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Capitalism as Obstacle to Equality and Democracy: the US Story

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  • Not only the Republican Party, but also the Democratic Party support, serve and reinforce the capitalism that stands as a basic obstacle to economic equality and democracy.
  • Related: 35 soul-crushing facts about American income inequality
  • Related: 'There's an Alternative to the Top-Down Capitalist Corporation.'

Richard D. Wolff, CounterPunch

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http://evergreenedigest.org/sites/default/files/Richard%20Wolff%20%7C%20Capitalism%27s%20Crisis%20Deepens%20cover%20illus.jpgFebruary 23, 2018 | 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 the 21st Century about long-term deepening of inequality that can be punctuated by interruptions. Indeed, the New Deal reversal was such an interruption and featured just the sorts of taxation of corporations and the rich that Piketty favors now to correct/reverse capitalist inequalities.

Richard D. Wolff is the author of Capitalism Hits the Fan and Capitalism’s Crisis Deepens. He is founder of Democracy at Work.

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Related:

35 soul-crushing facts about American income inequality, Larry Schwartz,  AlterNet  / Salon 

The money given out in Wall Street bonuses last year was twice the amount all minimum-wage workers earned combined
 

'There's an Alternative to the Top-Down Capitalist Corporation.' Richard David Wolff, Fairness & Accuracy in Reporting (FAIR)

Janine Jackson interviewed Richard Wolff about questioning economic fundamentals for the February 9, 2018, episode of CounterSpin. This is a lightly edited transcript.
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'There's an Alternative to the Top-Down Capitalist Corporation'

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Janine Jackson interviewed Richard Wolff about questioning economic fundamentals for the February 9, 2018, episode of CounterSpin. This is a lightly edited transcript.

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Richard David Wolff is an American Marxian economist, well known for his work on Marxian economics, economic methodology, and class analysis.

http://t0.gstatic.com/images?q=tbn:ANd9GcTdfmvY18r4IsigPqhFslumMVAVN51297W2V-RGL3VI-i1Ijejie2eSxA Janine Jackson is the program director of FAIR (Fairness & Accuracy in Reporting) and the co-host and co-producer of FAIR's syndicated radio show CounterSpin—a weekly program of media criticism airing on more than 150 stations around the country.

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Analysis: Major Corporations Have Spent Just 6% of Tax Cut Windfall on Workers. Guess Where the Other 94% Went.

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Treasury Secretary Steve Mnuchin and White House National Economic Council Director Gary Cohn attend an event to celebrate Congress passing the Tax Cuts and Jobs Act with Republican members of the House and Senate on the South Lawn of the White House December 20, 2017 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images)

  • Almost everyone— nonpartisan commentators, economists, and even President Donald Trump's chief economic adviser —predicted that corporate shareholders and CEOs, not workers, would be the primary beneficiaries of the Republican tax law, and several recent analyses have shown that prediction to be ...
  • "You mean corporations aren't using the bulk of their tax cuts to create jobs and boost workers’ wages like Trump promised? Weird..."


Jake Johnson, Common Dreamshttp://evergreenedigest.org/sites/default/files/Support%20Independent%20Media_0.jpg   Journalism with real independence and integrity is a rare thing. All reader supported Evergreene Digest relies - exclusively!- on reader donations. Click on the donation button (right) to make a contribution and support our work.





 

Wednesday, February 28, 2018 | Almost everyone—nonpartisan commentators, economists, and even President Donald Trump's chief economic adviser—predicted that corporate shareholders and CEOs, not workers, would be the primary beneficiaries of the Republican tax law, and several recent analyses have shown that prediction to be right on the money.



"Post-tax cut raises, bonuses, and other worker investments announced by 90 of the largest publicly-traded corporations average just six percent of the total windfall these companies have received from the biggest tax cut in U.S. history," the group found.



 

While many corporations immediately launched aggressive PR campaigns crediting the tax plan Trump signed in December with new "investments" in employees, a study by the nonprofit group JUST Capital published on Wednesday found that the sensational headlines touting worker bonuses obscured the fact that the vast majority of the law's benefits have gone straight to the pockets of wealthy shareholders.


https://www.commondreams.org/sites/default/files/styles/medium/public/authors/johnson.jpg?itok=Xrr2HegA Jake Johnson, staff writer, Common Dreams <https://www.commondreams.org>

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Trashing the Planet For Profit by William Bowles

 

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  • We refuse to accept responsibility for the state of the planet. Yes, ultimately, it’s the economic system, capitalism,  that’s doing the damage but surely it’s time we also accept responsibility for our role in maintaining an unsustainable economic system, a system that in the short term we all benefit from.
  • Related: Climate Denial Will Kill Us

William Bowles, Investigating Imperialism / Dandelion Salad

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08 Jan 2018 | Before I began this essay I read through some of my past forays that mentioned climate change and capitalism, the first I think, being in 2006 where I opined in a piece on the ‘War on Terror’:

"Perhaps the impending climate catastrophe as well as the genocidal actions of the US will force us to finally start thinking and acting ‘outside of the box’ but without a clear idea of where we are heading or how to get there, currently the situation looks dire. — WOT is to be done?" 2 November, 2006

William Bowles, Writer, Dandelion Salad https://www.truthdig.com

 

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Related:

Climate Denial Will Kill Us, Paul Street, Truthdig 

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  • It’s not too late to avert environmental catastrophe, but we must act fast or risk human extinction.
  • Related: 'All These Changes Do Affect Jobs and Affect People'
     

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