PI Summer School Class 5 — Richard Wolff: Finance
The rise of finance solved a specific problem that accompanied the rise of global systems of commodity exchange. An enterprising manufacturer, knowing that demand existed for his product but lacking the resources to make it, could go to a bank and borrow money to scale up his workshop or factory. In effect, the entrepreneur borrowed exchange value from the future. How has finance come to dominate the global economy? How has the function of lending changed over time? And how has finance become central to global imperialism?
Read moreHit by Hurricanes and Crushed by Insurance Companies
On this episode of The Socialist Program, Prof. Wolff and Nicole Roussell discuss insurance companies dropping hurricane victims from their rolls and not paying out despite horrendous conditions from Hurricane Helene and with severe Milton on the way.
Read moreRichard D. Wolff & Michael Hudson: How the US United China, Russia, and Iran: A Global Power Shift!
Richard Wolff, along with Michael Hudson, join Dialogue Works to discuss why the United States appears uninterested in ending conflicts in the Middle East and Ukraine, despite its capacity to influence these situations. They present a perspective that the U.S. employs proxy forces, such as Israel and Ukraine, to exert control over strategic regions and resources, particularly oil. The dialogue traces the historical development of U.S. foreign policy strategies since the 1970s, highlighting the role of neoconservatives and economic policies like the petrodollar system in maintaining American hegemony. They argue that the U.S. avoids direct military intervention due to domestic constraints and instead relies on military support and economic leverage to sustain ongoing conflicts. The conversation also touches on the internal dynamics within Israel and Ukraine, the impact of these conflicts on global stability, and the challenges to international law and civilized norms.
Read moreBrink Of 'Nuclear' Conflict, Middle East Escalates To 'All Out War'
David Lin interviews Richard Wolff on the subject of global geopolitics, focusing on the escalating tensions in the Middle East, particularly between Israel and its neighbors. The discussion delves into the role of declining empires and the need for multilateral cooperation to avert global crises. The interviewee emphasizes the limitations of military power in the current geopolitical landscape, highlighting the growing economic competition with China. The conversation underscores the importance of moving towards multilateral governance and diplomacy. The interview concludes with a call for improved discourse and engagement in shaping international relations.
Read moreTrump Promises Global Trade War
On this episode of The Socialist Program, Prof. Richard Wolff and Brian discuss Trump's economic program, including his threats to impose massive tariffs on Deere's farming equipment if they move operations to Mexico as planned.
Read moreSoaring U.S. Debt & Class Struggle
The Socialist Program welcomes Professor Richard Wolf to discuss the issues surrounding consumer debt as highlighted in a Wall Street Journal article. Professor Wolf critiques the article for ignoring the fundamental struggle of the working class to meet expenses without accumulating debt. The discussion delves into Modern Monetary Theory (MMT) and the implications of government debt, highlighting the potential risks of excessive money printing leading to inflation. The interview also addresses the relationship between militarism and debt, emphasizing the significant economic burden of war preparations and maintaining a global military presence. Professor Wolf underscores the challenges faced by the US as a debtor country due to extensive military spending, posing critical questions about the allocation of resources and the impact of debt on society.
Read moreWest's Colossal Mistake: US Decline, BRICS Rise, Tariffs Destroy Dollar | Prof. Richard Wolff
Prof. Richard Wolff joins the program to discuss his reaction to the massive geopolitical and economic shifts taking place worldwide as a result of the rise of BRICS, the decline of the US empire and the growing influence of Russia and China.
Read moreLaw and Disorder September 16, 2024
Richard Wolff joins Law and Disorder to discuss the parallels between the rise of fascism in early 20th-century Germany and the current political climate in the United States. He explains that the defeat of Germany in World War I triggered an economic collapse, hyperinflation, and desperation, creating fertile ground for Adolf Hitler’s ascent. Wolff compares this to the U.S., where stagnant wages and job losses since the 1970s have fueled discontent. He highlights how scapegoating played a role in both contexts: Jews in Germany, and immigrants and people of color in the U.S. Wolff warns that, like Hitler, Donald Trump is an effective demagogue capable of manipulating public sentiment, raising concerns about the rise of fascism in America today.
Read moreRichard Wolff on Kamala Harris as a Marxist, Tariffs and Price Gouging
Letters and Politics interviews Richard Wolff on the subject of economics and the current election. Wolff discusses the false accusations of Kamala Harris being labeled a Marxist by Donald Trump. He explains the concept of tariffs, highlighting the misconception that tariffs are paid by the country imposing them, and emphasizes the negative impact of tariffs on American businesses and markets. Wolff also delves into the issue of price gouging, noting that while many states have laws against it, enforcement is often lacking. Lastly, Wolff criticizes the lack of focus on fundamental economic issues in the current political discourse and hints at the need for further discussions on these topics.
Read moreThe Decline of the U.S. Empire: Where Is It Taking Us All?
