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    Summary of Richard Wolff's Democracy at Work
    Summary of Richard Wolff's Democracy at Work
    Summary of Richard Wolff's Democracy at Work
    Ebook29 pages21 minutes

    Summary of Richard Wolff's Democracy at Work

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    #1 Capitalism has had an extraordinary run in the United States, and it is responsible for catapulting Britain’s former colony to its status as a global economic, political, and cultural superpower. However, the costs of the journey were huge and widely distributed, and the gains were also huge but less widely distributed.

    #2 The two key dimensions of capitalism are private property and the market. Many contemporary usages of capitalism focus on these two dimensions. However, many capitalist economies also contain significant amounts of productive property and products owned by state apparatuses in the name of the society as a whole.

    #3 Capitalism is defined differently by different people. I define it as a system in which a mass of people, called productive workers, produce a total output greater than the portion of that output given back to them in wages. The difference between their total output and their wage portion is called the surplus and it accrues to a different group of people, capitalists.

    #4 The capitalist economic system in the United States and many other parts of the world has gotten a free pass in terms of criticism and debate over the last half-century. This was the response of business and political leaders, the mainstream media, and the academic community to the Cold War and the conservative resurgence after the Great Depression.

    LanguageEnglish
    PublisherIRB Media
    Release dateMay 9, 2022
    ISBN9798822509641
    Summary of Richard Wolff's Democracy at Work
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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      Book preview

      Summary of Richard Wolff's Democracy at Work - IRB Media

      Insights on Richard Wolff's Democracy at Work

      Contents

      Insights from Chapter 1

      Insights from Chapter 2

      Insights from Chapter 3

      Insights from Chapter 1

      #1

      Capitalism has had an extraordinary run in the United States, and it is responsible for catapulting Britain’s former colony to its status as a global economic, political, and cultural superpower. However, the costs of the journey were huge and widely distributed, and the gains were also huge but less widely distributed.

      #2

      The two key dimensions of capitalism are private property and the market. Many contemporary usages of capitalism focus on these two dimensions. However, many capitalist economies also contain significant amounts of productive property and products owned by state apparatuses in the name of the society as a whole.

      #3

      Capitalism is defined differently by different people. I define it as a system in which a mass of people, called productive workers, produce a total output greater than the portion of that output given back to them in wages. The difference between their total output and their wage portion is called the surplus and it accrues to a different group of people, capitalists.

      #4

      The capitalist economic system in the United States and many other parts of the world has gotten a free pass in terms of criticism and debate

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