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Richard Wolff: 'Capitalism Is Not Working'

Complete video at http://fora.tv/2012/02/14/Monthly_Update_with_Richard_D_Wolff_February_2012 Economics professor Richard Wolff attributes the global economic crisis to the failure of the capitalist system. He argues that the root cause of the problem is over-borrowing, and that capitalism runs on an unsustainable cycle. ---- Each month, Richard D. Wolff presents an an analysis of some particular economic topics and then opens the floor to questions, comments and a general discussion. This course takes place at the Brecht Forum in New York. Each month, we aim to develop participants' understanding of and ability to explain to others the key economic developments of our time. The updates focus on the evolving global capitalist economic crisis and its consequences. Professor Wolff examines topics such as: the social costs effects of the historic long-term US unemployment; national debt crises and "austerity programs" in Greece, Ireland, Spain, and beyond; changes in today's Chinese economy and their global effects; tax reform and the entire tax issue in the US today; continuing crisis in the US housing and credit markets; the economics of immigration. 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, University of Paris I (Sorbonne), and The Brecht Forum in New York City. In 2010, Wolff published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released as a DVD. He will release three new books in 2012: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick (Cambridge, MA, and London: MIT University Press), and Democracy at Work (Chicago: Haymarket Books).
Length: 02:51

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