Complete video at: http://fora.tv/2010/03/03/Richard_Wol...
Think Americans are in debt? Take a look at Great Britain. Economist Richard Wolff predicts that Britain will be the next victim of the global recession, citing that the average British family currently faces a debt amounting to 170% of its annual income.
Join Economics Professor Richard Wolff, University of Massachusetts, for a screening of his film, "Capitalism Hits the Fan," and a Q and A.
Professor Wolff breaks down the root causes of today's economic crisis and traces its source to the 1970s, when wages began to stagnate and American workers were forced into a spiral of borrowing and debt. By placing the crisis in this framework, Wolff argues that proposals for government "bailouts," offers of stimulus packages, and calls for increased market regulation will not address the real causes of the crisis. He suggests that far more fundamental change is necessary to avoid future catastrophes. Richly illustrated with motion graphics, "Capitalism Hits the Fan" is a superb introduction to the unraveling economic crisis for ordinary citizens. - The New School
Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City. He also teaches classes regularly at the Brecht Forum in Manhattan.
Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne).