Prof. Richard Wolff on Smart Talk with Andrew Mazzone

Prof. Wolff analyzes the economy of the US from a Marxist perspective.

Capitalism yields an unequal distribution of wealth, creating unsold products, resultant from production power exceeding the purchasing power of the bulk of society. Credit is then created to fill the gap until the credit cannot be repaid. The system collapses, and the elite cause the victims of the collapse to be taxed en masse, to reset the system for another round.

Prof. Wolff advocates for workers self-directed enterprises (WSDEs) as a key part of moving forward from the current model of capitalism to a new and better economy. He argues that this is feasible, and cites evidence of new corporations around the world, managed in such a way (e.g., public utilities, construction, agricultural, and the like).

 

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