Professor Wolff joins The Critical Hour with Dr. Wilmer Leon to discuss how the coronavirus is exposing capitalism's weaknesses.
"There’s a great piece in CounterPunch, entitled “Capitalism Can’t Be Repaired, Coronavirus Shows Its Huge Weaknesses,” wherein the author writes, “Consider this absurdity: The US government’s policy in the face of the current capitalist crash is to 'return the economy to the pre-coronavirus normal.' What?
In that 'normal' system, private capitalists maximized profits by not producing the tests, masks, ventilators, beds, etc., needed when coronavirus hit. ... In capitalism, a small minority — employers — makes all the key decisions (what, how, where to produce, and how to use the proceeds) governing production and distribution of most goods and services.
The majority — employees and their families — must live with the results of employers’ decisions but are excluded from making them." I thought the market — or as Adam Smith termed it, the "invisible hand" — that people acting in their own self-interest, will eventually help the best interests of the greater public good.
What's happening here?