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Kate Raworth on capitalism

Kate_Raworth_(11420849065).jpg Heinrich-Böll-Stiftung from Berlin, Deutschland, CC BY-SA 2.0, via Wikimedia Commons

From the Start the Week episode Democratic capitalism - marriage on the rocks:

Tom Sutcliffe: Capitalism. It's a word that always needs some form of qualification, does it, to refine it and sharpen the definition?

Kate Raworth: Yeah, well, it's a big word. So I never use it unless I get to define it, because otherwise we find ourselves talking past each other. So it's great to have the chance to define it. To me, capitalism is, yes, it's markets and it's business, but it's more than that, because those have been around for millennia. To me, capitalism is an economic system that prioritises, above all, delivering profit for the owners of wealth. And that's in terms of dividends, for those who own stocks and shares and corporations. That's in terms of rent, for those who own land and housing and real estate. And that's in terms of interest for those who own other people's debt. And the key consequence of this is not just the obvious that it enriches the already rich. It systematically puts a squeeze on everything else that we value. So it underpays and undermines wage workers. It privatises public goods like health care and transport. It exploits care that's provided by families and communities. It degrades the living world on which everything depends. It appropriates land and culture from indigenised and racialised communities. And crucially, it captures the legal system and the political system so that it can secure and reproduce its privilege.