by Richard Wolff explains the age old problem of capitalism: To make a profit the capitalists need to sell for more than the products cost to make, which means the wages of the staff won't be quite enough to buy all the products.To some degree they get around this in Europe and Japan, says Richard Wolff, by redistributing wealth through welfare programs and state funded healthcare, which helps people retain purchasing power and this keeps businesses going.Richard Wolff says the U.S. is intent on going the other way which will eventually lead to a crash. [embedded content] Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method.
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To some degree they get around this in Europe and Japan, says Richard Wolff, by redistributing wealth through welfare programs and state funded healthcare, which helps people retain purchasing power and this keeps businesses going.
Richard Wolff says the U.S. is intent on going the other way which will eventually lead to a crash.
Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method.