Summary of Richard Wolff's Democracy at Work

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Capitalism has had an extraordinary run in the United States, and it is responsible for catapulting Britain’s former colony to its status as a global economic, political, and cultural superpower. However, the costs of the journey were huge and widely distributed, and the gains were also huge but less widely distributed.
#2 The two key dimensions of capitalism are private property and the market. Many contemporary usages of capitalism focus on these two dimensions. However, many capitalist economies also contain significant amounts of productive property and products owned by state apparatuses in the name of the society as a whole.
#3 Capitalism is defined differently by different people. I define it as a system in which a mass of people, called productive workers, produce a total output greater than the portion of that output given back to them in wages. The difference between their total output and their wage portion is called the surplus and it accrues to a different group of people, capitalists.
#4 The capitalist economic system in the United States and many other parts of the world has gotten a free pass in terms of criticism and debate over the last half-century. This was the response of business and political leaders, the mainstream media, and the academic community to the Cold War and the conservative resurgence after the Great Depression.

Sujets

• Microeconomics
• Economics
• Business

Informations

• Publié par: Everest Media LLC
• Date de parution: 14 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822509641
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Richard Wolff's Democracy at Work
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3
Insights from Chapter 1

#1

Capitalism has had an extraordinary run in the United States, and it is responsible for catapulting Britain’s former colony to its status as a global economic, political, and cultural superpower. However, the costs of the journey were huge and widely distributed, and the gains were also huge but less widely distributed.

#2

The two key dimensions of capitalism are private property and the market. Many contemporary usages of capitalism focus on these two dimensions. However, many capitalist economies also contain significant amounts of productive property and products owned by state apparatuses in the name of the society as a whole.

#3

Capitalism is defined differently by different people. I define it as a system in which a mass of people, called productive workers, produce a total output greater than the portion of that output given back to them in wages. The difference between their total output and their wage portion is called the surplus and it accrues to a different group of people, capitalists.

#4

The capitalist economic system in the United States and many other parts of the world has gotten a free pass in terms of criticism and debate over the last half-century. This was the response of business and political leaders, the mainstream media, and the academic community to the Cold War and the conservative resurgence after the Great Depression.

#5

Capitalism has been exempt from criticism and debate for so long that when the Occupy Wall Street movement broke with the traditional taboo and affirmed the legitimacy of criticizing capitalism itself, it was a refreshing change.

#6

Capitalism is a system that requires workers to provide capitalists with acceptable quantities of surpluses. If these conditions are not met, the system will collapse.

#7

Capitalism has always been characterized by its uneven development, and this has caused it to be blamed for the global crisis of 2007. However, some have argued that the system’s negative aspects, such as cyclical downturns and inherent inequality, are simply the price to be paid for economic and social progress.

#8

The idea of efficiency, which is so loved by those who praise capitalism, is actually quite elusive. It is not possible to identify or measure all of the effects of any social factor, nor is it possible to separate and weigh all the influences that combine to produce each effect.

#9

The tradition of efficiency arguments for capitalism has taken such a hold in our discourse that even when capitalist crises have undermined them, claims regarding efficiency have often resurfaced in the rhetoric of anticapitalists.

#10

In the United States, social movements led by socialists and communists transformed a rather conventional, centrist new Democratic president, Franklin D. Roosevelt, into an active promoter of massive state-interventionist capitalism.

#11

The New Deal coaliti