Capitalism's Crisis Deepens
Essays on the Global Economic Meltdown
Published on 4. November 2020
346 pages
978-1-60846-655-9 (ISBN)
Description
"The leading socialist economist in the country" explores the roots of the Great Recession and its immense impact on working people (Cornel West).
While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism's old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff-in his uniquely accessible style-makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism's history.
Praise for Richard Wolff and Democracy at Work
"Probably America's most prominent Marxist economist." - The New York Times Magazine
"Richard Wolff's constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times." -Noam Chomsky
"Wolff offers a rich and much-needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this with anything but an acute appreciation of what is needed to get us out of this mess." -Stanley Aronowitz
"Bold, thoughtful, transformative-a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!" -Gar Alperovitz
While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism's old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff-in his uniquely accessible style-makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism's history.
Praise for Richard Wolff and Democracy at Work
"Probably America's most prominent Marxist economist." - The New York Times Magazine
"Richard Wolff's constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times." -Noam Chomsky
"Wolff offers a rich and much-needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this with anything but an acute appreciation of what is needed to get us out of this mess." -Stanley Aronowitz
"Bold, thoughtful, transformative-a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!" -Gar Alperovitz
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Haymarket Books
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Richard D. Wolff is professor of economics emeritus at the University of Massachusetts, Amherst, and a visiting professor at the New School University in New York. His groudbreaking bookDemocracy at Work: A Cure for Capitalism inspired the creation of the nonprofit organization Democracy at Work (www.democracyatwork.info).
Content
Table of Contents
Preface .................................................................................................. i
Part I: Crisis Capitalism ........................................................................ 1
Capitalist Crisis and the Return to Marx ..................................................................... 2
The Myth of ?American Exceptionalism? Implodes ................................................... 13
The Revenge of Trickle-Down Economics .................................................................. 15
The Crisis Enters Year Five ........................................................................................ 17
In Economic Crisis, Capitalism Delivers the Bads .................................................... 20
A Tale of Two Lootings .............................................................................................. 22
Capitalism and Poverty.............................................................................................. 24
Five Reasons Why the Crisis Persists ........................................................................ 26
Capitalism's Ideological Crutches ............................................................................. 28
Online Education: Another Phony ?Revolution? ........................................................ 31
Capitalism Efficient? We can do so Much Better ...................................................... 33
From Detroit to China to Bangladesh: Capitalism's Costs, Capitalists' Freedom ..... 35
Economic Development in Rana Plaza ...................................................................... 37
Capitalism, Democracy, and Elections ...................................................................... 39
Pure? Capitalism is Pure Fantasy .............................................................................. 41
How Capitalism's Great Relocation Pauperized America's Middle Class ................. 43
US Political Dysfunction and Capitalism's Withdrawal ............................................ 46
Capitalism and Unemployment ................................................................................. 48
Capitalism and Democracy: Year-End Lessons ........................................................ 50
Political Corruption and Capitalism .......................................................................... 52
Part II: Crisis Economics ................................................................... 54
Austerity ........................................................................................................................ 55
US Tax Deal Brings Austerity Closer ......................................................................... 56
Main Street Moves against Wall Street ...................................................................... 57
Why Capitalism is Choosing Plan B .......................................................................... 59
Choosing Ryan, Embracing Austerity ........................................................................ 61
The Truth about Profits and Austerity ...................................................................... 63
The Great Austerity Shell Game ................................................................................ 64
Austerity, US Style, Exposed ..................................................................................... 67
Austerity: Another Policy Mistake? .......................................................................... 69 Taxes............................................................................................................................... 71
Corporations to Government: Give Us More, Tax Us Less ....................................... 72
How the Rich Soaked the Rest of Us .......................................................................... 75
Who REALLY Pays Taxes .......................................................................................... 78
Public Sector.................................................................................................................. 80
Attacking Public Employees: Will New York Lead? ................................................... 81
Public Sector Squeeze (Max Fraad Wolff co-authorship) ......................................... 83
The Real Reason for Public Finance Crisis ................................................................ 86
The Hidden Money .................................................................................................... 88
Social Security's Explosive Injustices ........................................................................ 90
Banking ......................................................................................................................... 92
Bonuses for Bankers, Bankruptcy for Public Services .............................................. 93
Lehman Brothers: Financially and Morally Bankrupt .............................................. 95
Big Finance's Pathology Compels the Logic of Socialised Banking .......................... 97
Debt ............................................................................................................................... 99
S&P's Judgment on US Debt is Substandard and Poor .......................................... 100
Living within Our Means? and Standard and Poor's Downgrade ......................... 102
Deficits, Debts and Deepening Crisis ...................................................................... 104
Europe's Debt Crisis Deepens .................................................................................. 107
Deficits, Debts and Demagogues .............................................................................. 110
The So Called Recovery ................................................................................................ 112
Recovery Noises and Political Taboos ...................................................................... 113
Recovery, What Recovery? ....................................................................................... 116
