What's Wrong With Capitalism

What's Wrong With Capitalism

The year 2022 produced a daunting, long list of serious problems associated with the economy (inflation, rising interest rates, stock market decline, deterioration of the environment, war, labor uprising, etc.). More than ever, the victims and critics of the problems of 2022 identified them as symptoms of a systemic problem, namely the capitalist system. On the one hand, capitalism is working as it always has, but that is now a problem. At its center capitalism prioritizes profit and profit maximization and we show how they are the core causes of the system's dysfunction now for all but a tiny minority at its top.

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Episoder(580)

Markets: Institutions Deeply In Need of Criticism

Markets: Institutions Deeply In Need of Criticism

This week on Economic Update, Professor Wolff presents an analysis of how markets work, which parts of society they favor and serve, and which they discriminate against. He also unpacks why markets ar...

13 Jul 31min

U.S. Capitalism as a Crisis for Men

U.S. Capitalism as a Crisis for Men

This week on Economic Update, Professor Wolff delivers updates on rising wages for app-based NYC food delivery workers, a wave of U.S. firms being sold to their workers, McDonald's disaster with an AI...

7 Jul 30min

Marx's Key Insight: Capitalism's Surplus

Marx's Key Insight: Capitalism's Surplus

The central concept of Marx's contribution to a critical understanding of the capitalist economic system - the entry point into his distinctive analysis - is "the surplus." Today's show is devoted to ...

5 Jul 32min

Supermarket Jobs, Super Exploitation

Supermarket Jobs, Super Exploitation

This week on Economic Update, Professor delivers updates on the so-called Social Security Crisis, the gross inequality of stock ownership in the U.S. today, the exploited and underpaid non-tenure trac...

5 Jul 31min

Lessons from China's Economic Development

Lessons from China's Economic Development

On this week's episode of Economic Update, Professor devotes the entire program to the why and how of China's passage from abject poverty and colonial humiliation to become, in unprecedented, record h...

5 Jul 31min

The Yellow Vests  Mass Movement in France

The Yellow Vests Mass Movement in France

This week on Economic Update, Professor delivers updates on the big union wins for 40,000 workers in the UC system, the ongoing strike of graduate student workers at Harvard, and basic statistics on t...

4 Jul 32min

Center for Popular Economics: Goals and Achievements

Center for Popular Economics: Goals and Achievements

On this week's episode of Economic Update, Professor delivers updates on why and how worker co-ops are a strategic direction for socialism, and Europe's deindustrialization. The second half features a...

8 Jun 31min

Economic Update: The Economics of Unemployment Today

Economic Update: The Economics of Unemployment Today

This week on Economic Update, Professor Wolff briefly discusses two current large strikes by workers fighting back: the British Columbia nurses in Canada and the commuter rail workers in New York (LIR...

27 Mai 31min

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