This is such a revolutionary interview. I’m sure that it will be cherished by future generations.

Dr. Wolff gives an outstanding presentation! He's very effective in explaining things; uses humor when appropriate; easy to understand with an optimistic attitude. Rare qualities for a Leftist intellectual. We need more people on the Left to be like him in every sense of the word. He's a gem.

One of the most rational explanations of what is happening to our economy today. Well done! Must watch!!!

"The peak for the minimum wage was in 1968....been declining steadily since then" Wasn't 1968 the same year that Martin Luther King famously asked in a speech "In the richest country in the world, why are there so many poor people?" ?? In 1968 Martin Luther King was under active investigation by the FBI and Hoover considered him to be a "subversive". Martin Luther King got a bullet in the brain for his trouble. My stomach turns over listening to Obama talking about now everyone in America has the same chance in life. What a nauseating speech.

thank you richard. i was talking to ancaps all day and was beginning to hate humanity

Bill Moyers is an exceptional interviewer. One of the best if not THE best ever. He poses a question and lets his guest answer it. I've watched Richard Wolff many times and not only is his grasp of the capitalistic situation extraordinary but as a human being he is a perfect example of how we should be. He listens to criticism and doesn't just respond in anger. I do disagree with him on one point. I do believe that greed is the issue.

This video has given me a better understanding of the political situation the US is in today. Thank you.

Wolff nails it.

Never thought I would be a marxist... until Richard Wolff

How sad it is that Professor Wolff had to wait until retiring from the faculty at the University of Massachusetts before being able teach a version of economics that attempts to describe the real world rather than the world according to the neoclassical "two-factor" model. I have spent some time reading what he has written and listening to his lectures and interviews. He is certainly correct that the causes of income and wealth concentration are systemic. Where there is great room for discussion and debate is over the exact nature of the systemic problems. His guide is Karl Marx. My primary guide is Henry George. Henry George did a remarkable job of analyzing and correcting the analytical contradictions in the works of his predecessors (e.g., Smith, Ricardo, Turgot and even John Stuart Mill) in order to develop a closed system of how wealth is produced and distributed back to the factors of production, as well as what systemic laws and policies are required to lead to a full employment society with a just distribution of wealth. Edward J. Dodson, Director School of Cooperative Individualism www.cooperative-individualism.org.

*How does brilliance like this only have 118k views in seven years? THIS is what the algorithm should be recommending. UKposts won't ever do it, but millions of people seeing this would actually change the world.*

Thank you Professor Wolff. I enjoy listening to you.

i just discovered prof wolf this year... i love his clarity and easily understandable insights.

I miss Bill Moyers so much, one of the last great journalists who only cared about offering unbiased information and letting you decide. Who else gave Richard Wolff an open, honest forum discussing Capitalism and how it truly does not work for anyone else but the wealthy.

The sheer common sense of RW shines like a beacon on the Dark Dark world of the Koch Brothers and their Financial Racism

An excellent interview, 'Democracy at Work' is a must read.

Thanks for the great interview; one of dr. wolff's very best talks. I will def be watching more of Moyers' work as well.

Thank you for posting this. appreciate it greatly.

American economic history: Capitalism 1670-1775, Central Bank capitalism 1776-1912, Reserve Bank capitalism 1913-62, Plutocratic corporatism 1963-2007, Kleptocratic neo-feudalism 2008-

My man Bernie hard at work even back then... :)

Capitalists seem to be convinced that their system is perfect, there are 0 valid criticisms, and we will have capitalism forever. The problem is history shows us every economic system is eventually upended, and there's no reason to think capitalism won't be as well.

I'm 63 now 2018. I really feel I'm living the 30s depression in my second half of my life lately

Good discussion, good host.

GREAT SHOW THANKS

Thank you Mr. Moyers!

Very interesting points about the separation of economics and business schools

Love Richard Wolff!

Bill Moyers is simply the best. Prof Wolff presents a perspective that has been suppressed for a long time.

Great conversation. Bill Moyers, possibly like most upon hearing it put this way, seems quite surprised at 14:22.

Your best yet, Mr. Wolff!

Another great excerpt: 13:03 to 13:34

Excellent interview.

Ceri. This is fascinating ❤

It is now September, 2022, and Richard's words ring so true. His optimism appears to be a bit misplaced in my opinion, but otherwise an excellent 45 mins. Thanks!

Dr. Wolff you are a true revolutionary because you speak truth to power. You are also and example to those of us who hate the system of economic, and, by extension, political tyranny that shrivels our souls.

Such a bright mind and truthfulness..

This was 5-6 years ago, .. today the real economy is even much more difficult.... EVERY AMERICAN SHOULD AND MUST LISTEN TO THIS Oh Boy! ... We Must elect BERNIE SANDERS........... This is really serious........

Mr Richard Wolff is right on.

These are some powerful arguments

real good report and the truth.

I'am learning so much from Professor Richard Wolff, one is most including myself, hear "cliches" and believe them...because they sound right or good, but fail to learn and search out what is really happening and is true.

