AskProfWolff: A Critique of Robert Reich

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A Patron of Economic Update asks: "Hello Prof Wolff, is this the right way to ask a question? I watched the Netflix film "Saving Capitalism" based on Robert Reich's book and would like to hear your opinion about his view that laissez-faire and "crony capitalism" is the real problem, not capitalism itself."
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[@devinfaux6987]

Moral of the story: Never leave an enemy stronghold intact.

[@pwp8737]

exactly. FDR and his new dealers thought the band-aids they put on capitalism would be the end all. Capitalism waited, bided its time and little by little whittled away the new deal reforms. The beast must be slain, a stake driven through its heart.

[@pwp8737]

@Adymn Sani you're not getting the point. If you abolish the capitalist system, future generations born will not dream of growing up to be rapacious titans of industry lording it over the serfs who will produce the wealth. The system will not exist, there will be no ecosystem to produce the insanity we are living through now. Just as feudalism and slavery were abolished, no one grows up dreaming of owning a plantation with hundreds of human chattel.

[@normalizedinsanity4873]

​@Adymn Sani The law of the English landowning class, adopted in the US constitution by the US landowning class whose right to rule came from the medieval belief in the right of kings to rule ordained by God? The central function of the law is the creation of "private property" that provides legal cover for the theft of our birth right to the land and resources we all need to live, that is used to extort our exploit labor. We must do their jobs to get their money in order to live, jobs for which we are paid a pittance. We have to buy land they have no right to claim ownership of to build our homes, and pay back huge sums of money, with huge interest on top. When the system crashes, as it must as it a ponzi scheme and they repose your land, you have worked your entire life to make someone else rich. Einstein called this the greatest evil of the world, while Oscar Wilde said, "any man who submits the law of private property has to be extraordinarily stupid" and who could ague this is not the case today? All wars are the elites fighting over resources they have stolen from us, and we are stupid enough to do the fighting for them. The police kill with impunity, as their function is to keep public order, to keep us compliant wage slaves. That is why the barbarity of the police state emerges during crisis, as the elites fear revolution that would disposes them of their ill gotten gain. They are not about to prosecute the thugs they rely on. The left have failed miserably in conveying these simple, self evident truths....including Prof Wolfe (who is a wonderful human being to be sure) as we need to get people angry over being shafted, as this is the only thing they respond to now. "The first man who, having enclosed a piece of ground, bethought himself of saying, “This is mine”, and found people simple enough to believe him, was the real founder of civil society. From how many crimes, wars and murders, from how many horrors and misfortunes, might not anyone have saved mankind by pulling up the stakes, filling in the ditch, and crying to his fellows, “Beware of listening to this imposter; you are undone if you once forget that the fruits of the earth belong to us all, and the earth itself to nobody.” Jean-Jacques Rousseau The origins of inequality 1757 I will fight and die alone if necessary, before I capitulate to moronic subhuman psychopaths who despise us and have no respect for our lives , and who coerce us under threat of loosing our jobs into actions that will lead to the end of all life on the planet. Fuck that, We truly have nothing to loose but our chains The question is how stupid are we prepared to be.........as stupid as Robert Reich?

[@knyazigorthe8617]

@@pwp8737 👏👏👍

[@jamesgraham4242]

@Adymn Sani Tell that to the Sheriff

[@josephregallis3394]

Just one example: The income tax was initially started to tax the rich only in the beginning because they had plenty of money and could afford to pay it. Now, many of the rich pay no taxes and even get free money back from the government while the rest of us have to pay taxes, which we did not do in the beginning because we could not afford to pay it. We pay taxes today, even if we can't afford it, while many rich do not! Money buys influence and bribes politicians to give the rich what they want, which is not to pay any taxes!

[@stvwds61]

Right! How about the tax reduction Trump gave them. They used them to buy(back) stocks with. Add to it the QE funds. The real slap in the face however, was they purchased Treasury bonds issued to cover the very tax debt they owed, but didn't pay. So, not only are we responsible for paying their debt, we are also paying them interest on it!

[@nergispaul9022]

The rich were taxed (and should be) because they tend to do stupid and destructive things with money beyond a certain threshold. Stuff like stock market and various other kinds of bubbles.

[@bicyclist2]

Watch the documentary movie America: Freedom to Fascism. It's amazing. It's very educational.

[@chrisbayridge23]

And yet I have this argument at least twice a week with working class conservatives who believe that the wealthy pay the majority of taxes in dollars which might have been true 35 yNears ago But yet OAN and Fox News vomit out propaganda to their working class viewers that has created sort of a Stockholm Syndrome among the working class at least the white working class where working people identify with the people who are trying to destroy them

[@stvwds61]

USA citizens generally think their taxes are too high. Why? Because the do not feel they are receiving equitable benefit from them. Should they actually account for all the taxes, excise fees, import taxes and all other taxes by any other name, they'd be flabbergasted! Not only that, the proportion of taxes for the common citizen is substantially higher than the more than the well to do. On top of that, the majority of income(unearned) of the well to do is taxed at an appreciatively lower rate than the common wage earner. Add to this, corporate taxes have fallen from 150% of individual taxes paid to 50% over the last 40 years. If people in the USA were to realize these circumstances, critically examine them and contrast them to the so called socialist countries, I believe they would realize they would recieve a far greater benefit from their. economic models.

[@randomentity6553]

We're definitely in an age of ahem.... "Less Fair" capitalism....

