THIS Is What’s Wrong With Capitalism! w/ Prof. Richard Wolff

Belief in the idyllic qualities of capitalism may be the closest thing to a national religion we have in the United States. Extolling the virtues of the free market is a near prerequisite for any political figure to win public office. Yet the flaws of American-style capitalism are evident to anyone willing to merely look around — considering issues like homelessness, overwork, income inequality, environmental destruction, social isolation, empty consumerism, and many others.

Jimmy speaks with economics professor Richard Wolff about the boom and bust cycle of capitalism and how worker coops point the way to emerging from all these social ills wrought by the existing system.


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#TheJimmyDoreShow is a hilarious and irreverent take on news, politics and culture featuring Jimmy Dore, a professional stand up comedian, author and podcaster. The show is also broadcast on Pacifica Radio Network stations throughout the country.

[stheworldturns]

Big pharma and defense industries not being on Wall Street would be a good start.

[uninsurable]

As a small business owner I resent when ALL businesses are lumped together. I think I speak for most small business owners when I say that we pay our employees before we pay ourselves and we treat our employees with respect because it’s hard to find good workers and we appreciate them. The problems clearly lie with the behemoth corporations. Aren’t we supposed to have anti-trust laws to prevent them from getting so huge?

[jillyjoan]

I live in northeast France. A food coop was started during the lockdown. It's now a supermarket with reasonably-priced local organic food. It created community. Win-win!

[erikreyes]

This is like the fall of Rome only with WiFi

[erichite]

It doesn't matter what system you put in place if people don't have integrity.

[amosjsoma]

I can tell you happened around 1980 to "decouple" the workers from their jobs. Our politicians, both Democrat and Republican, told we would be better off if we sent our jobs overseas to countries where labor is cheaper and we listened to them.

[fumble_brewski]

“Democracy is the road to socialism.” – Karl Marx
"The goal of socialism is Communism." – V.I. Lenin

[kirks]

End the Federal Reserve. The distribution starts there and never makes it to the working man.

[joseph-hover-lifestyle]

As software developer if you build a successful app, big corporations would try to buy it from you or bankrupt you by building a better version of it, it’s never a fair competition

[Donttreadonme]

You cant fix capitalism...or this country for that matter, unless people regain moral and a sense of right. I don't see that happening.

[christopher]

Any system will fail if greed, corruption, and consolidation of power is allowed to fester.

[BaintonTV]

Jimmy, I watched the good professor again and, unfortunately, the one thing he fails to mention is that a Socialist/Capitalist blended model ALWAYS winds up with overarching State Control, to the point where entrepreneurs are strangled to death by new rules, regs, and onerous taxes from bureaucrats who know NOTHING about running a business, or even basic economics for that matter. My wife is Italian, Jimmy, from Naples, and I’ve lived in Italy and, since I talk to everyone, I can assure you that business owners there were complaining to me about the crazy rules and regulations, even to the point that you couldn’t fire a thief employee without having to pay him his salary until he found a new position—which could take a lot of time. Why do you think young Italian men are fleeing Italy for places like England and Ireland; simply put, the unemployment rate among college-eduated youth is stunning, in some parts exceeding 50%, with no realistic chance of becoming an entrepreneur, getting a business grant, etc. AND ITALY IS THE KIND OF BLENDED SOCIALIST/CAPITALIST MODEL THAT’S BEING ESPOUSED...and even Dr. Peterson has commented on new forms of Socialism/Marxism, basically saying that everyone thinks they can do it better than Stalin, Mao, and Castro. Now, if you want to talk about making sure that ur manufacturing plants are brought back to the US, then that’s something I would heartily embrace. Honestly, I believe America’s overarching problem is the collapse of ethics, of any sense of right and wrong—and certainly the good professor is strongly stating this! Without a strong Judeo/Christian foundation, businessmen will continue to be greedy slobs, forever seeking cheaper labor in far-flung places, whether China, Vietnam, the Phillipines, etc. In short, only an ethical populace can save Capitalism, and America for that matter; even our founding fathers understood this. God bless, love your channel and work!

[Xgdtss]

Oligarchies are inevitable. More to the point America isn’t a capitalist country. The Fortune 500 companies are all thriving on government contracts and insider trading deals.

[elijahparish]

Worker-owned co-ops, or communities laboring together, as Professor Wolff says, is perfectly legal under capitalism, so why aren’t more people pursuing this mode of social cooperation?

[MojoVice]

Make lobbying illegal as it should be. Bring back monopoly laws and enforce them.

[VereinPlatzhirschamHirschenpla]

The big capitalists will not give up their status as kings. A change can only achieve through a tough fight.

[stonerjoe]

I work for an employee owned company where all the frofits get divided up to all employees at the end of the fiscal year. I love my company!

[reneeleveld]

This is a real Professor 🎉he is really there to learn you something. 👍🏻

[johno]

Never mentions where the start up money comes? Who takes all the risk? So I start a business put out the money to start it using my new ideas. I'm then suppose to give everyone the same amount of money that I would make just because I use their labor. But if the business fails for whatever reason in 5 years all the employees get to walk away while I still hold all the debt but only made the same amount of money as my worst employee.
The problem isn't capitalism, it's crony capitalism. It's business in bed in politics where they get to write the laws for themselves. It's corrupt politicians bought by big business for pennies.

[splagyetsi]

Making the comparison of Capitalism with Slavery and Serfdom was a great way to introduce the segment. We all are still in a class system and we may always be in a class system no matter that replaces current day Capitalism.
There are very smart people in society and very dumb people, there are very greedy people in society and there are others who are happy with a lot less.