In this exclusive Monthly Update series, leading economist and professor Richard D. Wolff tackles the pressing global economic events in February 2012 and their consequences. Well-known for his work on economic methodology and class analysis, each month Professor Wolff examines current events and of-the-moment trends that are shaping the global economy, and aims to develop the audiences understanding of and ability to articulate the key economic developments of our time."
Richard D. Wolff
Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York. Wolff has also taught economics at Yale University, City University of New York, University of Paris I (Sorbonne), and The Brecht Forum in New York City. In 2010, Wolff published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released as a DVD. He will release three new books in 2012: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick (Cambridge, MA, and London: MIT University Press), and Democracy at Work (Chicago: Haymarket Books).
Wolff hosts the weekly hour-long radio program Economic Update on WBAI, 99.5 FM, New York City (Pacifica Radio). He writes regularly for The Guardian, Truthout.org, and the MRZine. He has been interviewed on RT-TV, Amy Goodman’s Democracy Now!, Al Jazeera English, Thom Hartman, National Public Radio, Alternative Radio, and many other radio and TV programs in the United States and abroad. The New York Times Magazine named him “America’s most prominent Marxist economist.” His work can be accessed at rdwolff.com. Wolff lives in Manhattan with his wife and frequent collaborator, Dr. Harriet Fraad, a practicing psychotherapist (see podcasts at www.rdwolff.com on psychology and economics).
Economics professor Richard Wolff breaks down Greece's latest round of European Union bailout loans. He deems the Greek crisis to be a "flash point" for global economics, and warns that the United States may follow a similar path.
Economics professor Richard Wolff attributes the global economic crisis to the failure of the capitalist system. He argues that the root cause of the problem is over-borrowing, and that capitalism runs on an unsustainable cycle.