Economics of the U.S. State
Summary
Richard D. Wolff explains the resurgence of socialism in the U.S., tracing its origins as a critique of capitalism’s failure to deliver liberty and equality. He outlines historical splits between anarchists, revolutionaries, and political socialists, noting their shared focus on seizing state power. Wolff argues that despite successes like China’s growth, no system has yet fully replaced the employer-employee relationship, leaving this central challenge unresolved for modern movements.
Topics discussed
Introduction and support for Democracy at Work
The return of socialism to US political discourse
Capitalism's emergence from feudalism and its broken promises
Origins of socialism as a critique of capitalism
Fundraising appeal and book signing announcement
Capitalism's tendency toward inequality and political corruption
Business cycles, insecurity, and environmental damage
The split between socialists and anarchists in the 1860s
Revolutionary vs. evolutionary socialism debate
Russian Revolution, China's model, and the future of socialism
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