Joe Biden at Royal Missionary Baptist Church in Charleston, South Carolina, April 20, 2020. Photo from Flickr. Since the 1970s, US real wages have largely stagnated. After a century of real wages rising every decade, that stagnation changed the lives of the US working class in traumatic ways. Likewise, since
Continue readingAuthor: Richard D. Wolff
Canadian Dimension: Why the Neoliberal Agenda Is a Failure at Fighting Coronavirus
A mural celebrating essential workers during the COVID-19 pandemic. Photo by Nathaniel St. Clair. The utter failure of private capitalism to prepare for the coronavirus should have surprised no one. Private capitalism, as business school graduates repeat, focuses on profit. The “profit incentive,” they learn, makes private capitalism the superior,
Continue readingCanadian Dimension: COVID-19 and the Failures of Capitalism
The desperate policies of panic-driven governments involve throwing huge amounts of money at the economies collapsed in response to the coronavirus threat. Monetary authorities create money and lend it at extremely low interest rates to the major corporations and especially big banks “to get them through the crisis.” Government treasuries
Continue readingCanadian Dimension: This 4th of July: A letter from Richard D. Wolff
On this 4th of July, when Americans think about the nation’s independence, it is partly under dark clouds. The Trump/GOP regime, desperately trying to “make America great again,” has chosen to make independence aggressive. It has attacked not an old King George representing a dying monarchism, but rising Chinese competitors.
Continue readingCanadian Dimension Feed: Capitalism Becomes Questionable
The depth and length of the global crisis are now clear to millions. In the sixth year since it started in late 2007, no end is in sight. Unemployment rates are now less than halfway back from their recession peak to where they were in 2007. Over 20 million are
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