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
With markets in apparent decline, some analysts are worried that we are nearing market-correction or even full-scale recession. Prof. Wolff joins RT America’s Rick Sanchez to share his insights and expertise, arguing that Trump’s fiscal policies amount to “feathering his own nest” and will ultimately damage the economy.
This week on Economic Update, Prof. Wolff delivers updates on UK's Liberal Democrats advocating serious reduction of wealth and income inequality, Sears CEO blames pensions for Sears' problems, JP Morgan predicts...READ MORE
Prof. Wolff joins Anya Parampil from RT's In Question to discuss who actually produces the company’s wealth: Bezos or his workers?
Economic Nationalism: How Capitalism Tries to Cope With Extreme Inequality
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 September 2018, these issues will include...READ MORE
Prof. Wolff joined Alex Whisson of Perth Indymedia to discuss the causes and consequences of the Great Recession.
This article originally appeared at CommonDreams.org
Trump uses the fake news of “intellectual property theft” to justify his tariff war on China. He boasts that he is going to stop the Chinese stealing that victimizes Americans. In yet another way, he will be the savior of Americans’ economic future, a savior who needs/deserves their votes and donations. He takes his cues from the televangelists.Read more
Prof. Wolff joins Brian Becker and John Kiriakou on Loud & Clear to discuss the effects of the 2008 crash on American taxpayers and where we are a decade later.
This article was originally published at Truthout.org
With the Democratic Socialists of America now counting 48,000 people within its membership and socialist candidates such as Alexandria Ocasio-Cortez pushing for free universities and Medicare for All, Americans are once again discussing capitalism versus socialism. Fortunately, they are not doing so in the old Cold War manner of uncritically celebrating one while demonizing the other. Rather, it’s a debate over the choice Americans must make now between keeping capitalism or changing the system to some form of socialism. As debates often do, this debate awakens us to problems and differences in how we understand its basic terms. For clarity and to make progress in this important debate, we need to stop conflating “capitalism” with the market. This is done far too often and on all sides of the debate.Read more
Updates on new approach to Labor Day, DNC accepts fossil fuel donations, Turkey's crisis as typical capitalist instability, collapse of Genoa toll bridge, exploding gap between...READ MORE