10 Years Ago: Wealth & Income Inequality Analysis from Richard Wolff

“We are in a very serious decline, punctuated by rising inequality which reacts back upon and worsens the decline.” To mark Economic Update’s 10th anniversary year, Professor Wolff is revisiting relevant moments from 10 years ago to explore how capitalism, its defenders, and its critics have all changed. For the month of July, Prof Wolff takes a look at income and wealth inequality. “Could [this inequality] in fact explain the rising level of debt that plagued Americans? And the answer was an obvious, ‘Yes.’ Could it have been behind the failure of people to cover their mortgages which led to that crack up of the American capitalist system late in 2008? And again the answer was a pretty obvious, ‘Yes.’“