Richard Wolff joins Danny Haiphong to discuss his view on how the last year led to an acceleration in the decline of US hegemony and how economic war on Russia, China, and BRICS is shaping the new world order.

Prof Wolff joins Dialogue Works and Michael Hudson to discuss various aspects of socialism, the economic systems in Europe and China, the impact of military interventions on economies, and the consequences of sanctions. They highlight the challenges and contradictions within socialist parties in Europe, the different models of socialism, and the role of military actions in shaping global economic dynamics. The conversation also touches upon the sanctions imposed on Russia and their unintended consequences on the global automobile industry.

On this episode of The Socialist Program Walter Smolarek and Prof. Richard Wolff discuss the dramatic new report from the IMF showing that 40 percent of all jobs in the world could be impacted by the introduction of Artificial Intelligence. Fears are deepening about mass unemployment, exploding inequality, and other potential consequences of the integration of this new technology into the world capitalist system.

Prof Wolff, Michael Hudson join Dialogue Works to discuss economic challenges faced by countries like Argentina due to high levels of debt and inflation. The conversation delves into global movements advocating for debt forgiveness, emphasizing the potential impact on politics and economics. The speakers question the widely held perception of capitalism as the most effective system, attributing it to the ideological dominance established by the United States as a global empire. They discuss the evolution of capitalism, noting a shift towards finance capitalism or neo-feudalism and drawing a comparison between the economic approaches of the US and China. The critique extends to the lack of democracy within workplaces under capitalism, highlighting contradictions between employment structures and societal ideals of democracy. Additionally, the rise of the professional managerial class and the potential challenges posed by automatic intelligence are explored.

Article by Richard D. Wolff

"In 1863, the Russian social critic, Nikolay Chernyshevsky, published a novel entitled “What Is to Be Done?” Its story revolves around a central heroine, Vera Pavlovna, and her four dreams. It brilliantly intertwines her personal life and the social turmoil of Russia’s transition at the time from feudalism to capitalism. Chernyshevsky, a revolutionary imprisoned by the Czarist government, wrote a novel that was nothing less than a pioneering work of socialist feminism. In it, he also passionately appealed for an urban, industrial economy based on worker cooperatives, a modern and transformed version of Russia’s earlier agrarian communes. An appreciative Lenin entitled one of his most important political pamphlets, published in 1902, 'What Is to Be Done?'"

Professor Richard Wolff presented and discussed the potential of worker cooperatives with "The Brock Press" - a small Canadian business that recently converted into a cooperative. The conversation covered various aspects of transitioning to a worker cooperative model, emphasizing the importance of advocacy and raising awareness. The discussion touched upon scenarios where retiring business owners may choose to transition their enterprise into a cooperative, and Professor Wolff addressed questions about expertise in business and finance, highlighting the cooperative's ability to seek external expertise when needed.

Prof. Wolff joins Dialogue Works to discuss the current geopolitical situation, focusing on the conflict in Ukraine. He criticizes the miscalculations made by the Biden administration, citing three major errors in their approach. Wolff emphasizes the failure of sanctions against Russia and the inability to isolate the country, leading to a weakening of the United States' global dominance. He argues that the Ukraine war is a disaster, with Russia gaining dominance and the West facing difficulties in coordinating its efforts. Wolff also expresses concern about the impact on the U.S. political future, particularly for Biden and his administration. He concludes by highlighting the potential shift in European politics away from the U.S. and towards a more independent stance, influenced by the changing global dynamics.

In this conversation, Prof Wolff and Brian Becker analyze the mainstream's optimistic view of the economy's soft landing in 2023. Wolff critiques the one-sided narrative, emphasizing capitalism's inherent instability, rising inequality, and global challenges. The discussion delves into the Democrats' struggles to formulate a compelling message for Biden's potential reelection, urging a more comprehensive debate on the flaws within the economic system.

We are living through a fast-changing world economy. The dominance of the US since 1945 is now ending and being replaced by a Chinese-led multi-polar world. This in turn changes the nature of capitalism and the prospects for socialism. This talk explores the links among all these developments.