The Economic Crisis
Articles about the recession and financial crisis that began in late 2007.
Watch as Professor Richard Wolff breaks down the root causes of today's economic crisis, showing how it was decades in the making and in fact reflects seismic failures within the structures of American-style capitalism itself. Wolff traces the source of the economic crisis to the 1970s, when wages began to stagnate and American workers were forced into a dysfunctional spiral of borrowing and debt that ultimately exploded in the mortgage meltdown.
On this week's episode of Economic Update, Prof. Wolff provides updates on the economic significance of Sanders' Iowa vote, Keynes on risks of revolution against capitalism, costs of oil market collapse. Interview with author Pete Dolack on lessons for today of past experiments in socialism.
Demands for Basic Economic Change Keep Growing
Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church
These programs begin with 30 minutes of short updates on important economic events of the last month. Then Prof. Wolff analyzes several major economic issues. For this February, these will include:
This article originally appeared at Truthout.org.
Mainstream economics has always privileged one debate above all others as its most central. Should production and distribution of goods and services be private or public, done by individuals or the state? Mainstream economists likewise keep aggressively projecting this question as the central debate for politics and politicians. Such arrogant self-confidence is the other side of the insular self-absorption that characterizes so much of the mainstream economics "discipline."
In this article, David Smith interviews Prof. Wolff and originally appeared at EconomyWatch.com
Rather than undermine his campaign, Bernie Sanders has made a virtue of the label ‘socialist’ and is riding a wave of opposition to economic inequality that began with the Occupy Wall Street movement.
On this week's episode of Economic Update, Prof. Wolff provides updates on Obama on/in Detroit, Walmart closing stores, Santa Fe and public banking, food-makers' profits vs people's health. Major discussion of Oxfam and IECD reports on world poverty and inequality.
This article originally appeared at WorldFinance.org and quotes Prof. Wolff.
Global debt is spiralling out of control and the next financial crisis appears to be imminent. With few lessons learned since the 2008 recession, what will become of the world once it has been consumed by its own losses?
On this week's episode of Economic Update, Prof. Wolff provides updates on worker actions by UK's "junior doctors" and Detroit teachers, Flint's poisoned water, Supreme Court struggle. More on US govt subsidy of religion. Interview on worker coops with Michael Johnson author of new book.