The third reason capitalism gets blame here is that alternative systems—those not driven by a profit-first logic—could manage viruses better. While n… - Richard D. Wolff

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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.

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About Richard D. Wolff

Richard David Wolff (born April 1, 1942) is an American , known for his work on and . He is Professor Emeritus of Economics at the , and currently a Visiting Professor in the Graduate Program in International Affairs of the in New York. Wolff has also taught economics at Yale University, , , University of Paris I (Sorbonne), and The Brecht Forum in New York City. Not be confused with Richard Wolffe

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Alternative Names: Richard David Wolff Richard Wolff Economic Update democracyatwork.info Democracy at Work rdwolff.com
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Additional quotes by Richard D. Wolff

The second economic reality I would want to talk about, is the fact that he spent more time in this State of the Union message demonizing immigrants than on any other topic. Stories of immigrants being bad, stories of invasions coming, wild exaggerations that have no basis in fact. Let me give you the simplest economics with which to understand that: the United States is an economy of three hundred and twenty five million people; the number of undocumented immigrants in the United States is estimated between 10 and 12 million. Okay you don't need rocket science to understand that nothing that you can do to those poor 10 to 12 million of the lowest paid people in our economy is gonna change the economic conditions for 325 million Americans. Focusing on immigrants is pure scapegoating; it's focusing people on something that doesn't matter because you don't want them to focus on what does matter.

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​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 , and Ebola. What matters to 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.

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