Economic Update
Capitalism's Worst Nightmare
Sendetermin 02.11.2020 19:00 bis 19:30On this week's show: what major social changes will flow from today's combination of major economic crash and the viral pandemic (capitalism's worst nightmare)? To answer, we consider how European feudalism changed after its 14th century combination of economic decline and the bubonic plague. The two big changes then were (1) switching from a decentralized to a strong state, monarchical feudalism and (2) transition from feudalism to capitalism. The two big parallel changes now are also (1) switching to a strong state capitalism and (2) transition from capitalism to a worker-coop based economy.
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Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York. Wolff has also taught economics at Yale University, City University of New York, and the University of Paris I (Sorbonne).
Wolff has published many books and articles, both scholarly and popular. Most recently, in 2012, he published the books Democracy at Work: A Cure for Capitalism (Haymarket Books) and Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick (Cambridge, MA, and London: MIT University Press). He writes regularly for Truthout.org.
He has been interviewed on The Charlie Rose Show, Up With Chris Hayes, Bill Maher’s Real Time, RT-TV, Amy Goodman’s Democracy Now!, Al Jazeera English, Thom Hartman, National Public Radio, Alternative Radio, and many other radio and TV programs in the United States and abroad. The New York Times Magazine named him “America’s most prominent Marxist economist.”
Email: programmrat@helsinki.at
Website: http://www.democracyatwork.info/