The David Lin Report: The Great Capitalism Vs. Socialism Debate - Arthur Laffer & Richard Wolff

Prof Wolff debates Arthur Laffer on the David Lin Report in a discussion comparing capitalism and socialism in the context of the U.S. economy. They explore topics such as economic performance, income inequality, taxation, and government intervention. Wolff emphasizes the need to question the organization of workplaces, while Laffer advocates for low taxes, sound money, and free trade as solutions to economic challenges. The debate centers on the role of government and the effectiveness of different economic systems.

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  • Pasqual DiGesu
    commented 2023-10-03 17:45:57 -0400
    FDR’s tax increase did what?, The new deal caused what? Reagonomics followed by savings and loans scandal did what? ???
  • Pasqual DiGesu
    commented 2023-10-03 17:15:14 -0400
    “There is also the matter of a potential power vacuum between the state and business. A perfect balance between state and corporate power would be ideal, but such a thing would be too delicate to last, anyway. One must eventually predominate over the other, like one side in a game of tug-of-war. It is simply the nature of the dynamic (Corporatist States possibly being the only example of the closest proper working balance ~ Italy 1922-42 and modern China, with the overall ruling state still maintaining the authoritative edge).

    The question is thus whether the state will rule business or vice versa, and to what extent. The threat of business conquering government is the Achilles’ heel of any liberal democracy. As Oswald Spengler* explained in The Decline of the West, “It is symptomatic that no constitution knows of money as a political force, it is pure theory that they contain, one and all.” The state must rule business, or business will rule the state. It is a zero-sum game.”

    “It is therefore better to embrace a political order in which the state openly and honestly rules over business, but in which there are limits as to how it does so. Attempting to achieve a balance will invariably slide into the nearly absolute rule of the state by private business. The state being predominant is not a perfect option, but it is preferable, since government is nominally public and business is private”. (Guzziferno)
  • Dave Petrovich
    commented 2023-10-03 11:15:47 -0400
    Thanks for another episode in the series of Capitalism’s Critic vs. Capitalism’s Cheerleader.

    In RD’s assessment of PRC’s economic forecast, the notion for continued growth was adamantly disputed by The Capitalist Cheerleader which he described as tanking, in a death spiral, on the verge of collapse…

    Today’s The Epoch Times cited China’s “deepening economic woes” and it’s downturn.

    Seems odd that both growth and downturn are used to describe China’s economy.
  • Pasqual DiGesu
    commented 2023-10-03 08:21:39 -0400
    Excellent display of expressive economic and political logic culminated through this debate brought forward by David Lin. Professor Wolff displays well organized thoughts and prioritizes the elements of truth for Arthur Laffer without being derailed by recreated historic interpretations in Laffer’s confusion.
  • Pasqual DiGesu
    commented 2023-10-03 00:09:14 -0400
    To be capitalism or not to be capitalism? No, its uncontrolled capitalism versus controlled capitalism. Governments must govern or they are not governments. Without government we have Americanomics or the present situation.