Economist Richard Wolff believes capitalism has spun out of control, is not salvageable in its current state, and that nothing short of a major systemic overhaul is needed to get America back on track and fix the problems that unraveled our economy.
In his lecture, “Capitalism Hits the Fan,” Professor Wolff dissects the 30-year-old root causes of the recent financial crisis. He explains how a combination of factors — outsourced jobs, flat wages, soaring credit card debt and the biggest corporate profits in history — led to the most severe economic crisis of his lifetime.
“Stressed, exhausted, this is a population that has reached the limits, it cannot carry more debt and it can’t do more work,” Wolff says. “That’s why this is not a temporary problem, this is not a blip along the way. We have reached the limits of the kind of capitalism this society has become.”
This lecture is no longer available in its entirety, but you can watch the trailer and visit “Capitalism Hits the Fan” to read more about it.
Thanks to the Media Education Foundation for permission to post “Capitalism Hits the Fan” for a limited time.