The Economic Downturn Is Here with Professor Richard Wolff

Interview recorded - 9th of July, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming on Professor Richard Wolff. Richard is a well-known critic of an alternative contemporary economic system, host of the Economic Update and Founding Director of Democracy at work.

During our conversation we spoke about his thoughts on the economy, why the US may not be the strongest economy, causes of economic inequality, direction of travel and more.

0:00 - Introduction
1:30 - Richard’s outlook on the economy?
4:34 - United States strongest economy?
9:56 - Side-effect of one world power?
12:41 - Challenge with bureaucracy
17:02- Causes of inequality?
24:27 - Globalisation of wealth
27:22 - What is the direction of travel??
32:52 - One message to takeaway from our conversation?

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.

Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also regular lecturer at the Brecht Forum in New York City.

Prof Wolff is the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update.

Professor Richard Wolff:

YouTube: @RichardDWolff

WTFinance -

[WTFinancepodcast]

Do you agree with Richard that the economy is going down?

[marckenny]

This man explains the situation so simply, absolutely brilliant

[graceamsterdam]

Well said Richard, I so agree with you! And very nice that you give economy lessons at elementary schools! ❤️

[jackshultz]

In 1908, there were 243 automakers in the US. By 1929, the number was reduced to 44, and by 1940, the Big 3 had 90% of the market in the US.
Today, there are 241 automakers in China fiercely competing for market share. In the US and Europe, the age of monopoly capitalism set in long ago, devolving from industrial capitalism to financial capitalism, deindustrializing the country.
After decades without any meaningful competition, the industries that remain are unable to survive in a competitive environment.

[aplmak]

Richard really knows his stuff!! Excellent interview.

[Steve-rzhm]

As usual, great stuff from Professor Richard Wolffe. How I wish this world have more wise people like Professor Richard Wolffe.... and the world will be more

[marksmit]

Thats excellent you hosted Dr Wolff, his perception and understanding of economics is exceptional.

[davidluckens]

Listening to Prof Wolff's discussion of the economic and social forces at work in an empire which can no longer afford itself, I'm reminded of the first words in WFB'S manifesto in the first edition of the massively reactionary, National Review."we stand athwart history, and yell, "STOP"-The issue was published in the Fall of '55.The right wing in the USA began its project of "stopping history", as soon as the Depression and WW2 were over, and it was "safe" for it to do so.Dr Wolff is so eloquent in pointing that out.Peace.

[crazydigitalmusic]

I'm 69 and living in Europe and indeed, you could see it coming but not by reading the manipulated mainstream media !

[NicoleAniston-o]

The belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?

[jkinder]

He is absolutely correct. There is an irreversible change going on in the world economy. And, unfortunately, most Americans don’t realize what’s happening.. The U.S. will continue to decline…..Trump won’t or can’t stop it….

[blackgrandpa]

Professor Richard Wolff always makes complicated information so simple to understand and he is very passionate when delivering the information 😮

[kdacuna]

Love Professor Wolff’s take on our situation because it’s brutally honest. You won’t hear this in the media.

[oomar]

Thank you for letting the professor speak!!!

[KevinOge-msby]

The US economy works very as does the American economic system, but mostly for its wealthy citizens, with breadcrumbs for the masses. The system works as intended… for the rich.

[pcjzzor]

Professor Richard wollf is worth listening to !

[Summonergeek]

Found you looking for proff Wolff. Subscribed after watching. 😊

[enzoh]

First time to come across ? listen to your channel, ,
Informative and a real great guest, truly no bs talk .
Subs'ed immediately.

[drakekoefoed]

In 2023, it was estimated that over 161 million Americans were in some form of employment, while 3.64% of the total workforce was unemployed. (Source: “U.S. total employment and unemployment rate 1980-2029”). 15M is 10%. that means a tripling of unemployment. the figures are lies, but all the homeless people now have much less chance of getting a job, and wages at the bottom will go down when they are already too low

[lupemerrit]

Excellent ! The speaker explains without partiality. He’s telling it like it is.