Ask Prof Wolff: Living in Capitalism, Believing in Socialism

A Patron of Economic Update asks: "I would be considered to belong to the “wealthy” class in my community and country espousing a pro socialist , anti capitalist ideology. I am often accused of being a hypocrite because of what I own or the fact that I have people that I employ with my business (4) and with my household. (My spouse has a bigger business than me and mine is successful too). We are both professionals, we are certainly not billionaires but we do ok and our businesses are structured in a capitalist way - employer employee etc. To explain my own position on this contradiction: I live in a capitalist system and I have to seize on the opportunity to give my own kids the best opportunities, I have no right to deprive them of that chance , not for a political belief etc. I try to raise my kids with social consciousness, etc nevertheless. Do you have any advice for this type of engagement with people - how would you respond when having political/economical discussions with other capitalists."

This is Professor Richard Wolff's video response.

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Showing 1 comment

  • pasqual digesu
    commented 2021-10-24 09:52:37 -0400
    We must run on the race track we have been placed on to survive the finish line without being trampled. But, we will have to do more than just talk and run if we wish to change our reality into a new reality reflecting the Utopia we believe in. It is true we thrive in capitalism, and for those of us who do well, how much do we give back in finance for charity? How willing are we to adopt unpopular solutions to establish a balanced existence for everyone in our relaxed state? In this temporary horn of plenty, How much do we sacrifice and how much do we capitalize personally?
    “Life is a system of compromises and agreements, life is a series of compromises, and it is not always easy to achieve in practice what one has found to be true in theory”. Source: A Day Book of Thoughts from Mahatma Gandhi.
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