[@Elfunko99x]

Again

[@5thDragonDreamCaster]

@Asskhole Snarkerson *Caveman grunting noises* Goberment BAD, BAD, BAD. Ughh GRUG SMASH. Socialism is when goberment do stuff, goberment BAD BAD BAD

[@BMoser-bv6kn]

@Asskhole Snarkerson What if.... this is crazy I know but think it over... what if... banks didn't own everything? What if... you actually heard the initiatives we've advocating for instead of making up a straw man fantasy up in your head? What "new power positions" are you even talking about? They have absolute power, they use that power to do everything they want, there is no such thing as having "150%" of something, they're hard capped at 100%. Your premise doesn't make any sense whatsoever. You must know that already, and that it's a probably a rationalization of your emotional disgust at plastic sock puppet middle men. That you'd rather have them just rule us directly and openly and dispense with the charade of elections. (And I agree, elections are a sham.)

[@charliekowittmusic]

@Asskhole Snarkerson Bahaha yeah cause government and big business don’t already have complete, 100% control right? God forbid we should try and change things to focus on the needs of working people. OoOoOoO ScArY!!!

[@randomentity6553]

@Asskhole Snarkerson conservatives are by definition, afraid of change.

[@davidquintana1471]

This is what the difference between a Leftist and a liberal is

[@Velveteenvision]

Asskhole Snarkerson huh?

[@zombiesingularity]

Or more accurately a Socialist/Communist vs a Liberal. A "leftist" is too vague a term.

[@non-standardproletarian3356]

@Asskhole Snarkerson For someone who seems so anti-state you sure spend a lot of energy fetishizing it. Marxists don't. Had you actually read Marx and Engels you'd understand why.

[@non-standardproletarian3356]

@Asskhole Snarkerson Cutting and pasting random quotes is hardly the mark of engagement much less understanding.

[@zombiesingularity]

@Asskhole Snarkerson use paragraphs bruh

[@amapparatistkwabena]

I would LOVE to see Prof Dr. Wolfe and Robert Reich sit down and just converse.

[@jonathanbailey1597]

It didn't go well for him when he debated Chris Hedges.

[@egregiousqueef7781]

@@jonathanbailey1597 Was that the one on DemocracyNow or Pacifica or something like in 2016? Hedges just mopped the floor with Reich, if that's the one you're talking about

[@joejohnson5410]

Me toooooo

[@bargdaffy1535]

I think after Robert ran into Chris Hedges buzzsaw he quit with the "sit down and converse" interviews. kzbin.info/www/bejne/p5-zn6GhhNKgjs0si=uwv2gwwPkmNaEx17

[@MakeSomeNoiseAgencyPlaylists]

Wolff is a fashist, anti-semitic right wing immoral arschloch

[@Monkeybongoes]

Would love to hear Reich's response.

[@bradypustridactylus488]

In order for Robert Reich's vision to work, it requires the adoption of an attitude of enlightened self interest. However, the structure of the corporation does not allow any modifiers to its goal. For a corporation to succeed, it requires wholehearted, unbridled profit seeking.

[@davidpeppers551]

Enlightened self interest required? Yes. Present? No evidence seen. Capitalism requires unbridled profit sneaking? Yes! And since it is required by law ---wonder who put that in-- share holders can sue if they think that is not happeneng!!! Sure we can care about...........but not if it costs us anything! Better to present the appearance of caring and run that up the flagpole until the wind stops blowing. So much cheaper that way! Gotta keep that bottom line up, up, up!

[@bradypustridactylus488]

@@davidpeppers551 The only thing that I could add is that the imperative that a corporation must deliver maximum profit for minimum investment means that corporations are essentially engines of mediocrity.

[@rgzhaffie]

I find the same flaw in logic conspicuously hilarious among rightwing libertarians. They will always fall back on their "no true Scotsman" fallacy whenever you point out any flaws in their beloved capitalism, as in, "ahh, but that's not TRUE capitalism, where all participants uphold the Noble Creed of Free Market competition, but dreaded cronyism instead!" So apparently their ONE TRUE capitalism can only flourish when its participants dispense with ruthless greed and self-interest and embrace a noble and self- sacrificing acceptance of the need to compete honestly and fairly without seeking any dishonest advantages. Aha, got it! So, in other words, the ONE TRUE capitalism of their dreams spontaneously degenerates into dreaded cronyism the moment the natural end results of blind greed and self-interest are allowed to play themselves out. Oops! So much for Laissez Faire and the glorious Invisible Hand!

[@dienekes4364]

@@rgzhaffie I find these people always use "mom-n-pop shop" examples for their "ONE TRUE" capitalism, and always ignore the Jeff Bazos and Walton family examples. They intentionally only look at the bottom 50% of the picture to develop their opinions about the system they love so much because the rest completely destroys it.

[@suckerbeagle]

A corporation has a legal responsibility to make as much money as it can for its shareholders.

[@ericmeyer3520]

Excellent points, Prof Wolff. I do enjoy and agree with much of Reich’s discussions and presentations on what is WRONG with capitalism and why the working class is being left behind (wealth inequality). However, YOUR solution seems to be a more viable one in the long-term. It sure beats repeating the endless “tug of war” back and forth struggle of labor vs capitalist class!

[@jasondelvaux3036]

Well, labor is dead... who do you think will win in that "back and forth struggle?" Captialism killed it.

[@GooglyGook12]

@@jasondelvaux3036 Labor isn't dead. And it's advocates will never truly die out. Ideas never die. If our greatest enemy, Fascism, can make horrific resurgences across the globe. Then so can The Left. Indeed, The Left *must* make a resurgence as global Capitalism falls apart.

[@williamrogers7676]

This guy comes on rt TV can you trust him if means what he's says then this is my proposal give up you wealth and shadow the poor working classes that you are not rich, if you do that I follow you, but Untill then I don't trust you mate 😂😂

[@robertprice9052]

He’s as wrong as Reich is. There’s no pending workers revolution coming, capitalism isn’t failing and the economy is not controlled by a few greedy people. Wolff has always been a wannabe Marxist, but he’s found a way to make money out of touting to evils of capitalism and the hope of an impending workers revolution. He’s and Reich are idiots. They should try living in socialist of communist countries before pushing it as an alternative. They won’t, because they are capitalists making money selling horse feathers and snake oil.

[@stevenmeyers1226]

When Capitalism fails they just become socialists 2008 is a perfect example. Then they go back to being Capitalists again. It's very convenient for them.

[@Gigika313]

Thank you professor Wolff

[@theartificialsociety3373]

Robert Reich had his chance called Clinton and gave us NAFTA and Wall Street deregulation. Great fixes.

[@julial7627]

In his documentary, he apologized for not doing enough when in office. So now he's trying harder and I believe he is

[@mountaindweller777]

The Artificial Society I It’s my understanding he left the Clinton administration because he didn’t agree with the Clinton policies on labor.

[@mustbtrouble]

@@mountaindweller777 I believe that is true. As well as the Obama administration after a brief stint.

[@pamil1923]

I thought NAFTA and Wall Street regulating were Obama’s fault? That’s what Trump says anyways!

[@coerfjoe1]

That was essentially a gamble suggested by corporations, too.

[@rcmrcm3370]

Putting a title of "A critique of Robert Reich's positions on... "would be better, as Prof. Wolff is the mature sort who clearly and precisely attacks positions and not the person, one of the reasons I find his work stimulating.

[@lawsonj39]

@Asskhole Snarkerson Who lambasted whom?

[@5thDragonDreamCaster]

​@@lawsonj39 You can't reason with him, he's a caveman grunting about "Goberment BAD"

[@princesskenyetta4745]

"An educator in a system of oppression is either a revolutionary or an oppressor"

[@Silpheedx]

Well this should be a fun one. As always, looking forwards to your blunt honesty good sir. Never change that.

[@joshuamatkin8306]

I agree I would like these two to have a debate. One side says it’s not fixable and argues for co-ops, the other side says we should reform the system to make it more equitable. Tbh I think there’s good points on both sides.

[@DurgaDas96]

Well, Robert Reich usually communicates a sense of hopefulness, while Wolff invariably leads into a chasm of despair.

[@MakeSomeNoiseAgencyPlaylists]

like the new-nazis do....sure thing.....these people are the real danger

[@cagecunningham6316]

*Mid-stage Capitalism develops into Crony Capitalism* “Monopolies aren’t fair for the free market” *Breaks up monopolies* “This is way too much regulation, not TRUE free-market capitalism” *Capitalism develops into Crony Capitalism again* This can apply to wages, labor safety laws, environment etc. Seems like corruption and inequality is an intrinsic positive feedback loop of capitalism.

[@robertstan298]

Spot on.

[@TomRivieremusic]

A people that elect corrupt politicians, imposters, thieves, and traitors are not victims...but accomplices" - George Orwell

[@LucreDenouncer]

I wanna see a debate between Wolff and Reich.

[@Shadowman4710]

That would be interesting.

[@nfrancis43]

Yes. He destroyed Paul Krugman earlier in the year.

[@LucreDenouncer]

@Granville's Hammer No but that sounds interesting!

[@amydavid1111]

Mung debate would be the perfect venue

[@Donxster]

Reich was one of the original advocates of 'globalism' in the early 90's when he was labor secretary. This was the start of our slide into the greatest inequality both domestically and world wide, ignoring the severe environmental consequences of shipping things half-way around the world, exploiting the labor of developing nations telling us that their standard of life would be better than it was, and telling us we would be the 'service economy,' which became a huge fallacy when corporations began outsourcing even customer service positions, but later even white collar jobs. He has never apologized that I am aware of for helping start this terrible shift. Now, he has the nerve to pretend he is an ultra liberal when he is just a book-writing careerist duping the well-intended left by obfuscating his earlier role in the mess we are in now.

[@lawsonj39]

Your critique is well founded. In all fairness to Reich, whose intentions I believe are honorable, it would have been tough back in the early 90s to foresee a lot of the impacts, not only of globalization, but also of the digitalization of everything, which has made it a lot easier to outsource a vast number of jobs. I'm sure he bought into the logic of the time, which predicted that the US could lift itself into a whole new category of prosperity by leaving manufacturing to the third world and developing the so-called "knowledge economy." Of course it turned out to be a disaster, but I remember those days and the illusions that drove a lot of those decisions.

[@MrFastFarmer]

John Lawson if Reich really believed in capitalism with regulation he would be a Trump supporter

[@swissarmyknight4306]

Reich seems like a decent fellow and I definitely appreciate his calling attention to rising inequality. Some of his ideas on how to address this, however, are harmful. He just doesn't get that all capitalism is crony capitalism. There is no "good" capitalism. I am going to push back on the idea that he is "pretending to be an ultra liberal" because "liberal" is exactly what he is and that's the problem.

[@davidpeppers551]

Didn't you know? All that shipping around is efficiency in action. Why trade recipes when we can ship Danish cookies to the US and US cookies there?

[@davidpeppers551]

Remember Ross Perot? He heard the giant sucking sound. I do not believe he was alone. I didn't vote for him, but I did not have much work experience at that time. If you look around from the insides of a few corporations, you could have an idea of what might come. I laughed when I heard the essay topic for honors students "The Internet as a Democratizing Force." I couldn't imagine a capitalist system would ever allow that to happen. So, is it a democratizing force today?

[@SM-gl8yo]

Thank you Professor. The powerful and the greedy will always move to undo the 'fixes' not working in their favor.

[@steveneubeck3768]

Richard Wolff's new book "The Sickness is The System" arrived today.

[@johnconnors4508]

I vote for moving beyond this failed capitalist system and into a more democratic economic system.

[@bicyclist2]

That would require a national and even international revolution to succeed. Unfortunately too many are completely brainwashed into believing the media and government propaganda.

[@OpqHMg]

@@bicyclist2 :(

[@nobodynowhere21]

We have to found the Communist party based on ML principles and democratic centralism. As soon as the election is over.

