Through its myriad booms and busts, capitalism manages to roll with the punches and emerge standing. We are constantly told: it’s the only show in town. Do you want the old Soviet Union? No way. But can’t we imagine an economic system that is responsive to the needs of people and our precious planet rather than Wall Street and the investor class? Idealistic, you say? Maybe. But the fiscal ship is headed for a huge crash and no amount of moving the deck chairs around will avert it. Capitalism’s tattered and moth-eaten clothes have fallen off, revealing a naked body that serves only the privileged few. Ninety-five percent of the economic gains, since the so-called recovery began are going to the top 1 percent. Meanwhile, median household income, adjusted for inflation, keeps dropping. The system is rigged to favor the rich.
Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. The New York Times calls him “America’s most prominent Marxist economist.” He is the author of numerous books including Democracy at Work, Capitalism’s Crisis Deepens and Occupy the Economy with David Barsamian.