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14 Jul 2020 11:59:23 UTC
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Capitalism vs Socialism—Dr. Richard Wolff Debunked: Part 4
In part 4 of this argument of capitalism vs socialism on Dr. Richard Wolff's argument, I cover his concession on wages and living standards and point out his inherent contradictions through the failure of socialism that was to blame on lower wages across the world. Dr. Richard Wolff argues that capitalism in the West is to blame on other countries left with such poor wages, rather, the opposite is the truth and as we have saw from India, China and various other parts of the world, they have been improving.

I would like to mention, however, that countries like India still have some way to go as they are strongly corporatist, thus, the reason why their economic growth is struggling. On the argument of capitalism vs socialism, however, you can see that the freer the economy becomes, the better off the economy proves to be.

Music:
Mesmerize by Kevin MacLeod is licensed under a Creative Commons Attribution licence:
(https://creativecommons.org/licenses/by/4.0/)
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1500005
Artist: http://incompetech.com/
...
https://www.youtube.com/watch?v=cnS_kbjK13k
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