Ask Prof Wolff: Falling Profits & Undemocratic Decisions

A Patron of Economic Update asks: "What are some potential macroeconomic consequences if a significant number of corporations began to experience a profit rate that is near 0 or even less than 0? Thank you!"

This is Professor Richard Wolff's video response.

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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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[democracyatwrk]

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[loisk]

Whoa...mind is blown. Econ 101, Prof Wolff style: "Profit is a category that exists to reproduce capitalism and the individuals in It, and the inequalities of it."

[buckenfuzz]

One possible, and frightening consequence of a falling profit rate is that capitalists will attempt to manufacture conflict. The reason being that historically wars have been very lucrative, and can give a temporary boost to the profit rate.

[Voidsworn]

This reminds me of something I lived in over a decade ago. I was temporarily living in, I think it was somewhere near Mercer, Pennsylvania? Anyway, it was a severely economically depressed area. Why? Long ago big business sucked what they cold out and then abandoned it.

[emiebex]

Thanks Professor Wolff for dropping some Hard Facts. Learning something new is always important.

[dinahnicest]

Growing up un the cold war, we were taught that communism needs to spread to the whole world in order to succeed. They didn't tell us that capitalism needs room for eternal expansion.

[petersepall]

The less profits are shared the more antidemocratic, not just undemocratic, decisions become necessary to hold onto the power to make profit.

[cheri]

Let the world know the truth Professor Wolfe. I learn so much from you everyday and you are appreciated!!! ❤️

[imbalancedstatus]

Thanks for this... I have always thought the same.. eternal growth is just not possible.

[helengarrett]

Professor Wolff strikes again! This is the truth and this is why I pay attention to a Marxist economist. It must makes sense.

[EsmondLyons]

Compassion and love are part of economic activity in the new parallel society. The system of exploitation is being replaced with an enlightened model.

[BackpackandGear]

Corporations used to be good when they looked out for stakeholders, all people involved in a corporation. Today, corporations are evil because they only look out for shareholders and not stakeholders! Their time has passed and it is time to eliminate corporations!

[kathyfaulk]

You are talking about massively profitable corporations. You are not talking about small business owners who cannot pay the rent. Whole different story.

[vaughnz.]

The lack of understanding as to how our economic system works is distressing. People spend much more time, effort and money on entertainment and other distractions. That is not merely due to chance.

[robertbentzel]

Some of you have contrasting opinions and that’s fine. But don’t for a second you know more then Wolff. You dont

[luigidimartino]

Great prof. Wolff. The irresponsibility of these gentlemen at the top is devastating. The unemployed who do not find work fall on the shoulders of the state that must help them with social help, that is, on the shoulders of the community. Not to mention the psychological consequences for the victims that derive from it. The solutions mentioned by the professor are wise, Another solution is to offer the company to the workers who would manage it as in a cooperative. This has already been explained by the professor in an excellent way.

[tanujSE]

Wish good times with struggle to Professor Richard Wolff
Red salute

[reubenmorris]

Executives are definitely the most useless people at the company. They don't swing hammers, turn a screwdriver, drive a forklift, operate a crane, or verify a product meets standards. They make the most impactful decisions with the least amount of detail.

[AudioPervert]

while the earth sinks into mass extinction, massive loss of ice, plastic and biome found in 90% living things (yes that includes us human beings) He stands there, talking about profit and economics. Then expects people to throw dimes in the economy of hope labour (patreon)... This is beyond regressive, sir.

[jean-pierredevent]

Through it all, I feel a confusing crisis of values. Of course nobody works if the next day, the government comes to collect it all. On the other hand, living for"profits" becomes problematic today. The whole world gets polluted, noisy and "fished empty".Being industrious and hard working is a good value, but the system leads easily beyond that, to total exploitation, abuse and greed
There are so many other very rich now. The whole system starts to look as immature and empty.