Richard D. Wolff: Profit

Richard D. Wolff is American economist. Explore interesting quotes on profit.

Richard D. Wolff: 36 quotes1 like

“Now, do you think workers would vote to unequally redistribute profits? Of course not. They would vote for equitable distribution.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“If you don’t want inequality, don’t unequally redistribute it in the first place: Workers must equitably distribute all profit equally to all workers. After all, profit is merely surplus value of labor, and that belongs to all workers.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“The wealth gap between rich and poor is the result of a board of directors dividing up the profits and keeping the lion’s share for themselves.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“A worker-coop based economy—where workers democratically run enterprises, deciding what, how and where to produce, and what to do with any profits—could, and likely would, put social needs and goals (like proper preparation for pandemics) ahead of profits. Workers are the majority in all capitalist societies; their interests are those of the majority. Employers are always a small minority; theirs are the "special interests" of that minority. Capitalism gives that minority the position, profits and power to determine how the society as a whole lives or dies. That's why all employees now wonder and worry about how long our jobs, incomes, homes and bank accounts will last—if we still have them. A minority (employers) decides all those questions and excludes the majority (employees) from making those decisions, even though that majority must live with their results. Of course, the top priority now is to put public health and safety first. To that end, employees across the country are now thinking about refusing to obey orders to work in unsafe job conditions. U.S. capitalism has thus placed a general strike on today's social agenda. A close second priority is to learn from capitalism's failure in the face of the pandemic. We must not suffer such a dangerous and unnecessary social breakdown again. Thus system change is now also moving onto today's social agenda.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“The third reason capitalism gets blame here is that alternative systems—those not driven by a profit-first logic—could manage viruses better. While not profitable to produce and stockpile everything needed for a viral pandemic, it is efficient. The wealth already lost in this pandemic far exceeds the cost to have produced and stockpiled the tests and ventilators, the lack of which is contributing so much to today's disaster. Capitalism often pursues profit at the expense of more urgent social needs and values. In this, capitalism is grossly inefficient. This pandemic is now bringing that truth home to people.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“In the light of the coronavirus pandemic, I focus criticism on capitalism and the vulnerabilities it has accumulated for several reasons. Viruses are part of nature. They have attacked human beings—sometimes dangerously—in both distant and recent history. In 1918, the Spanish Flu killed nearly 700,000 in the United States and millions elsewhere. Recent viruses include SARS, MERS and Ebola. What matters to public health is each society's preparedness: stockpiled tests, masks, ventilators, hospital beds, trained personnel, etc., to manage dangerous viruses. In the U.S., such objects are produced by private capitalist enterprises whose goal is profit. It was not profitable to produce and stockpile such products, that was not and still is not being done. Nor did the U.S. government produce or stockpile those medical products. Top U.S. government personnel privilege private capitalism; it is their primary objective to protect and strengthen. The result is that neither private capitalism nor the U.S. government performed the most basic duty of any economic system: to protect and maintain public health and safety. U.S. capitalism's response to the coronavirus pandemic continues to be what it has been since December 2019: too little, too late. It failed. It is the problem.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“So to change inequality in our nation, we must change the organization of the workplace. Until you do that, you’re not serious. You won’t solve any problems by redistributing: Even if you have progressive income tax, the rich will always figure out a way to hide their fortune in overseas tax shelters. So the solution is to equitably distribute profits in the first place.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“Workers must control the workplace: If workers made the decisions, do you really think they would vote to outsource their own jobs to China? Of course not. Would workers vote to pollute their own air and water and poison their own kids just to make an extra nickel in profit? Of course not.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)