Marjorie Kelly was recently interviewed in Truth-Out about her new book Wealth Supremacy: How the Extractive Economy and the Biased Rules of Capitalism Drive Today’s Crises (2023). Read an excerpt below and the full interview here.
We also need a next system of capital — including debt forgiveness when necessary, a new ecosystem of banking in the public interest, authentic impact and local investing, and wealth and inheritance taxes that prohibit the formation of dynasties. Also needed are regulations reining in the super-predators, the uber-extractors like private equity and hedge funds.
I’m often asked if all this is possible. And I like to break that question into two parts. Are these new models of a democratic economy — like public banks and worker-owned firms — are these models feasible? The answer is yes. They’re proven. They’re practical. They’re superior in their outcomes, if success means human well-being rather than just a rising share price.
