Carol Roth is joined by Yaron Brook, Chairman of the Board of the Ayn Rand Institute, Host of the Yaron Brook Show, author, speaker and self-described “Radical Capitalist” to talk about the current attack in the political sphere on Capitalism, why it is wrong and what to do about it.

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  1. dicentra Member
    dicentra Joined in the first year of Ricochet Ricochet Charter Member

    The fundamental injustice that Marx identified is that one class of people did all the work while another reaped all the benefits. The laborers were in fact paid “slave wages” that were so low that they could never improve their stations—they absolutely could not convert their labor into capital. The factory owners, however, possessed capital, and they could parlay the workers’ labor into earnings for themselves that they could turn around and invest, thereby earning more.

    Enter the Homestead Act, where a laborer could directly convert his labor into capital: five years of labor equaled a title to the land they worked on, which they could either sell, continue to cultivate, or use as collateral for a loan.

    There are no more homesteads available, but in a market economy people can turn their labor into capital in myriad ways: borrow money to buy a house or start a business, purchase stock in one’s company, save money in an IRA or 401K, etc. Marx’s complaints are no longer valid because it’s no longer the case that one class labors without capital and the other has capital without laboring.

    As per usual, being able to articulate the problem and being able to solve it are two separate skill sets that one person rarely possesses. Marx certainly did not.

    • #1
    • February 6, 2019, at 5:01 PM PST
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  2. Zed11 Lincoln

    You know, I believe I saw you walking out on Sentimental Street. Didn’t know what you were doing out there, or who you were trying to be. However, I know what you’re thinking, because I’ve actually been there, myself… #motoring

    Long-form interviews suit you well, and this was the best one yet. Had seen Yaron on The Rubin Report once or twice (Dave, of course, is excellent), so it was great to hear him in this format, focusing on capitalism.

    You and James Pethokoukis bring such strong economic cred here. As a semi-sane (hey I try) retail investor, can’t thank you guys enough.

    • #2
    • February 6, 2019, at 10:38 PM PST
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