The evidence suggests that empires often react to periods of their own decline by over-extending their coping mechanisms. Military actions, infrastructure problems, and social welfare demands may then combine or clash, accumulating costs and backlash effects that the declining empire cannot manage. Policies aimed to strengthen empire—and that once did—now undermine it. Contemporary social changes inside and outside the empire can reinforce, slow, or reverse the decline. However, when decline leads leaders to deny its existence, it can become self-accelerating. In empires’ early years, leaders and the led may repress those among them who stress or merely even mention decline. Social problems may likewise be denied, minimized, or, if admitted, blamed on convenient scapegoats—immigrants, foreign powers, or ethnic minorities—rather than linked to imperial decline.
Read moreKPFA Special – Richard Wolff on Harris, Trump, & the Economy Part I
In this interview on KPFA's Letters and Politics, Richard Wolff discusses economic issues such as tariffs and price gouging. Tariffs are explained as taxes on imports paid by American importers, not by the countries of origin. He delves into how protectionist measures like tariffs can lead to negative consequences like higher prices and loss of market competitiveness. Wolff also delves into price gouging, highlighting how it reflects businesses charging what the market will bear, potentially impacting consumers during crises. Lastly, he touches on broader societal issues like the Lavender scare and current political rhetoric around communism and Marxism.
Read moreThe US Empire in Decline
On the show, economist and professor Richard D. Wolff provides insights on the United States' economic decline and the global geopolitical landscape. Wolff discusses the complexities of assessing an economy and the misleading nature of cherry-picking data. He highlights the historical context of the United States as a post-World War II empire and delves into the changing dynamics of global powers, emphasizing the rise of China. Wolff urges for a shift towards multilateral cooperation and diplomacy to avoid escalating tensions and detrimental conflicts. He encourages listeners to explore his work through websites like democracyatwork.info and rdwolff.com and mentions the release of his book titled "Understanding Capitalism."
Read moreA Crisis in Europe
Don't miss Professor Richard Wolff on The Socialist Program as he discusses Europe's declining economic competitiveness with the US and China. Wolfe explains how historical imperialism and colonialism have shaped Europe's current situation under capitalism. The interview delves into the struggle for Europe to adapt to the shifting global power dynamics and outlines the potential consequences of increasing military spending. It highlights a shift towards scapegoating immigrants and prioritizing military solutions over addressing societal needs or offering reparations to oppressed nations. Wolfe emphasizes the urgent need for awareness and action to address the challenges of declining empires and the dangers of denial.
Read moreResource Wars and the Economics of Scarcity with Richard D. Wolff
Join WaterWars Podcast as they explore the origins and implications of resource wars in the face of a changing climate and growing global population. From historical imperialism to modern-day struggles for resources like lithium, the interview questions the narrative of inevitable scarcity and competition for natural resources. Highlighting historical instances like the Spanish Empire's exploitation of Latin America and the 1943 Bengal famine, the conversation sheds light on how capitalist systems and imperialism fuel resource conflicts and inequality. Economist Amartya Sen's research on famines reveals that it is not absolute food scarcity but inequalities in access and distribution that lead to tragic outcomes. Ultimately, the interview advocates for a shift towards ecological and social justice, rejecting the narrative of unavoidable resource wars in favor of transformative societal change.
Read morePrinsights: Exclusive Interview with Professor and Author Rick Wolff
Don't miss Dr. Richard Wolf on Printsite's Global as he discusses his book "Understanding Capitalism" in an interview with Naomi. Dr. Wolf delves into why he chose to write the book, emphasizing the need for critical debate and analysis of the capitalist system. He highlights issues of democracy, inequality, and instability within capitalist enterprises, encouraging readers to question the norm. Dr. Wolf underscores the importance of workplace democracy and the impact of profit-focused systems on society, urging people to envision alternatives to capitalism. He concludes by directing listeners to the websites democracyatwork.info and rdwolf.com for more information on his work and the book.
Read moreWhere AI Isn't a Four Letter Word: China Builds Robots to Aid Workers
On the Socialist program, Professor Richard Wolff covers the topic of automation and its impact on workers in the United States and China. He contrasts how automation is used to maximize profits in the U.S. but can be harnessed to benefit workers in China. The discussion highlights the potential of automation to either worsen income inequality or boost global growth and productivity. Wolff emphasizes the importance of redefining work and finding a balance between efficiency and meaningful employment in the face of advancing technology. The interview underscores how different economic systems approach automation and the consequential societal implications.
Read moreHow Both Ruling Class Parties Use Taxes to Keep Corporations Wealthy
On The Socialist Program, Richard Wolff offers perspectives on Kamala Harris' tax proposals, emphasizing the need for more significant changes to address inequality in the United States. He highlights the historical roles of taxation in government functions and income distribution. Wolff calls for a reevaluation of the economic system to prevent unequal wealth distribution in the first place, rather than relying on post-distribution corrections through taxation. He criticizes government subsidies to corporations, pointing out how they perpetuate wealth inequality. Finally, the interview underscores the urgency of addressing systemic issues rather than making minor adjustments at the edges to truly address economic inequality.