The professor is right. That is what happened to Cuba. It was 100% Capitalist with no social program to help the lower masses so that is how the Cuban Revolution broke in 1959 on July 26.. I pray that will never happen in the USA but if the elite get greedy o they open the door to revolt. The same happened to the French in 1789.

I appreciate his research and analysis. So often when I listen to experts discuss the contemporary state of COLONIZED America, I am completely bewildered by the way they discuss America as if its social economic and political beginning, since 1619, was not utterly corrupt.

A particularly great section starts at 10:56, and goes for several minutes.

Thanks Mr Wolff for warning us about capitalism, I didn't know.

Its so true about that we are working to death. My husband and I have 3 businesses and my husband is literally worn out.

Half of all the 155 million U.S. workforce live in poverty. Another 102 million able-bodied, work-age Americans are "no longer in the work force." That's an unemployment rate of 40% with the employment rate now down to 59%.

Dr Wild is amazing he has a very acure mins and understands a lot of what is found in on the world in economic terms. I am critical of capitalism because as people we are social beings you cannot dissociate from that fact. Also I believe that capitalism has it good aspects nevertheless it has a serious problem regarding the natural world 🌎 of which we are part and the USA 🇺🇸 is one of the countries that has destroyed a lot of its territory just for economic development. Native peoples of all the world understand our profound link to the natural world and our connection to it. I had the opportunity to visit the USA 🇺🇸 in various moments of my life and I has beautiful places like Monument Valley and the Grand Canyon. I hope that in time we can make a brotherhood between science ecology and economics along with peace ☮️ and also justice! To end my comment may we all learn to love ❤️ respect and take care of this planet 🌎 it is our only home!

Interview is 9 years old and yet even more relevant today....when will people learn to vote to benefit the country as a whole vs the rich? This JUST MAKES SENSE. America......please open your eyes!

Please watch this again. And then again if need be. Then watch Capitalism hits the fan. And watch his other material as well. I'm sure you will eventually get it.

I would argue that the effects of a minimum wage on employment levels is especially negligible in our current situation, where wages are low and the workers' marginal propensity to consume the pay increase is so high. Also in our current demand-side liquidity trap the extra consumption is especially critical in terms of stimulus effect. Plus you improve the worker's life and health (human capital) and provide a long-term foundation for better income structure and consumption.

I really like the sound of the interviewer's voice. It sounds so deep, but wise at the same time. Like a wise wizard of some kind.

It's deeper than that. The reason that Wolffe says that the problem is systemic is because it is the system itself that incentivizes such behavior. Whether you have gov. or not, you will still have such behavior regardless. Government is playing the game just as much as corporations are playing the game. The rules are quite simple: Maximize profit, minimize loss. Economic systems influence the ethos of the culture, which is why corrupt business practices are inevitable with or without gov.

The college industrial complex takes peoples money and in turn these "graduates" get worthless degrees all while getting impossible student loan debt. The student loan should be paid back but the "for profit" banker gratuity should be ridded which would then put more money into the overall economy because a lesser student loan payment would allow a person to spend money elsewhere.

Actually, I think that Wolffe understands capitalism better than most capitalists do.

Insightful.

It's sad when you wake up but, it's necessary and we need change. Education, Healthcare are pillars of society. Capatilism isn't the savior, or the free beacon it claims to be.

this is exactly why we need to vote for bernie sanders in the primary. this is INSANELY important. we can't just keep voting for the lesser of two evils, because they're the same thing, both bought by the billionaires. he want's college to be free, free health care, raise minimum wage, tax the rich, etc. etc. and he isn't bought. check him out now and join the revolution going on.

prof wolff makes a beatifull presentation credible to those the reality of the real free entreprise system i i am an oconomist i am 9o years of age i spent all my life in theindustry idid business in all the world i knowwhy our sysem has some difficulties and what has tobe done i would like to confront him and othe economists

America always seemed to be a land that other nations aspired to be but now I see that our idols had feet of clay

it's 5 yrs later than this show. USA still going drain faster since

In “Occupying Chairlifts” a simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Here’s a fair way to transition forward to where we’re rewarded for cooperating and creating instead of competing and conquering. It's something specific we can demand. If this isnt the best answer, at least we’re thinking about what might be. Are we really just this close to having it work right? Oh yeah, it's a Ski movie! “Occupying Chairlifts” on UKposts!

1:47 Wolff doing the Kubrick stare lmao

Not at all surprised that Jordan Peterson does not want to debate this guy.

Smith and Smythe; how these two words are pronounced sir? Frances Smythe and Gaillard Ravenel: A Personal Museum.

Labor wages are determined by free markets and they are totally fair given existing wealth distribution. Wealth distribution is what needs to be changed (by very high inheritance and moderate wealth taxes instead of income tax). Simply mandating minimum wages above market without changing wealth distribution you just build wall between wealthy employers and poorer employers. Essentially making it harder to have your own employees if you're not wealthy enough

The private sector is on a juggernaut to automate, computerize, mechanize and robotize all jobs on this planet. If the federal governments refuse to employ the unemployed then the unemployed must form their own economy and create their own jobs.

