Capitalism vs. socialism Town Hall | Part 3

Channel: Fox Business
Published: 05/16/2019 07:26 PM

FOX Business’ Kennedy, The New Voice CEO Herman Cain, Bianca Cunningham of NYC Democratic Socialists of America, “Capitalism’s Crisis Deepens” author Richard Wolff answer questions from a live studio audience about capitalist and socialist policies. Watch Part 1 here:

Welcome back to our special edition of making money and continues now this a town hall on capitalism and socialism and back with us, representing socialism, bianca cunningham and richard wolf and our champion of capitalism, herman cain and joining us now kennedy. You know her she's, the host of her own show on 9:00 p. m. s on fox business. She also appears regularly on outnumbered over on the fox ...
ews network. Candidate kennedy was born in indiana and raised in oregon now she's a libertarian, and she is a big proponent of capitalism. Welcome to the show kennedy. Thank you very much. Thank you. A lot of exciting things. You you've lived capitalism, you preach capitalism, so you readyabsolutely charles. Let'S do this: let's do it, let's get our next question: let's go to nicolas nicolas, so i'm a college student here in new york city studying business and on today's college campuses.

It'S so hard to bring republican ideas, such as capitalism, to a debate without being either shouted down a called a slew of slurs. So how do we ensure that students in our universities and colleges across the country, especially here in cities as liberal as new york, are able to learn the real differences between capitalism and socialism and the benefits capitalism has brought to america through its first 243 years of Existence i've spent a lifetime preaching to do exactly that to havethe university, be a place where the ideas of capitalism can be defended by people who believe in it, and the ideas of socialism can be defended and put forward by people who believe in it. But in ninety percent of the colleges of the united states in economics, which is the field i know there are people loads of people who love and celebrate capitalism and know people who celebrate socialism. Let me give you myself as an example, because herman here has given himself as an example i was born in ohio. Parents had absolutely nothing. I ended up for a long long story. I ended up going to harvard as an undergraduate to stanford in the middleand. I finished the yale i'm like a poster boy for elite education in this country right at no time in my education. Ten years in the ivy league did any stand in front of me and give an argument for why socialism was advantageous or good. I heard countless debates among people who loved capitalism disagreed about this or that, but the presumption was. This is the best system since sliced bread. This is all you need to know, and the alternative is nothing you have to worry about right, given that, of course, it's hard for socialism to get a hearing, but your situation is the very, very scarcest reality.

The one i described is, unfortunately, the badlegacy of the cold war. We still it's all due respect. We richard i want to bring kennedy in, because this is not the first time. I'Ve heard this. In fact, i've heard it from thousands and thousands of young adults in colleges across this country. Yes, and it's not just. We have to divorce ourselves from the idea of a two-party system and i'm sure that you would agree. You know you kind of rail against the the democrat party and the establishment, and it's this extreme bifurcation, but they really have so much in common that they do such a great disservice to so many people. So, instead of thinking in terms of republican and democrat, i liketo think in terms of freedom and and that's you know, that is much more libertarian. That is much more of a libertarian liberty and compasses philosophy. And when you talk about freedom, you tend to be much more inclusive because you're talking to individuals you're, not just trading up into two separate groups where it's, we instantly hate you and i think it's good that you're getting a degree in business, because it means that You will have some practical application of that degree. There are a lot of degrees, like my degree in philosophy, doesn't necessarily translate to the workplace.

