In this address to Icelandic Labor Movement, Richard Wolff advocates for a radical reorganization of the workplace into worker cooperatives as a strategic solution to capitalism's deep-seated issues. He acknowledges the current unique struggles of American capitalism and the decline of the American empire, drawing parallels to Britain's historical economic descent. Wolff emphasizes that with capitalism in significant turmoil, there's an opportunity for strategic initiatives like worker co-ops, which are not a standalone solution but part of a broader goal for economic transformations. During the interview, Wolff also critiques capitalist strategies and highlights the increasing labor militancy in the United States as a response to systemic economic failures. Lastly, he suggests that the problems facing modern capitalism could be countered by government support of worker cooperatives, thus challenging the traditional profit-focused enterprise structure.
