Capitalism: Fantasies & Realities
The stories spun about the economy are more akin to fairy tales. The most popular one, endlessly repeated, is that if you work hard you’ll get ahead. Another is trickle down. Remember that one? The fat cats get fatter and you’ll benefit by getting the leftover crumbs. It’s a wonder after decades of breathtaking income and wealth inequality and flat wages for most workers that these tales are still told. Noam Chomsky talks about “really existing capitalism,” dependent on state subsidies, tax breaks and loopholes. The drift to oligarchy continues unabated. Corporate power is dominant. It has tremendous political influence. The media fail to inform. In spite of all that, people all over the world, tired of enduring the lies and deprivations, are asking questions about the fantasies and realities of capitalism.
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.