How Capitalism Produces and Justifies Inequality

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Dr. Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts, Amherst. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City. He is also the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update. Over the last 25 years, in collaboration with his colleague, Stephen Resnick, he has developed a new approach to political economy. While it retains and systematically elaborates the Marxist notion of class as surplus labor, it rejects the economic determinism typical of most schools of economics and usually associated with Marxism as well.

In this episode, we talk about economic inequality from a Marxist perspective: how to understand it, and what drives it. We discuss whether economic inequality is natural, why we should tax the rich, and whether the rich leave the country if they get taxed. Finally, we discuss whether anyone can become rich without exploiting the labor of others, and whether billionaires should exist.

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