[@jmitterii2]

It's a co-op system where workers all get 1 vote, investors get only 1 vote not the number of votes based on the number of shares they own, all involved simply get 1 vote and 1 vote only as to all aspects of the operation of the business. Private single owned corporations would compete with these co-op companies. Capital formation would come from a co-op Fed Reserve Banking system that would also rival the private bank owned Fed Reserve system of today. Willed the power back to the people. And demonstrate yet again every aristocracy is a harmful parasite to most people.

[@lincolnpork9357]

@@nobodynowhere21 "based on ML principles and democratic centralism." Michael, unless those things can be simply defined or at least summarized, people may never follow that path, and the generalizing, stereotype labelers will have a field day. I agree in theory with what you say, and think it may be in the right direction, but the details of the route need explained. Have you read Ursula Le Guin's 'The Dispossessed' which envisages a more just society like 'Anarres' ?

[@zonacrawford5367]

Thank you, Professor 😀👍 I agree!

[@rsb7608]

Reich is saying that big business makes rules and laws to favor themselves and at the expense of the working class through LOBBYING!!! He is right on all his points. The govt serves the rich. That's why you have govt officials with insider trading

[@dread-cthulu]

"Fixing" capitalism is like putting a Band-Aid on a severed head.

[@Lukaazas9]

Decapitated* head...

[@dread-cthulu]

Woops! Looks like I angered the Grammar Gestapo... Severed, decapitated. Same difference.

[@dread-cthulu]

@Joseph Henderson Broken record much?

[@dread-cthulu]

@Joseph HendersonNo...nobody said anything about Communism. Capitalism is broken. Plain and simple. I'm free to have an opinion about a severely flawed system. I don't need your approval and I don't have to move. Everytime someone critiques capitalism, you nit wits come out of the woodwork and say the same old tired shit. ...and what you called an "argument" was merely a biased statement. So...no.

[@juarezj3092]

LOL!!

[@mistercohaagen]

I wonder if Robert Reich would be on board, if they had a real detailed discussion. I'd love to listen to that podcast.

[@realtijuana5998]

It would be interesting to have Professor Reich respond. Maybe even Dueling Professors in a joint video?

[@davidkazaka4339]

I would get front row tickets. With that being said I think Wolff would beat him and beat him badly if they ever had a debate.

[@lindac7146]

Interesting perspective. I understand Robert Reich's desire to return to a time when Capitalism worked better than it does today. But, your solution gives me allot to think about. I like the idea of starting fresh with no fixes. History teaches us that Capitalists will find a way around whatever stands in its way. This could be very interesting.

[@1LaOriental]

I just stumbled upon Linsey McGoey's book: The Unknowers: How strategic ignorance rules the world. Haven't read it yet but a reviewer said that the author brings to light a 200 year hoax and that hoax is that capitalists and libertarians, etc. have lied about Adam Smith and his legacy. He actually argued against unfettered capitalism. So even a capitalist admits the reality behind a free market system. Can't wait to read the book. Great critique by professor Wolff as always.

[@nightoftheworld]

Chomsky has highlighted Adam Smith’s actual perspective on the dangers inherent to the division of labor. In _Wealth of Nations,_ Smith makes the point that if labor becomes too specialized people will become _as stupid and ignorant as it is possible for a human creature to become._ In context: _”In the progress of the division of labour, the employment of the far greater part of those who live by labour, that is, of the great body of people, comes to be confined to a few very simple operations, frequently one or two. But the understandings of the greater part of men are necessarily formed by their ordinary employments. The man whose whole life is spent in performing a few simple operations, of which the effects too are, perhaps, always the same, or very nearly the same, has no occasion to exert his understanding,or to exercise his invention in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgement concerning many even of the ordinary duties of private life. Of the great extensive interests of his country he is altogether incapable of judging; and unless very particular pains have been taken to render him otherwise, he is equally incapable of defending his country in war. The uniformity of his stationary life naturally corrupts the courage of his mind, and makes him regard with abhorrence the irregular, uncertain, and adventurous life of a soldier. It corrupts even the activity of his body, and renders him incapable of exerting his strength with vigour and perseverance, in any other employment than that to which he has been bred. His dexterity at his own particular trade seems, in this manner, to be acquired at the expense of his intellectual, social, and martial virtues. But in every improved and civilized society this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless the government takes some pains to prevent it.”_ -Wealth of Nations

[@thomasmaughan4798]

"Adam Smith and his legacy. He actually argued against unfettered capitalism" That might not be quite the same thing as arguing FOR communism.

[@in-cite]

This country desperately needs to hear the truths that Professor Wolff is telling.

[@sgrant39]

We have one. North Korea!

[@chagoriver7159]

Well said profesor. Always so eloquent. Thank you for educating us.

[@thethegreenmachine]

Co-ops are better than what we've got, but I think the profit motive could corrupt a co-op just as it does a corporation. If everyone in a successful co-op is getting rich and wants to get richer, they could hire lobbyists to deregulate their industry. They wouldn't lobby to make their workplace less safe, but for example they might want to loosen environmental standards -- especially if they could just dump their waste one county over.

[@hedleybutler9706]

I love my Uncle Bob but his neolib tendencies aren't going to fix anything. I'm looking forward to this immensely

[@Islandswamp]

At least he supports universal healthcare. But yeah

[@thunderpooch]

His policy prescriptions would fix a lot. Reich and Wolff have the same goals, but different methods. I think they would both theoretically work. Reich has history on his side, his policies have always worked. But yes, the capitalist class is always trying to roll them back. Wolff wants a system which would function, but the capitalist class is even more hell bent on sabotaging it...even to the point of war and endless assassination attempts. I think Reich's policies are pragmatic and sustainable, and Wolff's policies can be used as successful rhetoric to ensure the public doesn't become complacent, nor brainwashed by capitalists' propaganda to start rolling back Reich's policies. Sometimes you need radical ideas being broadly accepted by society to ensure the pragmatic and more moderate policies remain intact.

