Our guest this week believes capitalism is broken, and he makes a pretty good argument to support this. He explains how capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither of these outcomes serves the needs of our society.
Our guest this week believes he has the solution - a cure for capitalism.
In this episode, world renowned economist, Dr. Richard Wolff, offers a fair critique of capitalism and advocates for a worker cooperative based economy. This solution requires the institution of genuine economic democracy, starting with workers directing their own workplaces, as the basis for a genuine political democracy. According to Dr. Wolff, what most people don't realize is that worker cooperatives are actually larger than conventional businesses, survive at least as long as other businesses, and have more stable employment. Tune in and get your smart people economics fix!
Dr. Richard D. Wolff is professor of economics emeritus at the University of Massachusetts, Amherst. He is currently a visiting professor at the New School for Social Research in New York. Wolff is the author of many books, including his newest, Democracy at Work: A Cure for Capitalism. He is also the founder of Democracy at Work, a 501(c)3 organization that conceives, creates, and distributes content aimed at demonstrating why, and how, democratizing the workplace is a feasible solution to a new and better economic system.