Alexandria Ocasio-Cortez on Capitalism
Alexandria Ocasio-Cortez views Capitalism as fundamentally flawed, famously stating that she believes the system is "irredeemable." She argues that the system's core priority is the concentration of capital and the relentless pursuit of profit, which often comes at any human and environmental cost.
Ocasio-Cortez, a self-described democratic socialist, differentiates her position from state socialism, which she calls "undemocratic" and "easily corrupted." She asserts that free-market economies and democratic socialism are compatible, citing worker cooperatives as a model that brings democracy to the workplace and ensures workers share in the wealth they create.
Her vision involves a significant evolution of the economic system, moving away from prioritizing capital toward prioritizing people and democracy in society. This perspective informs her support for progressive policies, such as raising taxes on top earners and implementing the Green New Deal, which she has argued requires deficit spending similar to the original New Deal era.
Context
Alexandria Ocasio-Cortez is a leading figure on the left-wing of the Democratic Party and is a member of the Democratic Socialists of America (DSA), which informs her critique of the current economic system. Her views on Capitalism are tied to her broader progressive platform, which seeks structural changes to address economic inequality, climate change, and worker exploitation.
Her opposition to the current structure of Capitalism is contrasted with her rejection of state socialism, viewing the latter as undemocratic and prone to corruption. This suggests her advocacy is focused on reforming or replacing current capitalist mechanisms with a system rooted in democratic principles and prioritizing social welfare over pure profit.
Actions Taken
- LegislationCo-sponsored and advocated for the Green New Deal resolution, which proposes a massive economic mobilization to transition to 100% renewable energy, financed in part by higher taxes on the wealthy.
- Public StatementArgued that capitalism prioritizes profit maximization over human and environmental costs at the SXSW conference.
- Economic ProposalProposed raising the marginal tax rate as high as 70% on income above $10 million to fund progressive goals like the Green New Deal.
- Voting RecordVoted against an omnibus spending package in December 2022, citing the need to reduce defense spending and criticizing increased funding for federal agencies overseeing immigration.
Key Quotes
To me, capitalism is irredeemable.
Capitalism is an ideology of capital — the most important thing is the concentration of capital and to seek and maximise profit.
It's just as much a transformation about bringing democracy to the workplace so that we have a say and that we don't check all of our rights at the door every time we cross the threshold into our workplace.
Criticism
Claimed that Ocasio-Cortez does not understand Capitalism or Socialism, asserting that her definition of Capitalism is backward and that Socialism leads to an 'economic dictatorship of the elite.'
Argued her successful opposition to the Amazon HQ2 deal demonstrated economic illiteracy, claiming she cost New York billions in potential tax revenue and high-paying tech jobs.
Expressed concerns that her advocacy for socialism amounted to a desire for a government takeover of businesses, missing her distinction between democratic socialism and state socialism.
Sources4
Alexandria Ocasio-Cortez claims capitalism is 'irredeemable'
* This is not an exhaustive list of sources.