This course provides a working foundation in the core concepts of Marxian economic theory – necessary and surplus labor, labor power, surplus value, exploitation, capital accumulation, distributions of the surplus, capitalist crises, and the differences between capitalist and other class structures. In addition, these core concepts will be systematically used to understand current social problems (including political and cultural as well as economic problems).
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 why efforts against obesity fail, Cadillac moves to New York, Atlanta Symphony lockout, subprime auto-credit, bank economics. Major discussion on the economics of climate change. Responses to questions on Jamestown in US history, minimum wage struggles now, and economics of insurance.
Updates on new census data, Kentucky town goes "socialist," big wage theft, Maine workers coop, economic insecurity. Major discussions on "gentrification", Yellen worried, tax consequences on inequality, and global economic of beer. Responses on min wage struggles, corporate "persons" and BRICS bank.
Professor Wolff joins host of RT America Thom Hartmann. Sweden has said good riddance to austerity. On Sunday - the country's voters chose a group of left-wing and center-left parties -led by the Social Democrat party - to head a new government. In total - left wing parties won 43.7 percent of the vote and 159 seats in parliament. When all is said and done and the Social Democrats have formed a government - it will mark the end of Sweden's short-lived experiment with austerity.
This article originally appeared in The Monthly Review.
Global capitalism has huge problems coping with the second worst collapse in its history. Its extreme and deepening inequalities have provoked millions to question and challenge capitalism. Yet socialists of all sorts now find it more difficult than ever to make effective criticisms and offer alternatives that inspire.
Democracy at Work is partnering with the Left Forum and Judson Memorial Church to continue the Monthly Economic Update lecture series.
Updates on food insecurity, oil disaster economics, politicos go to Wall Street, billionaires buy homes, education In UK and US sustains elites. Major discussions of (1) employers' movement for a 4-day workweek, and (2) history of socialism vs capitalism (part 1 with part 2 next week) which was also response to many listeners' questions.