Professor Richard Wolff visited Politics Done Right to describe the congruency between feudalism, slavery, and capitalism using the plight of Americans’ income and wealth inequalities.
Dr. Richard Wolff details America’s inconvenient truths
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Summary
Dr. Richard D. Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst, and a Visiting Professor in the Graduate Program in International Affairs of the New School University, NYC. He is the founder of Democracy at Work and host of their nationally syndicated show, Economic Update. His latest book, Understanding Capitalism, is available along with his other books, Understanding Socialism and Understanding Marxism, at www.democracyatwork.info
Dr. Richard Wolff, a prominent economist, critiques capitalism as a system that perpetuates inequality by design. He outlines its historical roots in exploitative structures like slavery and feudalism, drawing parallels to the employer-employee relationship. Highlighting the concentration of wealth among a tiny elite, he advocates for worker cooperatives as democratic alternatives that challenge the undemocratic nature of capitalism and empower workers to take control of their labor.
Key Takeaways
- Historical Continuity of Exploitation: Capitalism, like slavery and feudalism, centralizes power and wealth among a minority, exploiting the majority for profit.
- Structural Inequality: The employer class, representing just 3% of Americans, holds disproportionate control over production and distribution, perpetuating wealth disparities.
- Undemocratic Workplaces: Capitalist enterprises undermine democracy by giving employers autocratic power over workers.
- Worker Cooperatives as Alternatives: Co-ops empower workers through collective ownership and democratic decision-making, fostering equality and fairness.
- Capitalism’s Contradictions: The system fails to allocate resources efficiently, prioritizes profit over public good, and thrives on inequality, making systemic change essential.
Closing Progressive Summary
Capitalism thrives by exploiting workers while concentrating wealth and power in the hands of a few, but the growing interest in worker cooperatives signals a path forward. By replacing hierarchical systems with democratic workplaces, society can achieve a more equitable and sustainable economy that truly reflects the values of democracy and fairness.
