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At 5 PM MST Dr Richard Wolff returns !
Richard D. Wolff is a American economist, well-known for his work on Marxian economics, economic methodology and class analysis. Wolff received his Ph.D. in economics from Yale University in 1969. He frequently collaborates with fellow economist Stephen Resnick. Wolff is married to (and sometimes co-author with) psychoanalyst Harriet Fraad.
Wolff taught at the City College of New York from 1969-1973, and then began teaching at the Economics Department of the University of Massachusetts Amherst, where he has been full professor since 1981. He began collaborating with Stephen Resnick during their common appointments at the City University of New York, and continued after they both moved to University of Massachusetts. Wolff and Resnick have jointly published numerous articles and books that formulate a nondeterminist, class analytical approach. Their topics have included Marxian theory and value analysis, overdetermination, radical economics, international trade, business cycles, social formations, the Soviet Union, and comparing and contrasting Marxian and non-Marxian economic theories.
Capitalism Hits the Fan chronicles one economist’s growing alarm and insights as he watched, from 2005 onwards, the economic crisis build, burst, and then dominate world events. The argument here differs sharply from most other explanations offered by politicians, media commentators, and other academics. Step by step, Professor Wolff shows that deep economic structures–the relationship of wages to profits, of workers to boards of directors, and of debts to income–account for the crisis. The great change in the US economy since the 1970s, as employers stopped the historic rise in US workers’ real wages, set in motion the events that eventually broke the world economy. The crisis resulted from the post-1970s profit explosion, the debt-driven finance-industry expansion, and the sequential stock market and real estate booms and busts. Bailout interventions by the Federal Reserve and the US Treasury have thrown too little money too late at a problem that requires more than money to solve.
As this book shows, we must now ask basic questions about capitalism as a system that has now convulsed the world economy into two great depressions in 75 years (and countless lesser crises, recession, and cycles in between). The book’s essays engage the long-overdue public discussion about basic structural changes and systemic alternatives needed not only to fix today’s broken economy but to prevent future crises.

At 6:30 PM MST David Malsch with a special holiday edition of this week’s movie reviews and DVD releases. Check out David’s website here