A debate over the perceived ties between capitalism and White supremacy flared online after liberal writer Jemele Hill clashed with podcast host Kmele Foster on CNN.
During the exchange, Foster pushed back against the notion that capitalism is inherently linked to White supremacy, stating, "The notion that White supremacy and all these other things are bound up with capitalism in an intrinsic and fundamental way is so absurd and laughable, it barely needs to be defended." He described capitalism as "the natural system of liberty," emphasizing private property, free exchange, and mutual gains from trade as foundational elements that have historically generated significant wealth.
Hill, writing for The Atlantic, pressed Foster on whether capitalism had always functioned as he described, suggesting that its current implementation is oppressive and tied to White supremacy. She later elaborated on social media, arguing that America's economic power was built on slavery, a race-based system, and that subsequent economic policies like those in housing and employment have perpetuated racial inequality and created a racial wealth gap. "So yes, capitalism is tied to White supremacy," she stated.
The discussion was sparked by resurfaced 2020 comments from Texas Senate candidate James Talarico, who described capitalism as an "oppressive system" linked to White supremacy and climate change that needs to be dismantled. Talarico made these remarks at a candidate forum while addressing climate change in communities of color.
During the same event, Talarico also commented on the future of the oil and gas industry, comparing Texas's leadership in the sector to being a leader in cassette tapes in the 1980s. He suggested the industry is not sustainable and that Texas needs to be ahead of the curve in developing future economies.
A spokesperson for Talarico stated that the candidate supports the oil and gas industry and an all-of-the-above energy strategy, while also acknowledging that he "missed the mark" on some past statements. The spokesperson added that Talarico is a "a proud capitalist" and agrees that racism, natural disasters, and a billionaire-controlled economy are problems to be addressed.
Other commentators weighed in on the debate, with some, like podcast host Stephen Miller, expressing surprise that Hill, a staff writer for The Atlantic, had not been more thoroughly challenged on such ideas. Liberal commentator Leigh McGowan agreed that capitalism is not working well in its current deregulated form, suggesting that only a select few benefit, which differs from the principles described by Adam Smith.