As you know corporate structure is a regulation that allows business to dodge liability. Fractional banking system is a regulation that allows banks to multiple their deposit resets is a regulation which had a huge impact on the housing bubble. I could go on about sub prime mortgage, Fannie may and Freddie mac all of which are government run firms. As the old saying goes when government gets close to business business gets close to government. It wan't the 1% it was the state.

If 10% has all, who are they going to sell something to? Capitaiism should work for all, not a few! Very high minimum wage leads to more efficiency and products and services at a higher level: that is exactly what developed countries need!

!! Great..!!

How about giving CEO's 349 x the wages of their average worker instead of 350x?

only $9.00 dollars? the minimum wage should be raised to at lest $15.00 to balance with the inflation.

With respect to Dr. Wolfe, Bill Moyers, and Noam Chomsky it may be said with at least partial truth that "a prophet is not without honour save in his own country."

Wolff for president! Let's start a new people's party with people like Wolff on the helm and really drain that swamp of ours!

Thank God for Moyers

GOOD JOB WAY TO GO TELL IT LIKE IT IS BUT HOW DO PEOPLE SOLVE THE PROBLEM

There's few people I respect more than Richard Wolff. Read him , see Democracy in the Workplace.

good max pertinent

Unregulated capitalism is a king-maker with an end game.

Richard Wolff needs to bring the work of Richard Wilkinson into his conversations.

35:55 he hits it on the head. Warren Buffet said on CNN that Warren should be less violent. If things don't change diplomatically, these oligarchs will learn the definition of what violent means intimately.

Well its now been six years since this interview and things have only gotten worse.

Government workers wages have grown , why private sector wages haven't grown 30 yrs

Please watch his other videos. Your will have some answers there.

Completely true, but... a movement called "Solidarity", in present-day America? Most Americans don't know the word or the meaning of "solidarity".

Poverty is Wealth, Truth is Lies, Change is Permanence.

The March 1st Texas Primary Shows Massive Suppression Of Voting By Mail. One of the most important rights of American citizens is the “franchise”. It our right to vote. That right has come under fire in Texas by the republican controlled Texas legislature that purposefully made voting more difficult, especially voting by mail. It is difficult to admit, but for the first time since I reached voting age, I did not vote in a primary. I had eye surgery scheduled for that day and it could not be changed. When I tried to order my vote by mail ballot, I became submerged in a confusing and contradictory maze of instructions that I knew were designed to suppress voting by mail. Since Texas has separate primary ballots for democrats and republicans, I chose to entrust the outcome of the democratic primary to my democratic brethren. I made this decision after reading the instructions. It became crystal clear that the new vote by mail guidelines were guaranteed to create massive compliance failures in urban counties and on March 1st, my fears were realized. In Texas, over 23,000 mail in ballots were rejected. In my home county of Harris, almost 7,000 ballots of that total were rejected for technicalities. This is almost 20% of all rejected mail in votes. During the primary election in 2018, the county only rejected 135 mail in ballots out of more than 48,000. This is less than 0.3%. The culprit is Senate Bill 1 which, in addition to other vote suppression schemes, was designed to suppress voting by mail in larger and more liberal counties. This is how a democratic republic is destroyed from within. We now have proof that voter suppression by The Texas Legislature is real, and it’s a harbinger of things to come as more republican controlled state primaries take their toll on the most basic citizen franchise.

Nâng lương căn bản lên để người dân có tiền để người dân có tiền mua. Song song đó nó có thể giúp nền kinh tế cải thiện hơn.

IEVER HEARD THE TRUTH SAID SO WELL

I call this kind of discussion millennial enlightenment, which is most desperately we need for our future.

Being strong or No. 1 is not the answer to social survival as a society. Reducing internal class and social friction increases longevity.

It's not "we" that bailed them out: THEY helped themselves shamelessly while "our" elected leaders conveniently looked the other way or - even worse - made specific political decisions in order for the bailout of the wealthiest to happen, no matter what. So the question arises: are "our"leaders not in fact THEIR very servants? Of course they are! Maybe money should again become what it normally is: a simple means of exchanging value for goods and services. Let's redistribute it among the people!

28:10

High consumption tax pushes up cost to live , Australia has high consumption tax up to 23% on goods ,up to 51% tax on new cars

America needs a Lech Walesa to champion the working people in this country. A nationwide strike would be formative and historic.

Increase of minimum wage on the jobs is great and all that, but the problem is, you have to have the job in the first place.😱

people should be more careful with unaffordable loans. sometimes starting from scratch is the right answer.

And the universities putting them in permanent debt doesn't help. But they're happy to educate geniuses and rich kids from other countries while Americans end up only obtaining half of the PhDs every year from our own American universities.

I don't see EITHER PARTY talking about raising Social Security UP TO minimum wage!

Speaking as a victim of Milton Friedman's economics in the 1970's, Richard was extremely lucky to achieve enlightenment post doctorate because there is no way in hell he would have got thru 1st year with his ideas.