A Patron of Economic Update asks: "Professor, in your idea of a gradual transition to 'Democratic or Co-Op Business' from purely Capitalistic, how do you expect the stock market to react? While I agree that our current system is broken, I still am highly dependent on my 401K to sustain my income. I have to think many of us are."
This is Professor Richard Wolff's video response.
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This basic concept has allowed us to build things and create more jobs with better pay than anywhere else on earth. Is our system perfect-of course not. But it is still a in progress. Is a person flipping burgers going to earn the same pay as an engineer with a masters degree and fifteen years experience? No and never will. I earned a paycheck like most everyone else. The difference is how you use your money. You can enjoy it now and do without later-or you can do without now and enjoy it later.