@profwolff
There Are Better Ways for Societies to Address Inflation Than by Hiking Interest Rates
A deafening silence defines “debates” among U.S. leaders about stopping or slowing today’s inflation. Alternatives to the Federal Reserve’s raising of interest rates and curtailing money supply growth are ignored. It’s as if there were no other ways to rein…
The Role of Capitalism in the War in Ukraine
To the motives for war in human history, capitalism added another: profit. That motive drove technological advancement and created a genuine world economy. It also built new capitalist empires such as the Spanish, Dutch, British, French, Belgian, Russian, German, Japanese,…
U.S. Politicians Spend Their Time Papering Over the Social Problems Caused by Profit-Driven Capitalism
The declines of U.S. capitalism and of its imperial position provoke fear among its mainstream politicians. Their response, in large part, has been to deny that any such decline is happening. These politicians do this partly by acting as though…
Airing nationally today on Enviro Close-Up – “Nuclear Power Is Not Carbon-Free”
Michel Lee, an attorney and senior analyst for Promoting Health and Sustainable Energy (PHASE), shatters the current pitch of the nuclear industry that nuclear power is carbon-free. “It’s flat-out false,” says Lee. The nuclear fuel cycle—which includes mining, milling and…
A Critique of Obscene Wealth
Wherever and whenever obscenely rich people existed, they always protected their wealth and the privileges that come with it from the majority of non-wealthy people working for them and around them. Emperors, kings, czars as well as masters of huge…
What China Learned From U.S. Capitalism’s Development
U.S. capitalism was, in certain ways, the world’s most successful capitalism until recently. Better than the capitalist systems of Britain, Germany, and Japan, U.S. capitalism avoided two key traps. First, it found a remarkable way to manage the capitalist-worker class…
The United States Underestimates China’s Economic Challenge at Its Own Peril
This is not a moment for rose-tinted glasses. By Richard D. Wolff The economy of the People’s Republic of China has been growing much faster than that of the United States for decades. So too has China’s average real wage.…
US Economy Excels at One Thing: Producing Massive Inequality
To solve the extreme inequality of US capitalism requires systemic change, an end to capitalism pitting employers against employees. By Richard D. Wolff To grasp the sheer magnitude of US economic inequality in recent years, consider its two major stock…
Why Government Mostly Helps People Who Need It the Least—Even During a Crisis
By Richard D. Wolff In January 2020, the NASDAQ stock market’s index stood just under 10,000. In the March crash, it fell to 7,000. As of July 10, 2020, it hit 10,600. The U.S. government’s economic policies produced a “recovery”…
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