[@jjetta264]

Well spoken Prof. Wolff. As long as the characteristic " Greed" exist, capitalism will never be just.

[@thomasmaughan4798]

Revised slightly: As long as the characteristic " Greed" exist, socialism or communism will never be just. Actually, NO system can survive "greed". Greed exists. I love science fiction but it is FICTION. So is imagining a future without greed.

[@IBMara]

The problem is that the "fixers" (good people), fix things and then stop. Democracy is a struggle which must be fought every day because everyone, even the bad guys, are allowed to change the system.

[@donkalzone6671]

Its how it always worked. Every system is doomed to fail, it just a question of time and how many "fixers" are willing to keep it running.

[@lgwhittaker]

I didn’t see that coming! I totally agree more co-op work models would shake things up for the better.

[@jackvac1918]

Liberals like Robert Reich essentially yearn to go back to the "good ol' days" of Keynesian economic policy in an embedded liberal framework of socialised services now that the neoliberalism is coming apart at the seams. The problem is that not only was good ol' Keynesianism undone by by the same powerful capitalist forces that ushered in the modern neoliberal order, but the capitalist world we live in today is drastically and probably irrecoverably different from the world of 1945-1979 where Keynesianism and embedded liberalism prevailed, a world fresh from the trauma of the Great Depression and a World War, and with the looming shadow of communism just over the horizon. The world we live in today is one where globalised capital and industry now hold national policy at its mercy with the ever-present threat of capital flight and loss of competitiveness in international markets, where the spectre of revolution overthrowing the political economic order has faded into the background and no longer has the power to force concessions from capital in exchange for it's continued existence. Robert Reich may dream of turning back the clock to the good ol' days, but how is he going to do that when capital now has unparalleled power, when the top 10% _of the globe_ now hold 85% of the world's wealth, and are going to fight tooth and nail to keep it that way? How is he going to _keep_ it that when the massive disparities in power (wealth IS power) inherent to capitalism inevitably corrupts the political system in favour of and into the service of capital?

[@helengarrett6378]

Jack Vac, you drank the koolaid. You don't understand the simple concepts of democracy, cooperation, sufficiency but not excess. Read more of Professor Wolff, more Professor Cornell West, and even more MLK. There is a less rapacious way to live, to produce, to share, to look after all of us do none of us fall below estates standard, regardless of our abilities and talents. The common good is a value worth pursuing. Stop listening to the media that propagandized and allows no deviation from a hardline capitalism of all for a few and none for you.

[@redmeat4vegans62]

Always interesting to hear your take on things Dr Wolff. I am not sure of the details you are proposing. Is it more worker owned cooperatives? I love the idea, and there are examples of worker owned cooperatives that work and thrive. There are also examples of ones that crashed and burned. I think most of us have realized there is a problem. Where we differ is in 'exactly' what the problem is besides the general 'broken system' - or the who system is the problem. Please keep up the good work of challenging us all to rethink our current system.

[@leyniaLip]

Over the years you have broadened my mind. What a terrific speaker you are, too. Thank you!

[@Jennifer-do8cm]

Thank you Professor Wolff!

[@LongDefiant]

Hey, just to throw a rhetorical grenade in the middle of the room... *Sanders* is a Capitalist, too.

[@BMoser-bv6kn]

As his political platform. Reformism is a lot easier to sell to normies as opposed to immediately seizing worker ownership of business. There's a lot of argument about if incrementalism (real incrementalism, not lib fake incrementalism) like that could work. To slowly get to where the public is groomed to the point where the revelation of Xenu is palatable. My guess is no, because they won't allow us to accomplish anything in the first place and we're in the final decades of civilization.

[@LongDefiant]

@@BMoser-bv6kn there's no need for population reduction. We already produce enough food for 10 billion people, but we waste it because of capitalism. I also reject your notion that Sanders is anything but a filthy capitalist. Sanders represents the left-wing of Capitalism, but he's no leftist

[@LongDefiant]

@@slimyfisher1370 Three explanations to consider.... 1. He was trying to get the word 'socialist' back into our political vocabulary 2. he was a sheepdog in sheep's clothing chasing the left into the Democratic fold. 3. The Dems saw that the DSA was gaining popularity and wanted to head them off by co-opting their messaging and saying Right wing Bernie was Democratic Socialist. Personally, I am as confused as you as to the real reason (thus the grasping at conspiracy) but if I were betting I would say #1 if only to safeguard my view of humanity.

[@mildredmartinez8843]

In such a short video, the root of this situation is so clearly explained. Thank you.

[@paulpatton5994]

I agree with Professor Wolff that we need to replace capitalism with a system of worker and consumer cooperatives. But this won't and can't happen overnight. Founding new cooperatives takes bottom-up initiative from people that are used to being passive consumers and employees. Its a big cultural shift. I've lived in many housing cooperatives, and I know how hard it is to attain a good level of member engagement. In the co-op system I currently live in, member passivity has allowed our staff, in effect, to become landlords. The traditional Marxist vision of a sudden climactic revolution didn't and can't work. We need a new route beyond capitalism. What we probably need are a combination of short term fixes of the sort Reich envisions, together with strong government support for people starting new cooperatives. Think how much support government currently gives to capitalist businesses. Computer technology and the Internet were developed by publicly funded cold-war era research funded by the military and by NASA. Then we handed it over to for-profit businesses- and it made billionaires rather than equitable prosperity. An enormous amount of public money from universities and other public institutions lines the pockets of proprietary software producers while equally good free, open-source software is only in limited use. We need to start demanding that government subsidize non-profit cooperative and other businesses rather than for-profit businesses. Ultimately, though, initiative has to come from the bottom up. We need a culture of cooperative entrepreneurship.

