AskProfWolff: Western Capitalism’s Decline
- 2 years ago
A Patron of Economic Update asks: "Hello Professor Wolff, I’m not sure how familiar you are with Canadian economics but things are very bad here. The average home price in 1980 was $47k ($163k adjusted for inflation), in 2000 it was $119k ($190k adjusted for inflation). Between January 2020 and March 2022, the average home price soared from $504,350 to $795,952. The average home price in my town, with a population of 100,000, is $1 million now. My entire generation has been bought out of the housing market. The annual average earnings of full-time employees in Canada is a little more than $54,630. Average hourly wages in Canada have barely budged in 40 years. Now, the Bank of Canada increased interest rates to 8.1%. We’re told this is due to supply chain management issues, bottlenecks. Yet corporations are making record profits. Canada is experiencing neoliberalism on crack. What’s the solution? Do we need more unions? What can be done? Why are they increasing inflation now?"
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwork/community.
Ask Prof Wolff is a @Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
_________________________________________________________________________
Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richard-d-wolff/understanding-marxism/hardcover/product-7zr2y4.html?page=1&pageSize=4
“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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork
_________________________________________________________________________
Follow Wolff ONLINE:
Web: http://www.rdwolff.com
Patreon: https://www.patreon.com/democracyatwork
Twitter: http://twitter.com/profwolff
http://twitter.com/democracyatwrk
Facebook: http://www.facebook.com/EconomicUpdate
http://www.facebook.com/RichardDWolff
http://www.facebook.com/DemocracyatWrk
Daily Motion: https://www.dailymotion.com/democracyatwrk
Subscribe to the EU podcast: http://economicupdate.libsyn.com
Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwork/community.
Ask Prof Wolff is a @Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
_________________________________________________________________________
Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richard-d-wolff/understanding-marxism/hardcover/product-7zr2y4.html?page=1&pageSize=4
“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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork
_________________________________________________________________________
Follow Wolff ONLINE:
Web: http://www.rdwolff.com
Patreon: https://www.patreon.com/democracyatwork
Twitter: http://twitter.com/profwolff
http://twitter.com/democracyatwrk
Facebook: http://www.facebook.com/EconomicUpdate
http://www.facebook.com/RichardDWolff
http://www.facebook.com/DemocracyatWrk
Daily Motion: https://www.dailymotion.com/democracyatwrk
Subscribe to the EU podcast: http://economicupdate.libsyn.com
Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/