"Recession - Capitalism's Failure Invites System Change"
Economic Update with Richard D. Wolff
English - August 18, 2022 04:00 - 28 minutes - 66.3 MB - ★★★★★ - 1.8K ratingsPolitics News Government economics capitalism coops economy politics workercooperative Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: The Deepening Fragility of US Power
Next Episode: Loneliness - Capitalism's Collateral Damage
In this week's show, Prof. Wolff defines recession and shows its relation to inflation and stagflation in their respective roles within capitalism's inherent instability. Rooted in the structure of capitalism, recessions represent both costly burdens on employers and employees alike and also strong incentives to question, challenge, and go beyond capitalism. The economics profession has been unable to end recessions despite centuries of trying. The profession often tries to hide the capitalist roots of recession instead. Wolff concludes with how system change might finally "solve" capitalism's intractable instability problem.