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Capitalism's Crisis Deepens: Essays on the Global Economic Meltdown, by Richard D. Wolff
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About the Author
Richard D. Wolff: Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst and a Visiting Professor at the New School University in New York. Wolff’s recent work has concentrated on analyzing the causes and alternative solutions to the global economic crisis. His groundbreaking book Democracy at Work: A Cure for Capitalism inspired the creation of Democracy at Work, a nonprofit organization dedicated to showing how and why to make democratic workplaces real.
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Product details
Paperback: 344 pages
Publisher: Haymarket Books (May 17, 2016)
Language: English
ISBN-10: 1608465950
ISBN-13: 978-1608465958
Product Dimensions:
5.4 x 1 x 8.3 inches
Shipping Weight: 15.2 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
29 customer reviews
Amazon Best Sellers Rank:
#176,404 in Books (See Top 100 in Books)
According to the author, capitalism is the cause of our economic problems. The middle class is in debt trying to retain a lifestyle they enjoyed in the past. All the money is going to banks, corporations and the wealthy. Instead of taxing the wealthy, the government borrows from the wealthy to pay its bills and then pays interest to the wealthy. Many in the middle class are falling below the poverty line. There are mass foreclosures and bankruptcies, all while the rich are getting richer. Corporations are taking their factories to countries where wages are low, leaving thousands unemployed. The author's solution isn't marxism-been there, done that-and it doesn't work. He has a better solution. The workers should own the companies they work for. One benefit of that is the companies would stay in the US. Policies would be made by the workers. Wages and salaries would be fair. Hours worked and overtime would be in control of the workers. This is similar to profit-sharing, which is being advocated by presidential candidate Hillary Clinton. I only have one question: HOW is this to be achieved? Corporations aren't just going to hand themselves over to the workers. The plan is impossible barring some sort of revolution, and people in the US are too preoccupied to revolt about anything.
One of the best books I've read in a long time. So many good points made it's hard to summarize - but a few:"Capitalism’s new contradiction: It can no longer easily use deficits and rising debt to prevent economic crises from becoming social crises. Yet politicians fear to tax corporations and the rich, whose money now makes or breaks political careers. Hence, governments everywhere impose austerity on their people.""Employers and the rich profited further by getting Washington to lower their taxes. They then lent at interest to the government what they no longer needed to pay in taxes. After all, the government needed to borrow precisely because it had stopped taxing corporations and the rich at the rates of the 1940s, 1950s, and 1960s. Business and the rich happily financed a political system that converted their tax obligations into secure, well-rewarded loans to the government instead.""Blame-the-government ideology supports capitalism in another way. By portraying government as wasteful, incompetent, corrupt, power mad, and oppressive, it strives to establish another “commonsense†idea. Government should be kept economically weak: Keep its spending down, its budget balanced, or else in debt to capitalists and the rich (main government creditors). Limit the taxes it can levy, the regulations it can impose, and so on. Hobble the government while painting it as a negative social force, not to be trusted. Corrupt the politicians with the resources only corporations and the rich have and spend for such purposes, and then denounce that corruption as the government’s fault. Turn workers away from engagement in, respect for, or even interest in politics. Disgusted and alienated, many workers withdraw, leaving the political arena to the capitalists and the rich to buy and shape."Awesome - buy it, read it, share it - then get angry & start a revolution.
Very solid and relevant takedown of the legion failings of neoliberal policies, austerity, the massive upward transfer of wealth and everything else wretched for human beings and their ever more fragile societies that comes along with the regnant oligarchic, .01% controlled and owned, monopoly, financial, "casino" capitalism. A great book! As usual,, Richard D. Wolff tells it like it is with no sugar-coating the sorry facts!! He is also very gifted at explaining complex economic and political concepts in a way that makes they much easier for a lay reader to comprehend!!
The extended title says its a collection of short essays between 2010 and 2014, basically a collection of ideas ordered by a set of topics (note the ability to preview parts on Amazon's "Look Inside"). It parallels where Wolff and others are in the movement D@W (Democracy at Work). These are general, almost generic, often insightful and often more backgrounding as an introductory reader for the curious and as part of basic courses in a university. These are not challenging to one's thinking nor attempting to cut new ground. It's more like a victory lap at the end of a race.
If you know the message [ you can read it many times here in these essays ], skip the first hundred pages; it's repetitive but powerful.Watch some of his speeches from 2012 or later, extolling Mondragon and lighting Capitalism.
Follow Dr. Wolff on YouTube at Democracy at Work.
A very good statement on the problems of capitalism, its limitations and a need to find a better economic system for our country
This book is imperative reading for anyone who wants to understand the economic and political American landscape today.
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