Richard D. Wolff

With the wealth gap widening, some Americans are starting to consider socialism as a viable economic and political model. Supporters of capitalism claim that no other system has been as effective in creating value, increasing prosperity, and producing the wealth that has lifted billions of people out of poverty. The free market, they argue, encourages competition and human ingenuity, values individual choice, and organizes society in a fair and just way. Critics of capitalism, however, paint a different picture. They argue that capitalism is inherently exploitative and that business owners seek profits above all else, leading to the distortion of human worth as one distilled to an individual’s labor power. Further, they claim that a capitalist system is inherently rigged to benefit the wealthy and powerful, and the byproducts of which have created unsustainable waste and decimated the world’s wildlife and natural resources. In light of this emerging divide, we ask this question: Is capitalism a blessing?With John Mackey, Bhaskar Sunkara, Katherine Mangu-Ward, and Richard D. Wolff.John Donvan is our moderater. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Professor Richard Wolff, an economist and co-founder of Democracy at Work, dives deep into the essence of socialism. He clarifies historical misconceptions fueled by anti-socialist propaganda, offering insight into the varied interpretations globally. The conversation spans socialism's evolution, the complexities of revolutions in agrarian societies, and critiques of socialist outcomes in Cuba, Venezuela, and China. Wolff emphasizes China's mixed economy's unique blend of state planning and private enterprise while addressing ongoing challenges in workplace democracy and inequality.

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.

In this discussion, economist Richard Wolff, a professor and co-founder of Democracy at Work, delves into the chaos of the government shutdown and its serious impact on workers. He emphasizes the necessity of a mass labor fightback against systemic injustice. Wolff also highlights the broader U.S. economic decline and its international repercussions, touching on Italy's general strike and the failures of American politicians to safeguard social programs. He critiques the Democratic response as ineffectual and addresses rising social tensions and the growing acceptance of socialist ideas.

Richard D. Wolff, a renowned Marxist economist and founder of Democracy at Work, delves into the crumbling U.S. job market. He discusses how profit-driven employer decisions contribute to job scarcity and examines the inadequacies of official employment statistics. Wolff highlights the impact of globalization and automation since the 1970s, which eroded union strength and displaced workers. He also addresses the political exploitation of worker frustration, linking economic dislocation to cultural tensions and resurgent anti-immigrant sentiments.