Richard Wolff: "Something SERIOUS Is About To Happen In America..."

Richard Wolff: 

Richard D. Wolff discusses the current economic, political, and social crisis in the United States, presenting an analysis of the decline of American empire and capitalism over the past century. He compares the U.S. with rising competitors like China, emphasizing the failure of U.S. systems to address inequalities, infrastructure issues, and challenges posed by the COVID-19 pandemic. Wolff argues that changing the organization of enterprises to democratize workplaces is essential for recovery and future sustainability.

Key Points:

Economic dominance of the U.S.

Wolff outlines the historical trajectory of the United States as a dominant economic power since World War I, highlighting how this position was achieved largely due to the downfall of other empires like Britain and Germany. He notes that this dominance allowed the U.S. to spread its culture and military influence worldwide.

Signs of decline

The presentation touches on contemporary signs of decline in the American empire, including the pandemic response and its implications, the deterioration of infrastructure, and rising economic inequality. The U.S. has witnessed a significant gap in health outcomes compared to other nations despite its wealth and resources.

Inequality and economic failure

Wolff presents alarming statistics regarding the growing income inequality in the U.S., contrasting the vast wealth of billionaires with the struggles of millions who faced unemployment. He critiques how profit maximization has led to systemic failures that harm the working class.

Global competition with China

The rise of the People's Republic of China is highlighted as a significant new competitor to the U.S. Wolff compares GDP growth rates and living standards of workers in both countries, demonstrating how China's rapid development has outpaced the stagnation faced by American workers.

Need for democratization of enterprises

Wolff concludes with a call for democratizing the organizational structure of American enterprises, advocating for democratic decision-making in workplaces as a solution to current economic issues, inequality, and to foster an economy that serves all rather than a select few.