Capitalism Vs. Socialism Debate: Arthur Laffer & Richard Wolff

Arthur Laffer, Founder & Chairman of Laffer Associates, joins Richard Wolff, Co-Founder of Democracy At Work, to debate the merits of capitalism versus those of socialism, and how to build a more prosperous society.

*This video was recorded on September 20, 2023

FOLLOW ARTHUR LAFFER:

FOLLOW RICHARD D. WOLFF:

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*This video is not financial advice. The channel is not responsible for the performance of sponsors and affiliates.

0:00 - Intro
3:09 - How to solve America's underperformance?
24:50 - Has socialism failed?
38:38 - How to fix income inequality?
45:40 - Uses of surplus
51:05 - Non-hierarchical organization
1:00:19 - Wealth redistribution
1:10:16 - How to create more wealth?

#economics #capitalism #socialism

[Nackakliniken]

After such short time you have created the best macro channel out there, all categories. Congratulations!

[Sandcrackattack]

I love that Laffer brought up Einstein as an example of rational thought. Einstein was a devout and outspoken socialist.

[goldensilver]

I like Prof. Wolff. He's not afraid to get in the ring with anyone and always very clear on his position...

[Jessupz]

The capitalism defender can't stop advertising his book. It's like a perfect example of capitalism and it's endless, mind numbing marketing and advertising.

[aubergineaura]

Laffer is a rich powerful person living in TN. He is immune to the fact that TN has one of the lowest life expectancies in the country; highest number of diabetes, cancer, and un/underinsured (TN never took the ACA Medicaid expansion); one of the lowest residentially-owned property rates; some of the lowest education scores in the country; and on and on. The people have been exploited since the state was founded, and it has only gotten worse the last 20 yrs. It has never really changed from a plantation economy--with a few rich, a handful of middle class, and most at the very bottom of the economic pyramid. TN is consistently ranked one of the most corrupt states in the nation! So, Laffers comments about TN, are, as usual for him, only partly factual. Its a great place if youre rich like Laffer. Otherwise, it's miserable!

[jermainemyrn]

Richard wolf honestly made a lot of things clear for me. I see what he's talking about with my eyes

[petercohen]

“…a government that TRIES”? How can the Government do anything against the wealthy and corporate when politicians literally rely on the wealthy and corporations for their careers?

[MysticYT]

This debate is VERY telling when you have an economist that has worked in the White House say “democracy no matter where it is doesn’t work and we need to regulate who makes decisions"
EDIT: also David I must thank you for hosting this debate it is something that the US has been sorely missing for decades but I do think you should have done more at the end to prevent Dr. Laffer from interrupting Prof Wolff as he was never able to complete any of this thoughts due to Dr. Laffer constantly interrupting him and it wasn't until you stepped in and told Laffer to let Wolff finish that the conversation finally became stable again.

[naviga]

Up until the end, this was by far the best debate of this contentious topic, that I've ever seen. Thank you for sharing this. Much respect

[RueMontagu]

My take away from Laffer's argument is that he wrote a book and was the first political capitalist to go to China in the 70s.

[ChrisGenXer]

Any chance of you doing another debate or discussion between these two once they’ve read and analyzed one another’s book? That would be an amazing Part II to this discussion.

[ΚατερίναΚαραγεώργη-δλ]

“China’s economy collapsing in front of our very eyes” 😂😂😂

[Dasein]

This was excellent. I don’t praise YouTubers often, but you were an excellent moderator. You let them speak and interact, keep questions relevant and quick, and kept things moving when necessary. Well done.

[johnnewton]

I love how Professor Wolff knows capitalism better than Mr. Laffer does who is a major supporter of it. I find that this is a very common when talking to anyone how is a large supporter of free markets and capitalism as it stands. Rather funny if you think about it.

[AbbeyRoad]

Wow! There is NO MAINSTREAM MEDIA that comes close to this David. Not even 100 miles.

[Charles-lztz]

Art Laffer is a joke! Pun intended. Classic capitalism and Neo capitalism are completely different. After world war 2 true capitalism was slowly transformed into the Neo capitalism we have now. That is why we have such income inequality today. When the very rich make the rules through lobbying the benefits of those rules will all go to the rich. The poor collect the crumbs left behind. Bailouts are not true capitalism, but socialism for the rich. If we lived in a real capitalistic system the bailouts would not have happened causing all the boom bust cycles that lead to inflation . The rich want socialism for themselves (Bailouts) when they fail, and capitalism when they succeed. Our world is run by hypocrites!

[hafifi]

I am enjoying this debate. I am learning a lot from Professor Wolf

[YourLakelandSloth]

David you are amazing for arranging this. Also shout out to Arthur for showing and defending his position against Wolf. I tend to be more sympathetic to Wolf’s position but I am glad he is being challenged

Wolf is very articulate so it’s hard to find people willing to debate him.

Can’t wait to listen to this and I hope it was a sound debate.

[ChrisGenXer]

By far and away, this has been THE best show you’ve done and it was incredible!!! Mainstream media doesn’t do this and you have two titans debating. It was such an awesome show!!! Loved it! Well done David!

[moviathan]

Kick ass David! Great seeing a debate!