Prof. Wolff joins The Michael Brooks Show to talk Brexit and the Marxist critique of the global economy.Read more
Updates on UK war on "Unexplained Wealth," why capitalism needs yet attacks government, historical reality of low wages in US, cozy deals between...READ MORE
Prof. Richard Wolff joins The Real News Network to explain why the $3 billion subsidy for one of the world's largest corporations is a terrible waste of public money.Read more
The Economic Consequences of the Election - What Can We Expect?
These programs begin with 30 minutes of short updates on important economic events of the last month, then Prof. Wolff analyzes several major economic issues. For November 2018, these issues will include...READ MORE
This article appeared originally at Truthout.org
Recent extreme volatility and sharp drops in US stock markets underscore the instability of capitalism yet again. As many commentators now note, another economic downturn looms. We know that all the reforms and regulations imposed in the wake of the Great Depression of the 1930s failed to prevent both smaller downturns between 1941 and 2008 and then another big crash in 2008. Capitalism’s instability has, for centuries, resisted all efforts to overcome it with or without government interventions. Yet mainstream economics mostly evades an honest confrontation with the social costs of such economic instability. Worse, it evades a direct debate with the Marxian critique that links those costs to an argument that system change would be the best and most “efficient” solution.Read more