[@lincolnpork9357]

I worked in a worker cooperative for 7 years and know what you mean about "member engagement". We can all have different priorities at different times, and with the complex world around us and different development socially, mentally and sexually between most individuals, solidarity and cohesion is a problem and all this can be exacerbated by interests to suit their agenda. Do you really think those with the power would ever let " a combination of short term fixes of the sort Reich envisions" replace capitalism? 'Frailty, thy name is human'.

[@parlormusic1885]

I think Prof W. is right. It is absurd to try and manage a system that is designed to do exactly what you don’t want it to do, if you’re interested in a just society. Many people make the mistake of confusing an economic system with a political system. The problem is that tyranny is compatible with any economic system. We can’t expect an economic system to solve our moral problems any more than a system of gardening. It is just trying to use the wrong tool for the job.

[@julesb4887]

Thank you Richard, the voice of reason x

[@deevnn]

Thank-you...so very well stated.

[@noself1028]

Dr. Wolffe’s ideas sound appealing, but how exactly would they be implemented? What precisely are the mechanics by which his proposed system would operate in the real world?

[@RichardASalisbury1]

Good critique (at any rate I agree with it) as far as it goes. So what changes are needed and how do we start making them? I'm subscribing to your channel to learn more.

[@elsanto2401]

Bob Reich is well meaning and potentially an ally but yeah he's pretty off base.

[@bullbear1113]

Well said Prof!

[@jessewood3196]

I think of Reich as my favorite capitalist liberal that I know, cause he's like a well meaning, nice guy. That said - I understand that we are not working towards the same goals. It was also illuminating to watch him get all 'MSNBC'd out' about Russia Gate for a few years there. Liberals tend to get distracted from the heart of the issue.

[@transluxlyceum3236]

Thank you for this video... as always, great analysis.

[@ms.conduct3809]

we all know that Richard Wolff is the enlightened version of Robert Reich

[@sovereignindividual2625]

The system is already fixed, it needs to be repaired.

[@charlesfitzpatrick3805]

Professor Wolff’s rebuttal makes a lot of sense. Lockheed Martin’s top few executives receive half of the company’s revenue. It is indeed a fabulous enterprise, but could definitely distribute its wealth more equitably.

[@BG-qo8ol]

Two wolves and a sheep deciding on lunch. This is Democracy Now!

[@lizimpey6338]

Brilliant Richard, explained simply for those who struggle with economics. Thank you for sharing 👏🤗👏👍

[@abqmalenurse]

I am in complete agreement that we need to dismantle capitalism. Unfortunately, unless we do so gradually (but quickly), my fear is the violence which would ensue. Most of this country is so badly indoctrinated that if they even hear the word "Socialism", they are triggered. I think most important would be removing corporate money and influence from our government as a first step. Federally funded election campaigns from bottom to top. Make lobbying a criminal offense with mandatory prison time for lobbyist and lobbied official.

[@diannej2406]

That was my thought. Even the not-really-socialism of a Bernie Sanders had much of the country yelling "VENEZUELA" as if socialism was to blame for that country's problems.

[@end3rzl33t]

Excluding Cubans, Venezuelans and Bolivian diaspora in the US, good thing most of the older US population indoctrinated against this word are passing away and that the younger generation isn't so averse to it. Only issue remaining, Fox News is still propagandizing this BS incessantly, but doubt their appeal goes below 45 year olds much.

[@subhadityasen5486]

Also ranked choice voting and hand counting of paper ballots, software counted results are weird.

[@justthinking526]

So good to find you! I've always enjoyed you on Rising.

[@LendallPitts]

I know this makes me sound like an Ayn Rand devotee (which I am not at all) but doesn't society need a mechanism to support and incentivize visionaries and creators in general? I suppose you could turn General Motors into a worker co-op where the day-to-day management is in the hands of reasonably compensated technocrats, but would that not lead to a stagnant economy? On the other hand there is the Chinese system. I would be curious to know what Prof Wolff thinks about the way that economy is run.

[@ponderosopine]

How can he go and tease us like this 😐

[@jmalfatto7004]

I agree with Prof. Wolff on the end goal, but I very much doubt that either of us will live to see its realization. In the near term, and given the weakness of the American left, we need all the allies we can muster to help strengthen the hand of labor vis a vis capital. People like Reich are natural allies in this regard, despite his naive rhetoric about “saving capitalism.”

[@RussCR5187]

"I very much doubt that either of us will live to see its realization." Not to mention the presence of that annoying truth lurking in the corner of our minds, in a currently-distant corner starting to gather cobwebs, the distraction that everybody hates to talk about let alone face up to, sits climate change. Rapidly advancing climate disruption that isn't going to get better without immediate drastic action. At a time when we are all struggling with a pandemic and sliding into severe financial difficulty. Confusion. Distractions. Idiots at the helm. Bottom line on our ability to rise to the challenge? I'm not holding my breath.

[@oh753]

I know this is going to sound like a silly and blunt and perhaps simpleton question but wouldn't taking the money out of politics solve this issue?

[@thomasmaughan4798]

"wouldn't taking the money out of politics solve this issue?" Yes, it wouldn't. How exactly do you propose to do that? It would require *politicians* to remove their own sources of income. How likely is THAT?

[@kseniahoroshenkova2614]

The comments for this video have inadvertently restored my faith in the fact that I am not going crazy and corporations really are out to maximize $$$, whatever it takes, pure and simple.

[@ol7490]

I dont get why business cycle crashes are alwasy blamed on capitalism most of these are as a result of debt, debt mostly cause crashes or causes crashes to be painful does Richard suggest in his system no one will be taking loans ,or motages etc?

[@davidlazarus67]

I have always had concerns about Robert Reich. He is a neoliberal economist which is why he got his Nobel Prize for Economics. It’s a junk award.

