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 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.