Today on The Socialist Program, Professor Richard Wolff joins the conversation to analyze the role of the working class in creating value within capitalist systems, elucidating Marx's concept that labor is the source of all value. He challenges the conventional economic wisdom by explaining how every production process relies fundamentally on labor, noting that workers are often not the owners of the full value they produce. Professor Wolff deconstructs the unjust nature of capitalism, where employers profit by paying workers less than the value their labor adds, thereby accumulating wealth from the surplus created by workers. He further dispels the myth that capitalists' unique skills justify this wealth accumulation, providing the example of Spain's successful Mondragon Cooperative Corporation as evidence that workers can effectively manage production.
