Today's economic crisis is the most severe since the Great Depression. What are its root causes? The conventional explanations put the blame on greedy bankers who pawned off credit default swaps, sub-prime mortgages, and a smorgasbord of derivatives, on a hapless and helpless public. To make matters worse there was little or no regulation. So if we tinker with some reform measures, pass some legislation, a tax cut here, a little stimulus package there and everything will be hunky-dory. Will it? The seismic failures and problems plaguing Capitalism are systemic and deep. Many people are in dire straits. But not the upper crust. They are riding the gravy train to more riches. Fundamental change is necessary to avoid future collapses. It’s long past time to examine Capitalism itself.
Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. He is the author of numerous books on economics including “Capitalism Hits the Fan.”