#1021 Richard Wolff: Socialism, Marxism, and Trump's Second Term

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Dr. Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts, Amherst. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City. He is also the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update. Over the last 25 years, in collaboration with his colleague, Stephen Resnick, he has developed a new approach to political economy. While it retains and systematically elaborates the Marxist notion of class as surplus labor, it rejects the economic determinism typical of most schools of economics and usually associated with Marxism as well.

In this episode, we start by talking about socialism and its different versions. We discuss the impact of Soviet Russia and Mao’s China in how people think about socialism and communism. We discuss a common misconception that claims that socialism has always failed. We then talk about Marxism. We discuss the most recurring problems of capitalism with a focus on inequality and instability, and how people react to economic and political instability. Finally, we discuss what a second Trump presidency represents to Americans and the rest of the world.

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