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

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, Prof. Richard Wolff, an economist and co-founder of Democracy at Work, examines the profound impact of AI on labor and society. He warns that AI, while promising efficiency, is mainly benefitting capitalists who prioritize profit over public good, raising risks of economic crash. Wolff proposes a bold alternative: worker-controlled AI which could lead to shorter workdays without wage loss. He argues for democratizing technology to empower workers and reshape our economic landscape.