Economic Update with Richard D. Wolff cover image

Capitalism's Costly Contradictions

Economic Update with Richard D. Wolff

00:00

The Criziness of Capitalism

capitalism is a very unstable system with downturns every few years. If you don't pay workers enough, what you better do is give them a loan so they can buy what you're producing - that's the craziness of our system. And here's another result of this craziness: It used to be when we have economic downturns it was contained because you laid off a lot of workers and they couldn't buy stuff. But now it's worse because when you layoff a lots of workers, it's not only that they can't buy things but also service their debts which have accumulated. That then spreads the damage of a downturn all over the economy.

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