“What’s Wrong with Capitalism?” with Chiara Cordelli
Summary
Philosophers Emily McTernan and Jeff Howard interview Chiara Cordelli, who argues that standard critiques of capitalism miss its core flaw: the alienating, irrational nature of private investment decisions. Cordelli contends that because investment drives societal transformation yet lacks democratic coordination, it subjects us to an impersonal "rule of none." She proposes replacing private capital allocation with a hybrid system of democratic planning and decentralized execution to restore collective authorship over our economic future.
Topics discussed
Introduction and guest Chiara Cordelli
Critique of existing accounts of capitalism's wrongs
The need for inherent and distinctive wrongs
Why liberal egalitarianism fails to capture the wrong
Critique of the radical republican view of domination
Ownership vs. capitalization and investment
The role of investors and the Uber/Lyft examples
Capital as dynamic and the mode of valuation
Why investors do not form a dominating class
Structural domination and the logic of capitalization
The rule of none and alienation under capitalism
Democratic control and collective authorship
Addressing socialist calculation and innovation concerns
Proposal for democratic planning of investment
Conclusion and personal reflection
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