Read moreRichard Wolff: Israel, Ukraine, China, and the End of the American Empire
Richard Wolff joins Robinson's Podcast for a wide-ranging discussion, starting with his personal history and moving into critical global issues. He addresses Marxism's struggles in academia, the economic forces shaping history, and geopolitical topics like the Ukraine conflict, China's rise, and Israel's global role. Wolff explores the tension between socialism and capitalism, the impact of global capitalism on the Islamic world, and the economic challenges facing Europe and America.
Read moreFood Prices Under Biden-Harris Slammed Working-Class Families But Now They Pretend to Have an Answer
Hear from Richard Wolff on The Socialist Program about the alarming rise in college closures and the impact on students with overwhelming debt. Wolff criticizes the business-like approach to education and highlights the economic and societal consequences of shutting down universities. He also delves into the topic of price gouging and its political implications, emphasizing the need to address inequality and instability in the economy. Wolff discusses the decline of the U.S. empire and suggests looking at historical examples for guidance on navigating such a decline. The interview ends with a teaser for a future episode addressing solutions to the challenges posed by an empire in decline.
Read moreRichard D. Wolff & Michael Hudson: US Empire's Decline & Massive Economic Shifts!
Dialogue Works hosts Richard Wolff and Michael Hudson for a discussion on the current conflict between Russia and Ukraine. The interview delves into the complexities of the situation, including Ukraine's attack on Russian soil and the various perspectives on the conflict from different media sources. Wolff and Michael highlight the impact of the conflict on both Ukraine and Russia, as well as the broader implications for global geopolitics. They touch on Germany's involvement in the conflict, the economic consequences for European nations, and the shift in dynamics caused by US foreign policy actions. The conversation underscores the potential repercussions of the conflict and the need for a deeper understanding of its implications on a global scale.
Read moreU.S. Empire is Creating Its Own Demise with Growing Inequality, Endless Wars w/ Prof. Richard Wolff
Don't miss Richard Wolff on Rachel Blevins Podcast as they cover the latest US economic situation, focusing on issues like inflation, unemployment, and growing inequality. They delve into the challenges facing the US economy and the impact on average citizens. The conversation expands to US foreign policy, questioning the sustainability of the US empire's actions around the globe. They discuss the international conflicts, particularly the situation between Israel and Palestine, emphasizing the moral and ethical considerations. The dialogue highlights the urgency for a reevaluation of US leadership, global engagement, and the need for significant societal and economic changes to address prevailing issues.
Read moreUnderstanding Capitalism w/Richard Wolff
Give Them An Argument w/Ben Burgis interviews Richard Wolff, focusing on his new book "Understanding Capitalism." Wolff discusses capitalism, monopolies, and myths surrounding the economic system. He delves into the misconception that monopolies are the root of the issues within capitalism, explaining that while addressing monopolies is important, it does not fundamentally change the employer-employee relationship at the core of capitalism. He highlights the aspirations of many to become their own bosses as a form of subconscious critique of the current system. The interview touches on the evolving nature of capitalism and the need to consider what comes next in economic systems. Wolff also reflects on the legacy of Michael Brooks and shares insights on collaborative projects that were planned before Brooks' passing.
Read moreStocks Crash & Rebound: Is a New Recession Coming?
Don't miss Richard Wolff on The Socialist Program as they cover the recent stock market crashes and rebounds, highlighting the uncertainty and volatility in the market. They discuss the ruling against Google for illegal monopoly practices, exposing the impact on competition in the search industry. The conversation also delves into how capitalists exploit monopolies to inflate prices and generate profits, ultimately burdening consumers. The interview emphasizes the hidden costs of monopolies on working-class individuals and illuminates the manipulative tactics used by powerful corporations. Through a Marxist lens, they analyze the interconnected dynamics of competition and monopoly within capitalism, shedding light on the systemic inequalities perpetuated by corporate entities and billionaires.
Read moreUS HEGEMONY ENDS: Economic Decline, Rise of BRICS & Political Turmoil
Lena Petrova Podcast features Richard Wolff discussing the current phase the United States is in, comparing it to the decline of past empires. They delve into the economic factors contributing to the US economy's challenges, including the decline in demand for US debt held by foreign countries. The conversation also touches on shifting global power dynamics, potential risks of hyperinflation, and the importance of facing reality and seeking alternative perspectives to navigate the complexities of the current economic landscape. Despite expressing concern over leaders' reluctance to address these issues, both remain optimistic about the possibility of finding solutions through open conversations and collective action. Lastly, they highlight the importance of raising awareness and fostering dialogue to address the challenges at hand.
Read moreUS DECLINE: Massive Bank Crashes, Economic Downturn Accelerates
In this Lena Petrova Podcast interview, Richard Wolff discusses the concerning state of the U.S. economy and potential challenges ahead. He highlights the growing inequality of income and wealth over the past 40 years and the emergence of the People's Republic of China as a major economic competitor. Wolff expresses fears of potential turmoil in the banking sector due to high vacancy rates in commercial real estate and banks losing liquidity. He mentions the lack of a national plan to address these issues, with the only solution seeming to be seeking government bailouts. Wolff emphasizes the uncertainty surrounding future economic developments, influenced by factors like political decisions, global trade dynamics, and the rise of economic nationalism.
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