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.
Updates on Italy's general strike, opera economics, Miami baseball, and Argentina loans. Responses to listeners on economics of US children and on a new political party. Interview on personal and psychological costs of capitalism with Dr Harriet Fraad.
These programs begin with 30 minutes of short updates on important economic events of the last month. Then Wolff analyzes several major economic issues. For November 12th, these will include:
1. How the Absence of Economic Democracy Undermines Political Democracy
2. Economic Democracy and Revolution Inside Enterprises (Factories, Offices, Stores)
3. The Real Economics of Wages, Prices, and Profits
Updates on destroying public higher education, labor actions, Vermont labels GMO food, workers doing without days off. Major discussions of municipal bonds and how profits drive Capitalism. Response to listeners on PO banks and history of economic systems.
Updates on Walmart shifts medical insurance costs onto US, payday loans, US child poverty, Obama versus workers' needs, profits and death from opioids. Major discussions of medical-industrial complex, manufacturing "renaissance" fantasy, and "socialism's" different meanings. Response to listeners on remarkable economics of US securities industry.