I know I'm putting this simplistically but to quote lets call him Marxist-economist Richard Wolff not to put him down but thats exactly what's he's calling for in this speech. A Marxist State-Ownership economic system where things like small-business's would also be run by the state and in this case the. Largest state in the world the United States Government to sum up economist Wolff he's calling for State-Ownership to replace American-Capitalism. Or Liberal yes Liberal-economics, private-enterprise economic-freedom and so fourth. He's not calling for European-Capitalism or Scandinavian-Capitalism both areas full of developed Capitalist economic-systems. They just do it differently depending on the country. Economist Wolff is not calling for a Democratic-Socialist economic-system. Where most of the economy would be private and what the Central-Governments job would be to meet the basic needs of. Society that Socialists who do not trust the private-sector to handle, basic human-services. But economist Wolff is saying that we can't trust the private-sector or individuals to do anything for themselves. And that the Central-Government needs to have all of the power in society. Basically other then voting and basic personal-freedoms.
Why would this be a bad idea, well thats kinda like asking me why shouldn't you stick your hand in a burning fire. Or why you shouldn't go days without food or water, the answers should be obvious. But for the purpose of this blog. I'll explain why, name a developed country in the world that doesn't have property-rights or a private-sector. There isn't one and the number of countries that have State-Owned economies across the board are very small. We are talking about the Communist Republic of Korea, maybe Syria, perhaps a few countries in Africa. We are talking about the poorest countries in the world and in a lot of cases countries loaded in natural resources and human potential. But where the government squanders it because they are busy trying to figure out how to centrally plan an economy. How to run a responsible government as well as an economy at the same time. Because when you take incentive, competition and profit motive out of an economy. That unless the workers are Saints, they tend to lose the motivation to be successful and productive. Because they know government will have their back.
America already knows how to have a successful economy because we've don this before. It takes a modern infrastructure-system so people can get around in an affordable and efficient manner. An education-system thats producing lots of workers every year who have the skills to be successful in life. A tax and regulatory-system that subsidizes success and lets failures fail and a public-assistance system that. Empowers people to be able to get themselves back on their feet so they can once again take care of themselves and not have to live off of public assistance. Thats the alternative to Crony-Capitalism and its called Liberal-Capitalism or Liberal-Economics and I only needed seven lines to explain it.