Capitalism vs. Socialism Town Hall | Part 2

Channel: Fox Business
Published: 05/16/2019 07:27 PM

FOX Business’ Neil Cavuto, 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:

We are back with this special edition of making money, our town hall on capitalism and socialism, and back with us at bianca cunningham and richard wolfe. They are representing the socialism side. Herman cain is here representing the sign of capitalism and joining us now, our very own. Neil cavuto, he is the host of coastal coast here in the fox business network. He also hosts your world on monday ...
through fridays and kabuto live on saturdays, both those shows on fox news and well, if you think he works hard now, it's just who he is at 17. Nil was the manager of arthur treacher's fish & chips while still in high school, and he actually interned atthe white house under jimmy carter. Neal thinks of doing it thanks very much exactly we've steward okay. By the way is he out and he's gon na think about. He wants to talk to this kid. It was hey by the way. Let'S get back to the audience and they're great questions, i want to start with greg he's a college student so greg. What'S on your mind, hello, so my question for you guys is: how close can we, as a nation, come to achieving pure, perfect capitalism, which is no taxation, perfectly privatized industries? You know because what we do is we look at the left and say: hey socialism, communism? How far left can we go let'slook at how far right we can go at least as the united states? You know pose that one to you i mean the perfect capitalism, just as i said, there's so many different versions of socialism emerging there's a lot of burdens of capitalism that exists already from crony to everything else i mean.

Is there such a thing as pure capitalism? No there's no such thing: it's pure capitalism, because we have taxes because we have laws and because we have people who cheat but the capitalism. The imperfection in capitalism is this far away. There'S a big gap between that and the imperfections and socialism they see in capitalism stands for competition, the s in socialism, standsfor state control, that's the difference. You don't have anything such as benevolent dictators. They do not exist and even in capitalism, it has some flaws. I admit that, but that's why we have a system of laws. That'S why we have that the type of things that we have and that's why we have a court system. We got congress, the executive branch, traditional judicial branch. They are there to try to keep the playing field level richard. I want to take off from your point about there being different kinds of capitalism. The story you tell the one without tax is the one with perfect competition. That'S what we teach in economics courses.

It'S a utopian dream: ofwhat might be a capitalism and we teach it to students, so they understand how far from it every actual capitalism in the history of the last 300 years has been. It'S a it's a model, it's an image, nobody in their right mind and it's not in anything. I'Ve ever encountered imagines it as even possible. It'S an image, it's a desire. Then you measure how far from it you've gotten, but the reality is capitalism's competition. For example, when one company works against another one of them wins and then the other one goes out of business and then what's left of the other one is bought by the one who wins and pretty soon competition makes onlya few companies. We know that because we live in it, so competition produces its own negation monopoly, which then becomes a big problem. So we call in the government, but the notion of the government is somehow sitting there rather than itself being a product of the capitalist system. Is a bizarre way of imagining the government having no causes and no shapers of what it is and by the same token, now, when a lot of folks say well, you know: don't forget about venezuela forget about cuba. The version of socialism rather than america should embrace, or norway, denmark or other nations, where the government is heavily involved where taxes are sky-high and while there's tight, incomeinequality there's not the type of upward mobility. You know you're not seeing the inventions of iphones in denmark, so i know they're happy people, but you know maybe because they didn't invent the iphone, but we're not see the kind of stuff that happens in this country. But i will say that i don't believe capitalism in its perfect sense ever was without taxation.

In that dream scenario, i will say this for all of capitalism's flaws and we report on it all the time. It'S still the best alternative out there, no one and no type of a system, our own included, has enriched the world to the degree and rescued countries and rebuilt war tattered europe thecapitalism did, but we did you're right to raise it, but the opportunities presented dwarfed. What is presented? No socialist society has created the things that we've created. No, no government-run society has done for people what we have done for people. No society has created the opportunities and provided a rags-to-riches type of existence for as many people as our system is it flawed? Yes, do we have extremes, absolutely, do we overdo it and we have the enron czar, the tycho's and examples of people who have used the privilege and we regulate that and we police that, and we want to make sure that we have better standards for medicine and Food all that comes with itcomes out of your taxes too, by the way, but that is an obligation. I think the capitalism happily means right and of course it all gets down to the fact. None of these systems are perfect because i think human beings are not perfect right. I want to go to donna for our next question donna, why are democrat politicians pro socialism and glamourizing it when they have seen throughout history the destruction that comes from it? There'S a reason why people are fleeing other countries for the opportunity to live in america. I'Ve studied the african nations that embrace socialism upon independence. Now there were a lot of reasons for that. They didn't. You know the people whocolonize those countries.

