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.
This article was written by Cole Stangler for International Business Times. Prof. Wolff was interviewed and quoted by Stangler in this piece.
As financial markets dip, crater and then surge once again, cable news networks are abuzz with frenzied analysis; pundits and investors alike offer up dozens of reasons for the sudden volatility; the Federal Reserve watches with bated breath. And all the while, much of the country is responding with a collective shrug.
Prof. Wolff talks to The Big Picture's Thom Hartmann about Monday’s historic lows in the financial markets. Prof. Wolff breaks down China’s economy and if the devaluation of the yuan is the root to this market meltdown. Then Prof. Wolff and Thom take a look at the U.S. economy and review wage growth, inequality, and pensions.
Updates on Labor Day's meaning, Amazon's workplace horrors, Dunkin Donuts' CEO against $ 15/hr, and how capitalism undermines recycling. Response to questions on shifting US federal tax burdens and on state's role in capitalist economies. Major discussion of criticism of capitalism and directions for a better system.
On July 23rd, at 6:00 p.m. there was a rally outside Victoria city hall held by Divest Victoria, which is a group that has been asking the city of Victoria to seek ways to invest municipal funds in a socially and ecologically responsible manner. At 7:00 p.m., the rally entered city hall to witness a debate and a vote on a motion put forward by Mayor Lisa Helps, councillor Jeremy Loveday, and councillor Ben Isitt to take the first steps in Divesting from fossil fuels.
Prof. Wolff talks about this and the divestment movement on Climate Jam.
PODCAST: Is Capitalism Broken?
Prof. Wolff discusses with Jerry Robinson the dark side of capitalism on Follow The Money Daily podcast.
Capitalism, the Vanishing Middle and the Poor
Judson Memorial Church
239 Thompson Street at Washington Square, Manhattan
Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church
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 this Aug. 12, these will include: