Class Analysis
Why capitalism is choosing Plan B
Across US states, governors are forcing through Greek-style austerity measures. Corporations wouldn't have it any other wayPublished on August 22, 2011Appeared originally in The Guardian on August 22nd, 2011
In the US, as in the UK, public sector unions are facing cuts to their wages, pensions and benefits to pay for budget cuts. Photograph: Sang Tan/AP
Last week, Democratic governors in New York and Connecticut repeated the austerity politics of Greece's Prime Minister Pappandreou and Portugal's former Prime Minister Socrates. In doing so, they likewise imitated the austerity politics of their Republican and Democratic counterparts across virtually all 50 states.
Economic Update on WBAI Aug 20
Published on August 21, 2011AUDIOThis episode focused on the previous weeks' major events, including the S&P downgrade of US debt, extreme stock market gyrations, and major signs of broad economic decline. Visiting guest, Professor Immanuel Ness, touches on the history and current prospects of worker-controlled enterprises as alternatives to capitalist enterprises.Economic Update on WBAI Aug 13
Published on August 13, 2011AUDIOOn Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.We will focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. We aim to explain why certain economic changes are happening and other changes get postponed or blocked and we will explore alternative ways to organize enterprises, markets, and government policies.Thom Hartmann Interview - How Bad Will Things Get in AA America?
Published on August 10, 2011VIDEORichard Wolff joins Thom Hartmann on The Big Picture to discuss the recent downgrading by Standard and Poor's and the resulting plummet in the stock market (634 points) that occurred soon after - the largest one-day loss since the financial crisis began in 2008.
Economic Update on WBAI August 6
Published on August 9, 2011AUDIOOn Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.We will focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. We aim to explain why certain economic changes are happening and other changes get postponed or blocked and we will explore alternative ways to organize enterprises, markets, and government policies.The real risk to US debt's credit rating
Appeared in the Guardian "Comment is Free" on August 7th, 2011 Standard & Poor's headquarters in the financial district of New York: the firm's downgrading of US debt from a triple-A rating is a measure of the lack of confidence in the US political system's ability to reach a sustainable settlement on its budget deficit and revenue-raising. Much verbiage is piling up on what Standard & Poor's downgrading of US debt means. Yet, it matters little that the two other giant rating agencies did not downgrade US debt as S&P did.A Cure for Capitalism CA Book Tour
After five years of deepening crisis, failed "solutions," and aborted "recoveries," millions see our current system no longer serving us. It's time to demand a cure big and bold enough to work. Join Richard Wolff to hear that cure presented, explained, and justified.This evening will also launch Wolff's latest book, Democracy at Work: A Cure for Capitalism released September 1st, 2012 by Haymarket Publishers. He will gladly sign purchased copies.
Tickets will be $15 in advance and $20 at the door. All funds go to Democracyatwork.info.
Recovery, What Recovery?
The plain fact is that corporate profits are the only area of the US economy to recover since 2009. Any other claim is a liePublished on August 1, 2011Appeared in the Guardian "Comment is Free" on July 28th, 2011
Corporate profits and stocks have recovered, but for the millions of Americans who live on Main Street, economic conditions remain depressed. Photograph: Mark Lennihan/AP
Debt Showdown is "Political Theater" Burdening Society’s Most Vulnerable
Republicans have agreed to a vote today on a budget plan they say will cut the deficit $917 billion over 10 years. The move sets the stage for showdown against unified Democratic opposition in the Senate and threats of a White House veto. To discuss the debt talks and economic austerity worldwide, we’re joined by Richard Wolff, Emeritus Professor of Economics at University of Massachusetts-Amherst, and author of several books including, "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." "Politics in the U.S.
Resistance and Austerity in Europe
Published on July 27, 2011VIDEORichard Wolff reports on the mass movements against austerity policies in Europe on The Real News Network.
From Economic to Social Crisis: Deficits, Debt, and a Little Class History
Throughout its history, capitalism never succeeded in preventing recurring economic cycles or crises. However, they were usually contained within the system. Economic crises usually did not become social crises; the system itself was usually not called into question. Transition to a different system was then an idea kept away from public discussion, a project kept from public action. During cyclical downturns production was reduced, unemployment and bankruptcies rose, deflation often hit and hurt, and mass working-class suffering spread.