[@Lavabug]

Even Milton Friedman got it. So long as you tow the line.

[@lloydfromfar]

Good argument from Pr. Wolf here. A question I would like to bring forward though... While I see that having more worker coop as indeed a good thing for the people... Is it really enough, I wonder, to weaken the grasp of the oligarchy on the world?!

[@newto4361]

Thank's again Richard,another very good one,these thing's look increasingly likely to be more or less mandatory sooner rather than later the way thing's are going.

[@angelawinfred8809]

The market will crash again, this is the reason I started a new investment in Gold & cryptocurrency

[@jonahadams5491]

Yeah they are really profitable RN

[@pwrtrade1265]

Crypto is the feature 🌏

[@markrichard4810]

These is the best time to start up an investment on cryptocurrency

[@mark-we1jd]

@@markrichard4810 it will be a lucrative move to take advantage of crypto now, because it will be very profitable overnight

[@annafritz6923]

@@mark-we1jd yeah you gotta see the favourable market rise in Crypto

[@Domi_2204]

social democracy: meh.

[@fluglebot]

The odd thing about Wolff's proposal is that it substitutes one special interest group (those workers who cooperatively own their corporation) for another (those investors who own it). Both groups are similarly prone to use their corporation's power (often in some form of effective monopoly) to their advantage at the expense of others. So there's still a need for government regulation or other rebalancing for the good of society as a whole. Given that, simply leaving voters the collective responsibility to ensure successful efforts in this area (as they sometimes have in the past but have gotten too lazy to continue recently) avoids the need for an ideological battle which doesn't seem to have been moving in the direction Wolff would prefer for a very long time now. The argument that we have the government that we (collectively) deserve is difficult to refute credibly.

[@JanTenWoldeEnschede]

I agree with Wolf's proposal to take away ownership of companies from private (rich) persons and give it to the workers. But profiling as a critic of Reich is NOT helpful. That is what the rich want: divide and conquer. Who cares if you call the solution "fixing capitalism" or a "completely different system". The "final" solution is something that will have to grow anyway, trial and error and a lot of time. Basis is: ownership of companies goes to the workers. Ownership of capital goes to democracy (so not privately owned, it is common good). AND: all knowledge is open en free for all (including all enterprise data ..!!!).

[@emillano2779]

The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich

[@admin-ds9nm]

The rich see economic crisis as a garage sale, that’s why investing right now will be the best decision...

[@pinndbyomar-educacionfinan9549]

Buy sliver and crypto Crypto is the future

[@emillano2779]

Trading crypto has become a lucrative way of making money

[@marcusaurelius6612]

Stock are good too

[@marcusaurelius6612]

I wanted to trade crypto but I got confused by the fluctuations in price

[@markbrownner6565]

he did not debunk reich's points...he merely said that the previous reforms were not made permanent and were undermined over time....so if adhered to a more strictly regulated and monitored approach what worked before could work again...add in the reduction of money in politics lobbying and higher voter turnout and the ideas are viable....

[@lincolnpork9357]

"add in the reduction of money in politics lobbying" ... is that to prolong the 'unfixing' time ?

[@behr121002]

professor Wolff,.. you are spot on as usual. All due respect to Robert Reich, he's still stuck in that 20th century capitalist mode. Even he cannot readjust his thinking within a changing environment.

[@shinluis]

I started watching Robert Reich's online classes about economics and inequality and while they all touched on many interesting subjects and explained a lot of stuff, it did feel he often implied the solution to capitalism's gargantuan systematic problems seemed to be "we need capitalists with more morals." I haven't finished the classes but that couldn't possibly be the actual solution, right? We know that's not a thing. It's a system. It isn't morally good or evil, it's a system and it works on its own, under its own set of rules. Amassing huge economic capital allows for amassing huge political capital, and the system is set to be run by whoever has amassed that capital. Any working class victories are short lived -- the system allows and encourages, by its own rules, that the bourgeoisie easily backtracks and revert politics and culture (as they privately own culture-propagating means) into something that benefits them as much as possible.

[@lv4077]

What we need is a small group of educated academics to manage our entire economy.This small group of bureaucrats should set prices and manage our entire economy and financial system.They should adjust production and demand by the second for the 100’s of millions of products and services currently available in the US economy.They alone should be the arbiters of every aspect of our lives and direct us to the specialized areas of interest and recreational each individual experiences.This group should literally determine our futures as well as day to day lives.Well,that’s what’s being proposed by Wolfe and Reich .That’s the beauty of central planning,it has never failed

[@sino-us-observer]

I've been waiting for this for a long time.

[@daniellarson3068]

OK - It takes more than a fix. How is it all going to work if you get rid of it? Will there still be investors to get an enterprise going? Will worker participation be mandated by law? What incentive will there be to innovate? If a corporation is sued, will all the workers have to pay? Lots of details need to be defined. The devil is in the details.

[@jaredgreathouse3672]

Like a democracy. Yes. Presumably. I never understood the innovation point. People have innovated forever. Literally. Long before capitalism began, long before the profit motive, long before it all, people still made stuff and wanted to create stuff. So long as people want to do things better, innovation will always be there

[@daniellarson3068]

@@jaredgreathouse3672 I like the idea of the workplace being more Democratic, but still think without the profit motive people will not make the effort to innovate. Some will occur due to interest, but it takes a lot of time and effort to create new airplanes, automobiles, drugs, etc. There needs to be an incentive.

