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.

On 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.

Stanley Heller of www.EconomicUprising.com interviews Richard Wolff on the fight over raising the debt ceiling, the likely severe cuts to social programs, the need to replace capitalism and the outlines of what a post capitalist society might look like.

A revolutionary take on an age-old problem: Capitalism's many failings and today's economic crisis.

Every Saturday, Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. They focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. The goal is to explain why certain economic changes are happening and other changes get postponed or blocked and they will explore alternative ways to organize enterprises, markets, and government policies.