Richard Wolff offers a compelling new manifesto for a democratic alternative to capitalism based on workers direction their own workplaces. The solution requires the institution of genuine economic democracy as the basis for a genuine political democracy. The event took place at Columbia College Chicago on March 27th, 2012.
Government budget deficits and the national debt are occasions more for demagogues to preach than for serious analysis. The usual suspects, conservatives and liberals, are gearing up for the election. Each side uses the large federal budget deficits and fast-accumulating national debt to beat its tired ideological drums. Conservatives insist that deficits and debts require huge cuts in government jobs and job benefits (especially pensions) and in social programs (especially Medicare and Medicaid).
There is no way the US can solve its tremendous financial problems within the settled economic system. America must go beyond capitalism, argues Richard Wolff, an economics professor at New School University, in an exclusive interview with RT.
RT: Where do you think the US economy is right now?
Richard Wolff: The crisis that was bad in the US, then became bad somewhere else (in Europe), is heading back to America to give us as many problems now as we see the Europeans having, but we will have them a little bit later.
Richard Wolff is respected for his critical thinking and ability to explain economics to the rest of us. Peter Collins and Richard Wolff talk about the origins of our current problems, the political blame game, and how Americans bypass the true culprits. They talk about Apple’s $100 billion cash stash, most of which is stashed offshore awaiting tax breaks that won’t produce jobs as they claim. Richard Wolff responds to Romney’s claims that regulations stifle business and job growth, and offers interesting comments about Columbia Prof.