Economic Update: Answering Our Critics


Democracy at WorK has the episode of Economic Update: Answering Our Critics.

Three major criticisms of Economic Update are considered: (1) that we don’t praise capitalism for reducing world poverty, (2) that we don’t admit that “socialism has never worked anywhere,” and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal partners with the inventor, originator of the business. Today’s program answers these criticisms, refuting their arguments systematically.


Now you know how to respond to people when they make these criticisms. I don’t claim to be a capitalist nor a socialist. I have coined the term “what worksist” to describe how I think. I come at it from the observation that there are certain of society’s needs that are not well served by capitalism. Some of them are better served with some form of socialism. For the important needs of a society, we should try to figure out what works best, and try to use that method that will work best. If something other than capitalism or socialism would be better, we ought to try that instead.

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