Capitalism Hits the Fan 2 - Rick Wolff

Professor Wolff examines how and why capitalism's crisis following the sub-prime lending debacle is actually deepening - not nearing an end as reported by most media. Additionally, Wolff explains how the social impact of that crisis in the US, Greece, Spain, and beyond are building to a historic change in our world.

Economic Update: Religion and Class Economics

Updates on billionaires buying newspapers, the bad news in latest US jobs report, IMF proposals for Spain's economic crash, and a progressive new bill in the US Senate. Interview with Theology Professor Joerg Rieger on religion, class, and capitalism. Response to listeners: recognition of extraordinary leadership by Mayor Gayle McLaughlin of Richmond, CA.

On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.

Capitalism, Democracy, and Elections


This article originally appeared here, at Monthly Review's MRZine.

Professor Wolff's Remarks at the Memorial for Stephen A. Resnick (1938 - 2013)

Professor Wolff recalls his longtime friend and close colleage Stephen A. Resnick on the occasion of Resnick's memorial service.

Cooperatives and Workers’ Self-Directed Enterprises


Minimum Wage (Blog)

  The argument for an increase in the minimum wage ought not to rely on or focus on economics. The political, ethical, and social reasons for higher minimum wages make the case better, more clearly and more definitively.   Economists have accumulated a vast literature on the minimum wage. That literature is divided into two opposing schools. The first, comprised of paid spokespersons for business and their various allies in politics, media and the academy, strives to establish the following sort of argument.

Revolution for Income Equality (blog)

  The transitions from feudalism and other pre-capitalist economic systems to modern capitalism have always and everywhere been celebrated for bringing a new epoch of human history. Freedom, democracy, and equality were the hallmarks of those celebrations. The French Revolution of 1789 raised the slogan of liberte, egalite, fraternite. The US has long celebrated its capitalism for producing a vast “middle class” that permanently overcame previous societies’ tendencies toward extreme inequalities of wealth and income.

The Work Experience: WSDEs vs Capitalism (Blog)

In capitalist enterprises across the US, when the working day ends and employees return to their homes, many stop at bars along the way. Signs invite them in for a “Happy Hour” of drinking. The implication is that the previous hours – working – are the day’s unhappy hours. Similarly, current mainstream academic economics (“neoclassical economics”) ascribes “disutility” to labor, an absolute and universal characteristic of labor per se.

Victory of the Lesser Evil (Blog)

  A crucial fact going into the 2012 election was this: from October 2010 to October 2012, the Bureau of Labor Statistics calculates that average real wages of non-supervisory workers fell by 2.4 per cent. That deterioration for the mass of the US working class happened at the same time as the so-called “recovery” from the so-far worst period of the ongoing crisis (October 2008 to October 2010). That recovery benefited only portions of the financial industry, larger corporations, and the stock market.

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