Richard Wolff praises China's socialist policies during Fox Business' Town Hall

Channel: Fox Business
Published: 05/16/2019 10:18 PM

FOX Business’ Stuart Varney, The New Voice CEO Herman Cain, Bianca Cunningham of NYC Democratic Socialists of America, “Capitalism’s Crisis Deepens” author Richard Wolff debate capitalist and socialist policies. FOX Business Network (FBN) is a financial news channel delivering real-time informa...

Let'S start with alex, who is in school, alex, what's your question: how can we call our country great or our society moral, when a small number of wealthy people have far more money that could ever be required to live a comfortable life, while several people lack basic Human rights such as housing, health care or even food alex great question. I want to start with herman cain, [ applause ] alex. ...
first reject your assumptions, the assumption that a lot of people are not able to pursue the so-called american dream. I am an example. I started when i was very poor and because i was willing to take risks, i was willing to invest sweat equity. I waswilling to change jobs multiple times i was able to climb up the corporate ladder, so i reject your hypothesis that only a few people. Secondly, the thing about rich people that a lot of people don't don't know and a lot of people don't talk about. If they'll socialist is that, when rich people have a lot of money, do you know they spend a large percentage of their time, trying to figure out how to give it away to causes that they like not causes that the government likes bianca? But you work that verizon, you felt it was an unfair system, and so you did something about it and you think there's a only one way. Toreally write this and that's through a socialistic society right yeah. As socialists, we believe in putting the power back in the hands of everyday americans taking away from the few at the top that have means to control the agenda for the rest of us in this country. We want a government, that's for the people by the people. Truly, what would you say to herman in the sense that he started out in the 1940s and georgia? We know what the circumstances were like and he was able to propel himself to a place.

Does that not exist anymore? For someone your age, i believe that millennials are entering the really difficult economic system. I congratulate miss hermanfor his successes, but i do think that people shouldn't have to put their safety and security at risk in order to achieve the americans. Allow me to respond respond directly because that's another fallacy into thinking. Never in the history of the world has a socialist model worked. Most people want to point to venezuela and then they're in denial. They want to point to cuba and they're in denial. Have you ever heard of the ussr united soviet socialist republic? They tried socialism for 17 years and it failed right and when they finally figured it out, the 15 countries went their separate ways. Richard, though, you've taught all over the world, i mean, have you seen: examplesof socialism working absolutely the biggest and most important ones we can think about. He referred to the united soviet socialist republics. That'S not correct! It'S called the union of soviet socialist republics. That'S all right! It'S not a big mistake, but the big one is not to understand what socialist societies have grown. We are currently as the nation in a big fight, an ugly fight initiated by president trump against china, as you know, tariff wars when, after a big company today, that's a big effect.

Why? Because china is the second most important economy in the world was the first most important just a second 46. 40 years ago, china was one of the poorest countries inthe world. It used a very powerful socialist economic model. To do one thing to grow quickly, to stop being poor and to become wealthy. They did a lot of things along the way. I don't agree with, and you don't. Let me finish: it's not an example of rapid economic growth through then. That is the example of our lifetime. China took off when the assumed capitalist connotations they took off. When i can't remember the name of their leader who said let a thousand flowers bloom and the thousand flowers were capitalist enterprises, and that's when china's [ applause ] you've been teaching kids in our schools, [ applause ] i've been teaching kids a bit longer than you've Been talking, ontv keep the conversation. I want to respond to alex's question sure, because what you are really asking about was income inequality and i'm sure that's what upsets you about our society today. I have a different view of income inequality.

I think it's a good thing that you allow some people by their own brains, drive talent and ability to become rich, but more rich people. Yes, it is the more rich people. You allow the more growth in your economy, the more innovation, the more innovative, more efficiency and the greater prosperity. Can i just have 30 seconds i'm an example of that i got rich in the 1990s by investing in stocks. I got rich i thengot out and put that money into real estate in california. Bought dozens of houses did them up rented them out made a profit, took that money put it into land. I now run a large tree farm. Don'T know what you're laughing at young man i invested in land. I'Ve now got a profitable tree farm employs people in a very depressed area and now, with my wealth that i made by myself, i'm looking after six kids and nine grandchildren and i'm not looking for anything of you.

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