Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. This week’s program is in a slightly different two-part format that includes: Part 1 is on how and why the government take-over of private corporations need not be and often is not “socialism” and why it is often done to strengthen private capitalists. Part 2 deals with Keynesian economics as a theory that clashes with both the mainstream economics (“neoclassical”) that celebrates private capitalism and with critical theories such as Marxian economics that are opposed to capitalism.
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