prevent future crises.
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Economic Trauma Can Breed Extremism
- Economic shocks can radicalize societies and enable demagogues to seize power when working classes are desperate.
- Richard D. Wolff warns post-war inflation, depression and loss created conditions that allowed fascism to rise in Germany and could repeat in the U.S.
Inflation Is Amplified By Corporate Power
- Corporate concentration lets firms raise prices and maintain record profits even amid inflation.
- Robert Reich argues the core problem is lack of competition, not inflation itself.
Fight Price Gouging With Antitrust Action
- Use antitrust enforcement and targeted investigations to curb corporate price-gouging.
- Robert Reich recommends stronger FTC and DOJ action to investigate oil companies and other concentrated industries.
