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.
Running on an uncompromising anti-austerity platform, Greece’s Syriza party, the Coalition of the Radical Left, won a decisive victory over the conservative New Democracy party in the economically battered nation’s Jan. 25 election. Syriza fell only two seats short of winning an absolute majority in Greece’s 300-seat Parliament, prompting party leader Alexis Tsipras to form an alliance with the small, center right Independent Greeks party to form a governing coalition.
Saudi Arabia’s King Abdullah bin Abdulaziz has died in hospital while undergoing treatment for pneumonia. An official statement has named Saudi Crown Prince Salman the new king.
Updates on Obama's SOTU speech, ECB pumps up money supply to stimulate Europe, forgiving Greece's (just like Germany's) debts, and US housing extremes. Response to questions on global wealth inequality and Switzerland's currency maneuvers. Interview with Dr. Harriet Fraad on US economy's disastrous impact on children.
The wealthy elite are getting even richer, and a new report says that by 2016, the top 1% will control more than half of the world's wealth. What explains this staggering level of inequality, and is there any way to buck this trend? Prof. Wolff explains.
On this episode of Breaking the Set, Abby Martin interviews economist and Professor Emeritus at the University of Massachusetts, Richard Wolff, about the reasons for the dramatic decline in oil prices and the impact it will have on the global economy. (minute 19:40)
Monthly Economic Update: Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church “The Economics of a New Year” Judson Memorial Church Assembly Hall 239 Thompson Street at Washington Square, Manhattan 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 January 14, these will include: 1. Causes and consequences of the oil price collapse: can it produce another crash? 2. Greece: if Jan.
Updates on Democrat's "Robin Hood" tax, riders shift from planes to buses, and misleading US job market headlines. Responses to questions on big bankers' self-image and the basic economics of US federal estate tax and state and local taxes. Interview: Prof. Peter Bratsis on Greek election January 25 and ongoing struggles, in Greece and beyond, to end austerity.
This article originally appeared at Truthout.org
In the following interview, New School professor and economist Richard Wolff provides his analysis of the causes of the economic crisis in Greece and in the eurozone, debunks claims that the Greek economy is recovering and offers his proposal for what a post-capitalist future could look like for Greece and the world.