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 Trans-Pacific Partnership secrets, the Heinz-Kraft merger, the overly costly, underperforming US medical care system, fines for Graco selling faulty child car-seats, China’s real-estate bubble, and estate tax repeal by Republican House. Response to listener on property: private versus public. Major discussion of how system change happened in the past and and how in capitalism today.
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.
RT TV's Boom Bust asks Prof. Wolff where he thinks the US economy is headed. Wolff gives his take on why, despite apparently good jobs numbers, many in the US believe the economy remains fragile.
Updates on pizza politics, changing currency values, and tax-cutting politicians’ wild claims. Responses on workers coops’ competitiveness and on ‘unfree’ agricultural markets. Interview Walter South on economics of housing and dangerous economics of US cities and suburbs.
“As Wealth and Income Inequalities Deepen, the System Undermines Itself”
Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church
Prof. Wolff on The Real News Network: "U.S. Workers Returning to Labor Force with Part-time Jobs and Stagnant Wages"
Prof. Wolff discusses with Jessica Desvarieux of The Real News Network the latest unemployment figures, and says the raising of interest rates by the Federal Reserve during a weak recovery would be disastrous for our heavily indebted society.
TRANSCRIPTS JESSICA DESVARIEUX, TRNN PRODUCER: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore.