Inequality, Ricardian Socialism, and Real Solutions

In this episode of ACC, Prof. Harvey warns that the endless accumulation of capital in a variety of sectors is putting tremendous pressure on our economy, our world, and our very existence. Signs of economic growth—the rising mass of value; centralization of wealth and power in the hands of a small minority; the concentration of carbon dioxide gas in the atmosphere leading to serious climate and biological disruptions; the growing output of plastics; cement production in China; and airline travel and the surplus of liquidity seeking opportunities for investment—are being directed to unproductive activities like military expenditures and the defense industry, ever increasing the threat of nuclear war and mutually assured destruction. Harvey argues that international cooperation is needed and that alternatives must be explored. He discusses the work of Piketty and Ricardian Socialists as a way to address the growing inequality and gross injustices we are living through. He supports Piketty's ideas for the redistribution of income from the top 1% to the bottom 50% of the population and collaborative work models, like those of German and Swedish companies that give power to labor.