Economic Recovery for Whom? ............................................................................... 118
After Five Years: Report Card on Crisis Capitalism ................................................ 120
Recovery Hype: American Capitalism's Weapon of Mass Distraction ..................... 122
Part III: Crisis Politics ...................................................................... 125
Government Intervention ............................................................................................ 126
Government Economic Intervention for Whom? .................................................... 127
This is No Bailout for Main Street America ............................................................. 129
Federal Reserve ............................................................................................................ 134
Ben Bernanke's Silence Speaks Volumes ................................................................. 135
Bernanke's Speech was Only a Minor Footnote to Enduring Crisis ........................ 137
Janet Yellen and I were taught to Revere Capitalism. But it's a Failing System ...... 139
Debt Ceilings and Budget Battles ................................................................................. 141
Budget Battles: Sound, Fury and Fakery .................................................................. 142
Fiscal Cliff Follies: Political Theatre Distracts from Key Problems with the Fix ..... 144
Economic Policy Debates: Theatre of Distraction .................................................... 146
Political Economy of Partisan ?Debates? .....................................................................148
On President Obama's Budget.................................................................................. 149
Ongoing Crisis and Liberal Blindness ...................................................................... 151
The Truth about ?Class War? in America ................................................................. 154
The Political Economy of Obama's Re-Election ....................................................... 156
Class War Redux: How the American Right Embraced Marxist Struggle ............... 158
What GOP-Tea Party Risks With Block of New, New Deal ...................................... 161
US Politics' True Bipartisan Consensus: Capitalism is Untouchable ....................... 163
Part IV: Crisis Responses, Going Beyond Capitalism ....................... 165
Occupy .......................................................................................................................... 166
Occupy Wall Street Ends Capitalism's Alibi ............................................................. 167
How the 1% got Richer, while the 99% got Poorer ................................................... 169
The Originality of Occupy Wall Street ...................................................................... 171
Harvard Students Join the Movement ..................................................................... 173
Criticism, Violence and Roosting Chickens .............................................................. 175
Occupy Production: A Vision for Democracy at Work ............................................. 176
Occupy the Corporation ........................................................................................... 178
Debates on the Left ..................................................................................................... 180
What's left of the American Left? ............................................................................. 181
A New Dawn for the US Left ..................................................................................... 183
Socialism for the 21st Century ............................................................................... 185
Debating Capitalism - Redefining Outdated Terms ................................................ 191
Lessons from Labor ...................................................................................................... 193
Lost Elections, Strategic Lessons for Workers' Movements Everywhere ................ 194
Detroit's Decline is a Distinctively Capitalist Failure ............................................... 197
Organized Labour's Decline in the US is Well Known. But What Drove It? ............ 199
Lessons From Chattanooga ..................................................................................... 202
Alternatives ................................................................................................................. 205
The Threats of Business and the Business of Threats ............................................. 206
Manifesto for Economic Democracy and Ecological Sanity .................................... 208
Economic Democracy, Not Austerity or Keynesian Growth .................................... 213
Yes, there is an Alternative to Capitalism: Mondragon Shows the Way .................. 215
Silence is louder than Their Words: Effective Economic Policies Neither Candidate
Advocates .................................................................................................................. 218
Economic Prosperity and Economic Democracy: The Worker Co-op Solution ....... 221
Socialism and Workers' Self Directed Enterprises .................................................. 223
Preface .................................................................................................. i
Part I: Crisis Capitalism ........................................................................ 1
Capitalist Crisis and the Return to Marx ..................................................................... 2
The Myth of ?American Exceptionalism? Implodes ................................................... 13
The Revenge of Trickle-Down Economics .................................................................. 15
The Crisis Enters Year Five ........................................................................................ 17
In Economic Crisis, Capitalism Delivers the Bads .................................................... 20
A Tale of Two Lootings .............................................................................................. 22
Capitalism and Poverty.............................................................................................. 24
Five Reasons Why the Crisis Persists ........................................................................ 26
Capitalism's Ideological Crutches ............................................................................. 28
Online Education: Another Phony ?Revolution? ........................................................ 31
Capitalism Efficient? We can do so Much Better ...................................................... 33
From Detroit to China to Bangladesh: Capitalism's Costs, Capitalists' Freedom ..... 35
Economic Development in Rana Plaza ...................................................................... 37
Capitalism, Democracy, and Elections ...................................................................... 39
Pure? Capitalism is Pure Fantasy .............................................................................. 41
How Capitalism's Great Relocation Pauperized America's Middle Class ................. 43
US Political Dysfunction and Capitalism's Withdrawal ............................................ 46
Capitalism and Unemployment ................................................................................. 48
Capitalism and Democracy: Year-End Lessons ........................................................ 50
Political Corruption and Capitalism .......................................................................... 52
Part II: Crisis Economics ................................................................... 54
Austerity ........................................................................................................................ 55
US Tax Deal Brings Austerity Closer ......................................................................... 56
Main Street Moves against Wall Street ...................................................................... 57
Why Capitalism is Choosing Plan B .......................................................................... 59
Choosing Ryan, Embracing Austerity ........................................................................ 61