They looked at them as capitalists. Certainly they didn't want to embrace that the soviet union looked like it was on its way up, but i think it hurt those nations severely severely set them back decades. Why has the entire democratic party to a degree embrace of one form of socialism or another, some are reluctant to say it, but medicare-for-all paying off all student debts? Do you think that that's the new party, that's gon na, be the new democratic party, so i will just first say that i don't believe the democratic party is embracing socialism. That'S why we have organization democratic socialists of america, which is pushing them to hold the agenda of thepeople and to be responsive to the issues that we care about. Neither party is so much from from the status quo, so you think maybe they're just giving it lip service. I think it's just lip service. I think that they're not interested in having a real conversation. I think that they'll stifle the conversation every chance at they can't we have a conversation just about math money and money out and if you make promises that can't be paid for. Eventually, you run out of money right and i think, no matter how passionate and i don't give republicans a pass on as they build deficits, just as you know quickly, as the democrats iii just think, thoughthat what's incumbent upon all these candidates running for president, say how Are you gon na pay for that, because that's on you that's on your generation and i'm trying, i think i told charles beforehand as long as my social security's, okay you're, paying into it i'm okay, but i got worried when i heard that the birth rates out Of 32 years, i think we just got to do basic math and i don't think any of those candidates are richer i'll. Let you there, but i won't bianca, to respond to that, because how are all these ideas that you want are gon na? Be how they're gon na be paid for. So i think the real question is whywere. Complacent would peep with children across this country, starving with people being in massive debt coming out of school and having no choice but to sell your wage labor.

To address that. To you, that's all you want rectified how you go. What you like to do is bring democracy to every aspect of our lives, including our workplaces. More so unions are the thing that was going to push these people at the top to share the profits with the workers who are generating that well bianca huge difference. I'M sorry, i can't be quiet. Charles you are shifting the subject, which is exactly how you get back to these arguments about socialism you're going at it. Basedupon emotion, you're, going at it based upon here's an example i'll. Let you finish you're going at the end emotion, you keep talking about people who don't have food to eat and they got ta do this and that we can find those examples everywhere in this country. So what i'm simply saying is to go back to the fundamental question, which is what we started before you shifted the subject: let's go back to the fact that every one of these presidential democratic wannabes has at least one socialist idea. You want to know why they get away with it, because the general public doesn't understand creeping socialism into our society. Okay, i'll give you that, but richard wealso should acknowledge, though, that the general public is becoming increasingly dissatisfied with capitalism as well. Capitalism is doing something wrong to have this.

Many people become disenchanted with it and for us to be doing this special today, i'm not gon na follow herman and insulting the general public, so i'm not gon na go in that direction. I think the general public did me. Excuse me, sir i'm in the middle of okay. I am interested in trying to find a solution to this question. Where is it going to be paid for and for me the solution is not having the government come in. This is the old idea. This is what socialists in the past thought it's notwhere, i'm going is that where i'm coming from, i want to go where bianca started to go with the answer to the question change the way businesses are organized in this society. That'S where the problem starts. Every business is a home. Let me finish of non democracy, a terrible small group of people at the top, the board of directors, the owner make all the key decisions: what to produce, how to produce where to produce and what to do with the work that everybody contributed to. That'S not fair, and we shouldn't be surprised that the people at the top gives themselves the lion's share of the rewards at the end. Therein is the problem socialism letme finish.

Socialism is, for me is a program to democratize the workplace. It should have been done at the beginning of the united states with 200 years late, but better late than never, and that can solve our problems. Well, the great news is that if we do it now we're at the peak of our earnings right, we're twenty one trillion dollar economy, the stock markets near an all-time high and jobs are going up. Now i want to say thank you very much appreciated.

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