State of the Economy: Is Capitalism Failing, or is Trump?

GUEST: Richard Wolff, visiting professor at the New School University, New York and professor of economics emeritus at the University of Massachusetts, Amherst, author of a number of books including ‘Democracy at Work: A Cure for Capitalism’, ‘Occupy the Economy:…

State of the Economy: Is Capitalism Failing, or is Trump?

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GUEST: Richard Wolff, visiting professor at the New School University, New York and professor of economics emeritus at the University of Massachusetts, Amherst, author of a number of books including ‘Democracy at Work: A Cure for Capitalism’, ‘Occupy the Economy: Challenging Capitalism’, ‘Imagine: Living in a Socialist USA’, and ‘Capitalism’s Crisis Deepens: Essays on the Global Economic Meltdown.’ His latest book is called Understanding Marxism.

BACKGROUND: A recent Gallup poll asking Americans about their views on socialism found that 43% felt that some version of it would be good for the country. That’s a marked shift from earlier years and a strong counter argument to Republicans and centrist Democrats who feel there is no appetite for socialism in the US.

Even capitalist leaders are admitting their methods have failed. The Business Roundtable released a statement recently signed by nearly 200 CEOs of major corporations reevaluating the fact that a company’s top priority ought to be maximizing shareholder profits. The CEOs declared, “Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.”

As the US slides closer to a recession sparked at least in part by Trump’s trade war with China, the question arises, is Trump failing capitalism, or is capitalism failing us?

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