Historically, apologists for capitalism like to claim that the emergence of capitalism somehow was instrumental in producing democracy. But this was proven wrong in the book by Rueschemeyer et. al, Capitalist Development and Democracy. The conclusion was that it was workers’ movements that brought democracy to the West. In this 30-minute talk, Richard Wolff claims that capitalism is undemocratic at the microlevel in the workplace and at the macro-level by buying politicians to do its bidding.
Watch Economist Richard Wolff on Economic Update