The Truth about Profits and Austerity ...................................................................... 63
The Great Austerity Shell Game ................................................................................ 64
Austerity, US Style, Exposed ..................................................................................... 67
Austerity: Another Policy Mistake? .......................................................................... 69 Taxes............................................................................................................................... 71
Corporations to Government: Give Us More, Tax Us Less ....................................... 72
How the Rich Soaked the Rest of Us .......................................................................... 75
Who REALLY Pays Taxes .......................................................................................... 78
Public Sector.................................................................................................................. 80
Attacking Public Employees: Will New York Lead? ................................................... 81
Public Sector Squeeze (Max Fraad Wolff co-authorship) ......................................... 83
The Real Reason for Public Finance Crisis ................................................................ 86
The Hidden Money .................................................................................................... 88
Social Security's Explosive Injustices ........................................................................ 90
Banking ......................................................................................................................... 92
Bonuses for Bankers, Bankruptcy for Public Services .............................................. 93
Lehman Brothers: Financially and Morally Bankrupt .............................................. 95
Big Finance's Pathology Compels the Logic of Socialised Banking .......................... 97
Debt ............................................................................................................................... 99
S&P's Judgment on US Debt is Substandard and Poor .......................................... 100
Living within Our Means? and Standard and Poor's Downgrade ......................... 102
Deficits, Debts and Deepening Crisis ...................................................................... 104
Europe's Debt Crisis Deepens .................................................................................. 107
Deficits, Debts and Demagogues .............................................................................. 110
The So Called Recovery ................................................................................................ 112
Recovery Noises and Political Taboos ...................................................................... 113
Recovery, What Recovery? ....................................................................................... 116
Economic Recovery for Whom? ............................................................................... 118
After Five Years: Report Card on Crisis Capitalism ................................................ 120
Recovery Hype: American Capitalism's Weapon of Mass Distraction ..................... 122
Part III: Crisis Politics ...................................................................... 125
Government Intervention ............................................................................................ 126
Government Economic Intervention for Whom? .................................................... 127
This is No Bailout for Main Street America ............................................................. 129
Federal Reserve ............................................................................................................ 134
Ben Bernanke's Silence Speaks Volumes ................................................................. 135
Bernanke's Speech was Only a Minor Footnote to Enduring Crisis ........................ 137
Janet Yellen and I were taught to Revere Capitalism. But it's a Failing System ...... 139
Debt Ceilings and Budget Battles ................................................................................. 141
Budget Battles: Sound, Fury and Fakery .................................................................. 142
Fiscal Cliff Follies: Political Theatre Distracts from Key Problems with the Fix ..... 144
Economic Policy Debates: Theatre of Distraction .................................................... 146
Political Economy of Partisan ?Debates? .....................................................................148
On President Obama's Budget.................................................................................. 149
Ongoing Crisis and Liberal Blindness ...................................................................... 151
The Truth about ?Class War? in America ................................................................. 154
The Political Economy of Obama's Re-Election ....................................................... 156
Class War Redux: How the American Right Embraced Marxist Struggle ............... 158
What GOP-Tea Party Risks With Block of New, New Deal ...................................... 161
US Politics' True Bipartisan Consensus: Capitalism is Untouchable ....................... 163
Part IV: Crisis Responses, Going Beyond Capitalism ....................... 165
Occupy .......................................................................................................................... 166
Occupy Wall Street Ends Capitalism's Alibi ............................................................. 167
How the 1% got Richer, while the 99% got Poorer ................................................... 169
The Originality of Occupy Wall Street ...................................................................... 171
Harvard Students Join the Movement ..................................................................... 173
Criticism, Violence and Roosting Chickens .............................................................. 175
Occupy Production: A Vision for Democracy at Work ............................................. 176
Occupy the Corporation ........................................................................................... 178
Debates on the Left ..................................................................................................... 180
What's left of the American Left? ............................................................................. 181
A New Dawn for the US Left ..................................................................................... 183
Socialism for the 21st Century ............................................................................... 185
Debating Capitalism - Redefining Outdated Terms ................................................ 191
Lessons from Labor ...................................................................................................... 193
Lost Elections, Strategic Lessons for Workers' Movements Everywhere ................ 194
Detroit's Decline is a Distinctively Capitalist Failure ............................................... 197
Organized Labour's Decline in the US is Well Known. But What Drove It? ............ 199
Lessons From Chattanooga ..................................................................................... 202
Alternatives ................................................................................................................. 205
The Threats of Business and the Business of Threats ............................................. 206
Manifesto for Economic Democracy and Ecological Sanity .................................... 208
Economic Democracy, Not Austerity or Keynesian Growth .................................... 213
Yes, there is an Alternative to Capitalism: Mondragon Shows the Way .................. 215
Silence is louder than Their Words: Effective Economic Policies Neither Candidate
Advocates .................................................................................................................. 218
Economic Prosperity and Economic Democracy: The Worker Co-op Solution ....... 221
Socialism and Workers' Self Directed Enterprises .................................................. 223
