"Richard Wolff is the leading socialist economist in the country. This book is required reading for anyone concerned about a fundamental transformation of the ailing capitalist economy."Cornel West
“Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for a much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.”Noam Chomsky
"Probably America's most prominent Marxist economist."The New York Times
Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve.
One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers directing their own workplaces, as the basis for a genuine political democracy.
Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action.
Richard D. Wolff is professor of economics emeritus at the University of Massachusetts, Amherst. He is currently a visiting professor at the New School for Social Research in New York. Wolff is the author of many books, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He hosts the weekly hour-long radio program Economic Update on WBAI (Pacifica Radio) and writes regularly for The Guardian, Truthout.org, and MRZine.
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About the Author
Richard D. Wolff is a American economist, well-known for his work on Marxist economics, economic methodology and class analysis.
Wolff received his Ph.D. in economics from Yale University in 1969. Wolff taught at the City College of New York from 1969-1973, and teaches graduate seminars and undergraduate courses and direct dissertation research in economics at the University of Massachusetts Amherst.
He has authored numerous articles and books and has given many public lectures at colleges and universities (Notre Dame, University of Missouri, Washington College, Franklin and Marshall College, New York University, etc.) to community and trade union meetings, in high schools, etc. He also maintains an extensive schedule of media interviews (on many independent radio stations such as KPFA in Berkeley, KPFK in Los Angeles, WBAI in New York, National Public Radio stations, the Real News Network, the Glenn Beck Show, and so on).
Table of Contents
Part I Capitalism in Deep Trouble 17
1 Capitalism and Crises 19
1.1 Capitalism's Instability and Unevenness 26
1.2 Welfare State Capitalism, 1945-1970s 31
1.3 Capitalism, 1970s-2007: The Crisis Building from Below 37
1.4 Capitalism, 1970s-2007: The Crisis Building from Above 46
1.5 A Digression on What or Whom to Blame 49
2 Crisis and Government Response 53
2.1 The Bailouts and Federal Budget Deficits 56
2.2 The Bailouts and the National Debt 60
2.3 The Bailouts, Monetary Agencies, and Monetary Policies 68
3 Crises, Forms of Capitalism, and Beyond 79
3.1 Capitalism 79
3.2 State Capitalism 81
Part II What Is to Be Done? 85
4 The Major Problems of Private Capitalisms 87
4.1 Distributing the Surplus 88
4.2 Private Capitalism and Democracy 90
5 The Major Problems of State Capitalism 99
5.1 Key Differences between Capitalism and Socialism 100
5.2 Twentieth-Century Socialisms 102
5.3 Socialism and Surplus Analysis 103
5.4 Socialism and Democracy 110
5.5 A Concluding Parable 113
Part III Workers' Self-Directed Enterprises as a Cure 115
6 What "Self-Directed" Means 117
6.1 Worker-Owned Enterprises 119
6.2 Worker-Managed Enterprises 120
6.3 Cooperatives 122
7 How WSDEs Work Internally 123
7.1 The Two Kinds of Workers in Every WSDE 128
7.2 Handling Technical Change 130
7.3 Handling Environmental Issues 133
7.4 Handling the Distribution of Incomes and of Jobs 135
8 Property Ownership, Markets, Planning, and the Efficiency Myth 139
8.1 Macro-Level and Micro-Level Transformations 140
8.2 Ownership of WSDEs 141
8.3 WSDEs and Markets 142
9 Economic and Political Democracy 145
9.1 Democracy in the Workplace 147
9.2 Containing Democracy 148
9.3 Democracy and Crises 151
10 WSDEs in Modern Societies 155
10.1 The Competitive Success of WSDEs 156
10.2 When WSDEs and Capitalist Enterprises Coexist 158
10.3 WSDEs and the State: Economic Flows 161
10.4 WSDEs and the State: Political Flows 165
11 Program and Personnel for Increasing WSDEs 169
11.1 A Federal Jobs Program 169
11.2 Alliances with Cooperative Movements 172
11.3 Alliance with the Trade Union Movement 173
11.4 The "Organic Intellectuals" of the WSDE Movement 175
11.5 A New Independent Political Party 179
About the Author 186
Most Helpful Customer Reviews
Easy to read, important to know, this book, in a matter-of-fact way, presents both the problems of capitalism, as well as some concrete solutions to solve them. The main solution presented is the introduction of Workers' self-directed enterprises, or WSDE's. Wolff argues in favor of this change rather persuasively, provoking the reader to question the basics of capitalism itself-its means of production-as well as why a seemingly simple and effective change such as this hasn't already been made. The only negative one can raise is that the whole book is built around the assumption that capitalism is indeed "sick" and that it can be changed from within the system. Granted you accept that assumption the book makes sense.
Wolff writes that the capitalistic machine is broken and that it cannot be tinkered with any further to wring out ways to prevent financial crises. This is not a new discovery but the ease with which the insights of historical events were used to explain this, gives the layperson a sound grasp of the workings of the capitalist system. The alternative socio-economic system that is proposed, one that is based on worker-directed enterprises, is intricate; giving way to ebbs and flows of hope. Overall, the book is a good source as a reference for the continued germination of thoughts and actions geared towards addressing socio-economic inequalities.
The book consists of two parts: a highly compelling analysis of how the country has gotten into its present economic and political cul de sac, and a proposal for worker-controlled enterprises to alter the dynamics of our economic and political systems. It is worth considering and should attract the involvement of others in developing and promoting the concept. It is weak (because it is a short book) in incorporating and detailing the results of the many experiments in this field, notably the Yugoslav worker management system that was a casualty of the breakup of that country.
This is an excellent book that outlines a way for society to progress from the traditional capitalist organization of production. Its an easy, short read. I recommend it to everyone because the implications of its ideas can help all in society.