Professor Richard Wolff: Debating Capitalism - Redefining Outdated Terms

Debating Capitalism - Redefining Outdated Terms

Saturday, 21 September 2013 09:16
By Richard D Wolff, Truthout | Opinion


Reasonable conversation about capitalism is possible again. Debates about its strengths and weaknesses resume. The United States’ post-1950 taboo against honestly evaluating capitalism finally is fading. The public increasingly ignores over-the-top celebrations of capitalism as humanity's peak achievement, God's choice, perpetual prosperity generator or guarantor of individual freedom. Politicians, journalists and academics could stop their uncritical cheerleading for capitalism, although most still pay their bills that way.

The reasons are many. Capitalism no longer "delivers the goods" to most Americans. With consumer debt already high, more borrowing can no longer postpone hard times. The "American Dream" slips farther out of reach. As Cold War memories recede, labels like socialism or communism no longer stifle debate. Destroyed cities like Detroit; students with unsustainable debts; declining wages, benefits and job security; and millions unemployed or foreclosed - to them, the usual rationalizations of capitalism seem hollow and ridiculous.

This July's national survey found 26 percent of Americans believing that capitalism is "not working too well" and another 16 percent that capitalism is "not working at all well." Imagine the consequences if a new political party arose to represent those 42 percent by demanding basic changes in the economic system.

However, that survey and resumed debates about capitalism have not yet faced or solved a shared problem. Widespread confusion and disagreement surround what capitalism means and thus what exactly "is not working." This situation weakens the clarity and appeal of solutions offered by capitalism's critics. .....................(more)

The complete piece is at: http://truth-out.org/opinion/item/18323-debating-capitalism-redefining-outdated-terms