Cascading economic problems and crises, coupled with dysfunctional political responses, have plunged many societies into deepening turmoil. Capitalism, the dominant economic system of our time, has once again become the subject of criticism and opposition. A global capitalist system that no longer meets most people’s needs has prompted social movements to arise and coalesce in the active search for fundamental and structural change. The establishment responds with what are called reforms. But they are superficial and quickly circumvented. Historically, the various forms of state socialism and communism do not offer a model or inspiration to those looking for viable alternatives. People are seeking new solutions to address capitalism’s injustices, waste, and massive breakdowns. One such proposal is workers’ self-directed enterprises. Production works optimally when performed by a community that collectively and democratically designs and carries out shared
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.”
Program #WOLR007. Recorded in New York, NY on October 09, 2012.