Ask Prof Wolff: Founding Fathers, Capitalism vs. Socialism

A patron of Economic Update asks: "We hear from conservatives how the "Founding Fathers" of US Democracy were staunch Capitalists and wanted no part of Socialism. I always thought that argument was strange as both "The Wealth of Nations" and 'Das Kapital" were published after this nation was formed I would appreciate your comments on this discussion."

This is Professor Richard Wolff's video response.

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“A magnificent source of hope and insight.” Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy.
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[GregoryWonderwheel]

Thomas Paine was the first to propose a universal basic income. Half of his proposal was eventually enacted as Social Security. He proposed that it be paid for by the capitalists who are given monopoly control over the land they "own" and he called it "ground rents." Abraham Lincoln said labour is superior to capital and good government would protect the laborer from the theft of the fruit of their labor.

[helpyourcattodrive]

Thank you! They were idealists.
Money is power and it’s hard for rich men to part ways w it, hence our current circumstances.

[lawrence]

It’s similar to conservatives asserting that the founding fathers were Christians when most, if I recall, labeled themselves as secular deists.

[dunkelmonkey]

It says right in the preamble of the Constitution "to promote the general welfare" - capitalism does not jive with that ideal

[andrewgreen]

Now do Shay's Rebellion, as well as the farmer's and revolutionary veterans demands.

[FourtyParsecs]

Oops. Now ya done broke the Republic mythologies about the FFs.

[GhostOnTheHalfShell]

One thing to note is the founders did have dim view of corporations in the form of the East India company. They put corporations and their license to operate squarely under the thumb of the government. They didn’t much like concentrations of economic power in corporate forms. That provision has been all but exterminated in the US.

[awatgharib]

I admirer this man. what is realy intresting about him is puting very complicated issues in simple word that the common people understand.

[westleymanc]

Respect from, The Peoples Republic of Manchester

[TheBigGSN]

You’re responding to people that think capitalism is freedom and having things and socialism is being a slave in a grey jumpsuit. They’re either fundamentally ignorant or dishonest.

[josephschaumberg]

Nice history lesson, I enjoyed it and learned a lot.

[stephaniecarrow]

It's stunning the dichotomy between Jefferson's ideals and his own practices as a slaveholder, and with far more land than he alone could cultivate. Surely we can do better than that in upholding ideals. Thanks, Prof Wolff.

[eliyahubenysrael]

Additionally, who cares what they wanted? They're dead, and had so many really bad goals we are not obligated to keep their vision unchanged, and in many ways haven't. Let's change a whole lot more...

[spiritualeco-syndicalisthe]

Most Founding Fathers, if not all of them, would be libertarian socialists today. Adam Smith said that inequality couldn't become too high, because out of natural sympathy and compassion for thei fellow human beings, the rich would redistribute their wealth. Smith also called for government intervention, under the condition that the intervention benefits the poor and not the government. Karl Marx based his thinking on Adam Smith and David Ricardo, and Marx also didn't count small business owners as the capitalist class, since they didn't exploit on a contant and systematic basis. The right to carry a gun was meant to ensure that the popular mass would win a fight against the government, in case the state would turn into an authoritarian regime. Madison wanted to prevent the poor from simply expropriating the rich through voting, but he lived in pre-industrial times, probably couldn't have predicted that huge indifferences in wealth and standard of living could occur in a capitalist economy.

[TheNoblot]

is more likely materialism going out of control. the founding humans did not expect humans to become 1000% materialistic . same as a machine with a thinking processor.😥

[ShikataGaNai]

I would love to do another MA at New School, but alas, it is pretty pricey.

[andrewsullivan]

Upon independence, the first constitution of the Commonwealth of PA called for public institutions of education, and they hoped useful inventions would benefit the Commonwealth.

[kenunderwood]

Hi Prof! Great chat!
You know how hard it is to describe how socialism is implemented? I have seen you struggle. I do too.
The difficulty is that, as a rule, socialism is introduced post-revolution, so the capitalists are already defeated.
The conflict is simplified if we remember that the capitalists have increasingly taken advantage whenever they get the chance. They will stay on top by hook or by crook so we must displace them as the Owners.
We also need to introduce a money-free society because otherwise the capitalists will use their wealth to undermine the socialists.

[jacobzaranyika]

Got the subtext to match the audio. Being straight with us. Funny! Forbes was just testing.

[Labor_Jones]

This is D-DAY June 4th.... I may not agree with the 'Lincoln Project, ' but they do have a Nice AD today if you go look you tube.
.... I can't post the 'Link' or my post get sacked. sorry.