Solutions to capitalist crisis- Richard Wolff

The American economist Richard Wolff brings Marxist ideas to life with clarity, simplicity and most importantly humour. He studied economics at some of the top universities in the US. He explains in his “occupy our future”talk how in all these years of studying economics the idea of questioning the capitalist system itself was unthinkable. He compares the taboo of not talking about the system to the way sex used to be taboo, concluding that we are better off now that we can talk about it.

Wolff praises the occupy movement, explaining that it has made a big impact on the way people think. The idea of the 99% and the 1% is now something that is being acknowledged. Although they may just be stating the obvious, it is one of those things that have gone unquestioned for many years. By exposing the inherent inequality that is generated by capitalism, we can begin to question the system itself and whether it is really the best that humanity can do it the 21st century.

In times of crisis, economists like Richard Wolff have found a new popularity among many who were previously hostile to his ideas. He now gets so many calls that he has to pick and choose where to speak and who to meet as it would be physically impossible to accept every invitation. According to Wolff the great depression of the 1930s (which was far worse than the current crisis) would not have been overcome if it wasn’t for the strength of the trade unions, socialist and communist ideas of the time. However he does not argue for another kind of new deal as such a deal is easily undone when the organisation of production remains unchanged.

The solution is in fact democracy. But democracy in the work place. It is almost absurd that many of us spend most of our lives in these places but we have very little control over what we produce, how we produce it and what happens to the money that doesn’t form a part of our wage packet.

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