Capitalism as Obstacle to Equality and Democracy: the US Story

Counter Information

By Richard D. Wolff

February 23, 2018 “Information Clearing House” – The Cold War displaced the legacies of the New Deal. Time and Trump are now displacing Cold War legacies. Where capitalism was questioned and challenged in the 1930s and into the 1940s, doing that became taboo after 1948. Yet in the wake of the 2008 crash, critical thought about capitalism resumed. In particular one argument is gaining traction: capitalism is not the means to realize economic equality and democracy, it is rather the great obstacle to their realization.

The New Deal, forced on the FDR regime from below by a coalition of unionists (CIO) and the political left (two socialist parties and one communist party), reversed the traditional direction (to greater inequality) of income and wealth distributions in the US. They shifted toward greater equality. US history thus illustrates Thomas Piketty’s argument in his 2014 Capital in…

View original post 1,184 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s