It helped me organize my thoughts. I probably could have done that in my own, but i likedbeing in a university setting so for the vast majority of people who are languishing in college, which are propaganda, factories that are run by leftists who watching indoctrinate [ applause. ] people save your money, don't necessarily go to college until you know what you want to study. I didn't go to college until i was 28 years old. I had had two pers in broadcasting in radio and television and it wasn't until i i knew what i wanted to do and pour myself into it completely, but i went and got a scholarship to ucla go bruins, let's leave it there and up next we've got Mohammed mohammed, what's your question so alright, i just want to ask thecandace as to their thoughts on the desirability, as well as the feasibility of transitioning america, to a socialist framework by replacing the current model of structural firms, which some would describe as a vertical hierarchy into Work, iran, cooperatives, nyaka yeah. So i think that's a really good question to me in my mind, i feel like this company this. This country has prioritized capitalism over democracy, and so i think that we can't start to have these conversations without bringing democracy back into the conversation. People are not responsive to candidates or to political parties, they're responsive to issues. They have real issues that they want to see. Address - and i feel like you know, there are alot of examples of you know socialism gone bad around, but what i'm more concerned about? I think america we're great at a lot of things. I think that we can do socialism better in this country than in any other. How do we restructure it, though, from this capitalist system and then break it down? Put it back together, it's like changing a tire on a movie.

No - and i have a question for you, because i want you to answer this honestly: when will you admit that things have gotten better and that's a problem because there's so much hyperbole and like oh, this is the worst time and there are children starving in the Streets, that's notnecessarily. True, this is actually the best time to be alive. People are living longer and in fact capitalism has lifted billions of people out of extreme poverty. Do you want people in extreme poverty? I don't. I want women and i want the children and young people to have ideas that they insert into the marketplace yeah and but when? When will you admit that things have actually gotten better? That'S the worry, because you talk about systems and you talk about strata and and you you abuse this. It'S a luxury that have this conversation in many countries, parts of the world you couldn't. We have the highest wage gap today then, after the great depression, then afterthe recession in 2008. So, while you are saying that capitalism is working and the markets are strong and unemployment is low, what we're saying is that it's not translating to people's actual socialist like to use the term living wage. When will you remember what that is, and why would you stop at $ 15 now? Why not go to $ 25? Absolutely right start there go big! I want to get you guys in, but we're getting tight on time. Let me start with you first herman, because you worked at the federal reserve. You also ran a major corporation. How would we actually deconstruct this whole system that we have and and flatten it out, so that everyone hasa greater voice and how does that even work? The answer is you can't allow me to give you two statistics as imperfect as capitalism is, the united states of america represents nearly 25 percent of the world's gdp compared to everybody else, and we have less than 5 % of the world's population.

Can it is right? More people have been lifted up out of poverty because of capitalism, not socialism. Secondly, socialism creeps into a society. That'S why a lot of people thinks it sounds good that young man's question was never answered when you ask, when are people gon na start telling people what it's gon na cost? Nobody has answered that and that's because the cost are absolutely unbelievableand unrealistic. Richard i'd like to answer the question about: how could you get a situation where these ideas become acceptable and to teach a little bit implement them deconstructing capitalism to become a solo? His question imply: how do you get people to be willing to even talk about it? Go in that direction! No, let me give an example. That'S it that's historical nonsense. Like some of the other things you said. No, that's reality. That'S a tricky longevity of united states by gonner by taxi, but you can ignore it, but you can't say what you hear the same thing over again, but that's the answer. You don't want to see. Cuz you've heard no, no thankyou shepard. All you want kind of you. Thank you now.

Let me explain why the socialism isn't the problem here, that's of a little bit of american history in 1916. For the first time, the socialist party ran a candidate for president got 600,000 votes, 3 % of the vote. Four years later, the socialist party ran another candidate for president eugene debs. He got four percent of the vote. Nine hundred thousand four years later, the socialists ran another candidate, robert la follette, of wisconsin 1924. He ran for president. He got five million votes. Seventeen percent of the total vote at that point. The capitalists of this country got very frightened and for good reason and came downon socialism with the same kind of hysterical denunciation that you're listening to here. We have to come out of a hundred years of hibernation, where every other country in the world has socialist parties that are part of the conversation where the country that's behind in that area. We need to catch up, but we don't have to imagine that as new. It'S in our own history we've been able to do it.

We'Ve been there right pointer. This is not well fdr. Fdr implemented a lot of policies that the socialists were advising that's right. Kennedy love you! Thank you! So much.

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