In this educational video Professor of Economics Emeritus (University of Massachusetts), Marxist economist and founder of Democracy at Work, Richard Wolff, talks about capitalism's current and future state. Prof. Wolff also explains how changes in how the workplace is organized can play a transformative role from capitalism into a more humane and rational system.
The following questions are addressed in this educational video:
- When will capitalism end?
- What condition is capitalism in today and what factors are driving its demise?
- Is there an historical connection between the cutback of social welfare (austerity measures) in Europe and North America today and the collapse of the Soviet Union in 1989 as well as the economic reforms of China that began in the late 1970s?
- How are the wealthiest 1% coping with the decline of capitalism? What techniques are they employing to control policies of the state and what effects does this have on people?
- Can capitalism be saved or reformed? Are there any viable alternatives?
- Why does the Left today have to be critical of the traditional understanding and practice of socialism?
- Why and how do we have to change our workplace in order to make a transformation away from capitalism?