Economic Update: The Contributions of Karl Marx - Part 4

Part 4 of 4 

Professor Wolff takes a deeper look at the life and work of Karl Marx in celebration of the 200th anniversary of his birth. The full four-part series is available on Patreon:

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Prof. Wolff's latest book "Understanding Socialism" is now available.  Click here to get your copy!

"Understanding Marxism" is also still available:


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Showing 2 comments

  • J. Witt
    commented 2020-01-04 23:55:48 -0500
    Segments 1 thru 3 are simple economics, that I read in a very thin book, many years, ago. With the loopholes, and extra credits handed out to the wealthy and corporations, we have scaminomics.
  • OrdinaryBloke Again
    commented 2019-12-30 18:32:38 -0500
    Dr. Wolff points out that crapitalism as well as past economic systems had as a central problem the relationship between employers and employees, feudal lords and surfs ect.

    If cooperatives are the way forward to a new economic system as Karl had argued an other relationship needs to be studied the one between:
    1. coop workers willing to give their labor
    2. coop workers willing to give their labor and take responsibility.

    The later may be taking responsibility in the face of an draconian environment, hostile to any small company or co-op.
    (ex: around 75% tax on small business earnings (income, sales TAX (sic), insurance, fees ect) including 95% prepayment of next years tax, all the above regardless whether actual sales have been cashed in. Including a procedural penal system based on fines that cannot be explained rationally other than by the concept of inverted totalitarianism as described by Wollin.

    How do you manage relationships between these two groups of people in such an environment if more co-ops are to succeed? A more important question than dividing the surplus is to think what to do about the deficit. How do you socially handle the deficits, fines and penalization. If there is knowledge how to handle such problems, people may be less scared and more motivated to work in this way. However some co-op workers may have to pay the wages that Chris talked a while ago, so that others can continue in the future.

    PS1: By the way you accept Bitcoin please make a note of that
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    Thank you
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