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Richard Wolff (A Solution To Corporatism)

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Richard Wolff (A Solution To Corporatism)​

Professor Richard Wolff joins the Rebel Capitalist Show to discuss his solution to corporatism and the future of our economic system. We also discuss how "compassionate" and "stakeholder" capitalism is all a scam!

By Team Rebel Capitalist
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August 24, 2021

 

Casey Jones

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Unworkable.

As is pure democracy unworkable.

Those who have an investment, have say-so. That's known as "property rights."

Someone who sells his time/skills for wages, gets his pay at the end of the day or week. That's HIS stake.

Yes, sometimes decisions are made that do not please the laborers. That doesn't mean that appeasing the laborers, or the unionized rank-and-file, wouldn't destroy the company. It has and does...Studebaker, Checker Motors, and Hostess' parent company, were all done in by their militant labor unions.

In such a setup as described here, there wouldn't even need to be a militant union. Someone who came in asking for a job, suddenly has veto power over the guy who invested his life savings, raised other capital, took and idea and made it happen.

People are NOT equal. They have equal rights, before law, but they do not have any right of equal outcome or equal status. Most people pushing brooms, are right where they belong. Many chief executives are there by talent. Those who are not, are often products of a matured, failing business where climbers are rewarded and there's no innovation. Or else they are running a game with shareholders and directors. Eddie Lampert, once a hedge-fund operator, then CEO of Kmart and then Sears, is one such. He owns enough of the company to prevent his removal; but he cannot prevent Sears Holdings' disappearance from his own corruption and incompetence.

But such people are in socialist societies as well as capitalist societies. And they cause a lot more ruination, where there is a lot less wealth to soak it up. I remember reading a history of the Yugo car's introduction into America. Malcolm Bricklin, the importer, was just a con-man and hustler; but for the Yugo project he got some good auto people onboard. They could not BELIEVE the inefficiency and incompetence both on the line and in planning and organizing; and couldn't believe that many workers were drunk on the line.

That is what socialism is. A system that rewards and encourages no-loads and slackers; deadens ambition and initiative; and results in equal....POVERTY.
 

chieftain

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Many chief executives are there by talent. Those who are not, are often products of a matured, failing business where climbers are rewarded and there's no innovation

There's a term for that, modern nepotism