Richard D. Wolff is an Economist, Author, and Professor Emeritus of Economics at the University of Massachusetts, Amherst and New School University. He has also been a visiting professor at the University of Paris I (Sorbonne). He has authored or co-authored 10 books including The Economics of Colonialism, Bringing It All Back Home: Class, Gender and Power in the Modern Household, and Rethinking Marxism. His recent work has concentrated on analyzing the causes and alternative solutions to the current global economic crisis.
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by John Durham
13 Mar 2009 at 13:17
It is nice to hear an economist bring up the basic problem of wages held down for 30 years while productivity went up as the fundamental cause of borrowers sinking deeper into debt. Of course there are other factors involved in the economic collapse. However, politically weak labor verses politically strong capital is at the heart of our problems. It is obvious that elected officials have almost always been for sale. Labor must simply outbid capital when elected officials next run for office. This could easily be done by labor entering into the banking business from which position they could produce all the money necessary to accomplish the task.