Economic Update with Richard D. Wolff Marx Was Right
Dec 16, 2025
The discussion revolves around the intriguing proposition that Marx was right, highlighted by a recent talk at Yale. Key points include Marx's foundational role in socialism and the global spread of his ideas. The dangers of capitalism are explored, particularly how profit motives create inequality and necessitate constant growth. Wolff links capitalism's expansion to colonialism and emphasizes the importance of Marx's insights on worker displacement and societal unrest. The conversation wraps up with a reflection on the relevance of socialism today and Marx's lasting critiques.
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Marx's Ideas Spread With Capitalism
- Wolff notes Marx predicted capitalism's global spread would carry its own critique with it.
- He cites the worldwide proliferation of Marxist ideas and organizations as evidence Marx was right about that spread.
Personal Education Exposed Repression
- Richard Wolff recounts his education across Harvard, Stanford, and Yale where Marx was almost never taught.
- He uses this personal example to show systemic repression of Marxist critique in elite U.S. universities after 1945.
Profit As Systemic Residue
- Wolff explains how capitalist production yields wages for workers and profits for owners from the same output.
- He emphasizes that profit is the residue after replacing inputs and paying labor, driving owners to minimize costs and maximize surplus.