Economic Update with Richard D. Wolff Criticizing Pro-Capitalist Ideology
Mar 31, 2026
A critique of the claim that profit is a fair reward for risk, questioning how withholding production and concentrated ownership shape that argument. A focus on how workers, families, and communities also shoulder risk without profit. A second thread challenges the idea that technology and AI automatically cause job loss and outlines alternative ways to share productivity gains.
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Risk Argument Hides Power To Withhold Investment
- Profit as a reward for risk relies on the capitalist's exclusive right to withhold investment.
- Workers, families, and communities also bear relocation, income, and social risks yet receive only wages, not profit shares.
Risk Story Shields Origins Of Capital And Excludes Risk Takers
- Rewarding only the investor ignores where capital came from and excludes others who risked livelihoods.
- Wolff points out capital can be stolen or inherited, yet the risk-story prevents asking about origins or sharing returns.
The Bargain That Keeps Workers Selling Labor
- Wolff describes a deal where wealthy owners hire a mass with no wealth, buy tools, pay wages, and keep growing profits.
- The example illustrates how capitalists lock workers into selling labor while retaining accumulating wealth.