[@jaredgreathouse3672]

@@daniellarson3068 Leonardo da Vinci didn't paint so he could profit. Michelangelo and other artists didn't paint so they could profit. They made money, yes, but they didn't say "Gee, I can't market my skills to a company, I won't paint". When you think about it, you would do all kinds of jobs, and do them well, independent of profit. People would still innovate and wanna do stuff better

[@jaredgreathouse3672]

@@daniellarson3068 What if the incentive is "hey, we've produced a faster, more efficient plane, and that'll have lots of social benefit"

[@1aikane]

I like Mr. Reich very much and respect him as a very good hearted enlightened man. I do see your point too. But Mr. Reich knows that a meltdown and a violent revolution would have to happen to accomplish what you suggest. He is unwilling to entertain the idea at all. So reining the system in seems like a less painful solution. It takes constant maintenance.

[@costbart]

This one really got you riled up. Buy yes we're moving in circles. The inherent contradictions make the crisis inevetible.

[@ksbm78]

🙏🏻 thank you for your work.

[@RLMusicProject]

I would love to see a discussion between Robert Reich and Prof Wolff. How about it Prof?

[@jrhoads4849]

Glad to see Wolff address Reich. Many people have the problem half right and half wrong. Wolff gets it right all the time as long as I've been listening. If your roommate was a psycho, would you have him/her move out OR would you try to fix the roommates emotional flaws? Good luck with that.

[@alexberkowitz5897]

I like both of these professors. Some questions 1) aren’t Marx’s vs modern Americans definitions of capitalism different? Would Marx call modern Sweden or FDR America a socialist transition art society? Does the Mere presence of markets in selected industries render you “capitalist” 2) if FDR’s fix’s failed and shouldn’t be replicated, how do we defend Marxism in the wake of how poorly the Russian system went, both when the bolsheviks eliminated all other Marxist factions and when they rode the Soviet Union to collapse?

[@markhatfield2055]

It sounds like what Professor Wolff is describing is primarily a political problem, not an economic one.

[@duncanmckeown1292]

I couldn't agree more! Being old enough to remember the boom years of the late 1960s, when as a student I was reading Galbraith's New Industrial State...the capitalist minotaur seemed to be tamed. There was, virtually, full employment in the West. The "new managerial class" seemed to have tamed the greedy shareholders and the workers were sharing in productivity gains. It only dawned on me later that this was the era of The Trilaterals forming, and the infamous Powell letter...The capitalists were not happy. There was a "crisis" of democracy, as unions were powerful, and students/blacks demonstrated. Full employment meant stagnating profits, and unruly masses. It was a Shangri-La that was never going to last...the system could not tolerate it. And Reich thinks we should attempt this again? We now live at a time when corporate power is much more concentrated that ever it was in the 60s...and much less amenable to this fix when finance has all but crushed industrial capitalism. All I can say is "once bitten twice shy"!

[@coerfjoe1]

When Robert Reich is portrayed as a conservative Establishment type, you know something is amiss, for over 50 years. Every gadget or money-generating scheme (paying college athletes) gets the go-ahead now. I would like them both to explain how to raise wages for everyone instead of corporations and foundations, capitalism reformed plantations.

[@TheBigShaun100]

Another important point about capitalism is this; the US started with almost no market regulations and no social programs. As time went on as the country moved further left it's always gotten wealthier as a result. Clear examples, ending slavery, public schools, tax funding of infrastructure like railroads, highways, national parks, airports, seaports, social security, medicare, the VA, etc. If going left seems to work so well, why not do more of it? Why the push for more privatization, larger mega-corporations, and less regulation? It maximizes profit and reduces consumer choices. Fewer choices then less pressure to keep prices low. More monopolies equals more profit for the few at the top. The basic incentive structure is flawed.

[@jamesc7277]

I agree Prof. Wolff’s points. However, what makes him think that Socialism, if instituted, would not be just as ‘undoable’? There will always be ways to get around the ‘system’, and people who will do ANYTHING for their own profit/self interest. It might take longer, but I have no faith that an infallibly ‘fair and equitable’ economic system can be set up, such that it would be impossible to undo it. Which doesn’t mean we shouldn’t try. Go Team Wolff!!

[@andreasvukman]

1. Forbid transfer of companies from person to person and from company to company. 2. Forbid inheritance of companies. When a company owner dies all shares should be transferred to the workers of his company. 3. Forbid transfer of shares. No Wall Streets anymore. No speculations. No inheritance of shares. Each person have to earn the right to own shares through his/hers work. 4. The longer you work in a company the more shares you own. 5. Only by working in a company you can own shares. All workers, directors etc. should have equal amount of shares for each year of work in the company.

[@beeamendola]

Prof. Wolff as usual i fear you are correct. He knows what is wrong w/the system but fails to see the outcome of what has already been a "fix"! He does know what has been tried and what has failed as well. I wish that the sides of the sandwich of "democracy" and "the people" would get together and see that what works in a collective is what will benefit ALL!

[@AdamBechtol]

Interesting. I'd often thought these two had similar ideas, so it's neat to hear one critique the other. It would be even more interesting to hear them sit down for a discussion. Also, does anyone know what Wolff proposes we put in place of Capitalism?

[@lxoxox]

Need to fix the political system who undoes the the fixes on the economy!

[@MrWphilips]

“It isn’t complicated- it is simply corrupt!”

[@davew8006]

Prof Wolff: I like the idea of worker owned and managed organizations, but would public employees elect their managers too? Or, would public employees still need unions? Please explain the management of public organizations in your envisioned system. TY.

[@conors4430]

He thinks he can foster a good relationship between a lion and a sheep, it might work, but fundamentally one of them is still align and has everything at its disposal disposal that a lion has. You’re allowing people the power to do something that you hope they won’t do. The structure and the power imbalance is the problem, you can’t fix that one. That’s the baked in the structure of the system. It’s not a bug, it’s a feature.

[@naughtiusmaximus1811]

I would thoroughly enjoy that debate.

[@adrianobulla7875]

I am totally with you on this.

[@TrueBlue730]

RIGHT ON Prof. WOLFF !!!!!!!!!!!!!