The Economic Crisis

Articles about the recession and financial crisis that began in late 2007.

Capitalism Hits the Fan Movie

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.

The Political Economy of Austerity Now

This article first appeared at MR.monthlyreview.org 

Going Beyond Private Versus Public

(Photo: Thomas Hawk)

Economic Update: Mainstream vs Critical Economics

Updates on Mexican farm exploitation, Grenoble takes down advertising, US teachers underpaid, and cutting workers' pensions. Responses to listeners on Harvard and Yale as full participants in capitalism's defects. Analyzing modern "economics" as a discipline from Adam Smith to Karl Marx and since.

Links for radio program are posted below:

Professor Wolff on The Real News Network: "Capitalism's Stunning Contradiction"

Professor Wolff says every capitalist tries to systematically reduce wages, then can't sell what those wage workers have produced.

Transcripts below.

Professor Wolff on The Real News Network: "The State of Workers' Wages around the World"

Economist Richard Wolff compares the stagnation of wages in the U.S. for the past 30 years to the increase in wages in emerging markets and explains why capital left America.

Transcripts below.

The Wages of Global Capitalism

(Image via Shutterstock)

 

Economic Update: Labor and Unions

Updates on Ferguson and Portland as symptoms of economic decline, critic rejections of profit-driven business, Sen. Bernie Sanders for worker coops, homeless in New York City, and rising political lefts in Greece, Spain and now Ireland. Responses to listeners on supply-demand economics and "capturing" government regulators. Interview with Steve Early, activist and author, on the present and future of US labor movement.

Richard Wolff on The Real News Network: "Employment Upswing Not Here to Stay"

Professor Wolff on The Real News Network explains how the holiday season places folks in temporary, low-paid jobs that keep the economy in a fragile state.

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