Understanding Capitalism with RICHARD D. WOLFF - Co-founder of Democracy at Work

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When capitalism stops serving the needs of the people, what can we do to create a fairer more equitable society? What can we learn from China's success and economic growth? Are we witnessing the decline of the American Empire and what comes next?

Richard D. Wolff is the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update. He was formerly professor of economics at the University of Massachusetts Amherst, Yale University, the City College of the City University of New York, and the University of Paris Sorbonne. Currently, Wolfe is a visiting professor in the Graduate Program in International Affairs of the New School University in New York City.

“The position of the United States in the world, economically and politically, is the weakest it has been in my lifetime. I was born in the middle of the 20th century, so I have watched the rise of the American empire and the success of American capitalism in the second half of the 20th century. However, over the last 20 years, I have watched that turn into its opposite—a decline. The decline is visible everywhere. Unless you live in the United States and consume mainstream media, there is a level of denial that will be recorded historically as one of the great examples, not just of a declining empire, which typically has people who cannot face it and who refuse to see it. You can go to Great Britain today and find quite a few people who think we still have the British Empire, even though everyone who isn't crazy knows that is silly. But we are earlier in the decline phase than the British are; they have had to endure it for a century while we have just had to do it for a couple of decades. It is fresh.”

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