Written by John Lounsbury
The question of which economic system is best for the 21st century has come more to the fore with the rise of political forces such as Democratic Socialism in the US with the emergence of leaders such as Bernie Sanders and Alexandria Ocasio-Cortez (AOC) and the increase in socialistic programs in many European countries over the years since World War II.
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The question of socialism or capitalism is debated this week by Richard Wolff and Arthur Brooks. The event was sponsored by the Abagail Adams Institute and the Intercollegiate Studies Institute. The debate was moderated by Danilo Petranovich, Director of the Abigail Adams Institute.
From Wikipedia:
Richard David Wolff (born April 1, 1942) is an American Marxian economist, known for his work on economic methodology and class analysis. He is Professor Emeritus of Economics at the University of Massachusetts Amherst, and currently a Visiting Professor in the Graduate Program in International Affairs of the New School in New York. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.
From Wikipedia:
Arthur C. Brooks (born May 21, 1964) is an American social scientist, musician, and contributing opinion writer for The Washington Post.[1] He was the president of the American Enterprise Institute, a conservative think tank, for a decade. As of July 2019, he joined the faculty of the Harvard Kennedy School and Harvard Business School.[2] Brooks has researched the junctions between culture, economics, and politics. He is the author of 11 books, including two New York Times best sellers: The Road to Freedom: How to Win the Fight for Free Enterprise (2012) and The Conservative Heart: How to Build a Fairer, Happier, and More Prosperous America (Broadside Books, 2015).[3] Politically, he is a center-right independent and a libertarian.
From YouTube:
Half of Americans under forty say they would “prefer living in a socialist country.”
A self-described “Democratic socialist” surged to an early lead in the 2020 Democratic presidential primaries … after winning more 2016 primary votes from under-thirty voters than the eventual Democratic and Republican nominees *combined*.
Some prominent conservative thinkers are even rethinking the wisdom of free markets.
So is capitalism passe? Should socialism get another look in this country? How should we structure our economy to ensure freedom, equality, and prosperity?
Here to debate these urgent questions are two of the most influential thinkers on political economy today: economist Richard D. Wolff and bestselling author and Harvard professor Arthur C. Brooks.
Professor Wolff has established himself as one of the leading scholars making the case for a new socialist approach to political economy.
Professor Brooks, one of America’s best-known and most respected social scientists, has conducted extensive research on fighting poverty, promoting equal opportunity, entrepreneurship, free enterprise, and related issues.
This debate, part of the Intercollegiate Studies Institute’s Diana Davis Spencer Debate Series, was recorded live on Thursday, April 15, 2021.
The debate proposition is:
Socialism is preferable to capitalism as an economic system that promotes freedom, equality, and prosperity.
The affirmative position is argued by Prof. Wolff and Prof. Brooks opposes.
This video is an hour and a half long. Do not let the length deter you. The debate format is fast paced with alternating presentations by two articulate participants. The program includes questions from the audience.
In an age when much debate is formed by “in-your-face” confrontation, this debate is remarkable in its civility.
Source: YouTube
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