Ask Prof Wolff: Founding Fathers, Capitalism vs. Socialism

A patron of Economic Update asks: "We hear from conservatives how the "Founding Fathers" of US Democracy were staunch Capitalists and wanted no part of Socialism. I always thought that argument was strange as both "The Wealth of Nations" and 'Das Kapital" were published after this nation was formed I would appreciate your comments on this discussion."

This is Professor Richard Wolff's video response.

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Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books

“A magnificent source of hope and insight.”
Yanis Varoufakis
Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy


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Showing 1 comment

  • P DiGesu
    commented 2021-06-10 07:55:47 -0400
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.”
    Thomas Jefferson
    “There is nothing I dread so much as the division of the republic into two great parties, each arranged under its leader, and concerting measures in opposition to each other. This, in my humble apprehension, is to be dreaded as the greatest political evil under our constitution.”
    John Adams
    “When economic power became concentrated in a few hands, then political power flowed to those possessors and away from the citizens, ultimately resulting in an oligarchy or tyranny.”
    John Adams

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