Economic Update with Richard D. Wolff cover image

Capitalism's Costly Contradictions

Economic Update with Richard D. Wolff

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The Three Ways the Capitalist Economic System Works

Capitalists as a group, virtually all of them, are continuously trying to do what they call lower labor costs. The basic idea is if they can get the work done at a lower cost of paying the workers who actually do it, that will be more profit left for them. So we know what they do to lower the cost of labor: They replace workers with machines. But that's not the only way they lower labor costs; they move production and jobs out of the country to where wages are cheaper. That's another way to save on labor because workers can get paid less in other parts of the world than they get paid here. And then there's a third one. Bring lower paid

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