Current Affairs The End of American Empire (w/ Richard Wolff)
Jun 3, 2025
In this discussion, Richard Wolff, host of Economic Update and author of multiple books on economics, takes listeners on a deep dive into the complexities of capitalism. He argues that economics is intentionally obfuscated, hindering public understanding. Wolff critiques the myth of capitalism's prosperity, revealing its roots in instability and inequality. He analyzes Americaâs imperial decline and challenges the economic narratives fueling anti-immigrant sentiments, emphasizing the positive impact of immigrants on the economy. A thought-provoking exploration of power dynamics and economic truths!
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Economics Obscures Simple Truths
- Economics is taught to obscure simple realities, leaving society with low economic literacy.
- This confusion affects everyone from workers to politicians and media alike.
Power Dynamics at Work
- Workplace power is real and one-sided: bosses can fire workers, who have no reciprocal power.
- This reality contradicts myths of freedom and equality often celebrated in capitalism.
Failures of Economic Models
- Mainstream economic models fail to predict crises like 2008, exposing their fundamental limitations.
- This contrasts with Marxist analysis which anticipated capitalism's instability.
