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.
Prof. Wolff joins Margaret Flowers and Kevin Zeese on Clearing The Fog to discuss the current situation for workers and how they are building power to lift up wages and worker rights.
Prof. Wolff joins David Pakman to discuss the implications of the Panama Papers leak.
Prof. Wolff speaks to The Levy Economics Institute. Sponsored by: Economics Club; Economics Program; Hannah Arendt Center; Levy Economics Institute.
Prof. Wolff analyzes the economy of the US from a Marxist perspective. Capitalism yields an unequal distribution of wealth, creating unsold products, resultant from production power exceeding the purchasing power of the bulk of society. Credit is then created to fill the gap until the credit cannot be repaid. The system collapses, and the elite cause the victims of the collapse to be taxed en masse, to reset the system for another round.
The Varieties of Socialism: An Economic Analysis