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Richard D. Wolff Quotes

Richard David Wolff is an American Marxian economist known for his work on economic methodology and class analysis. He is a professor emeritus of economics at the University of Massachusetts Amherst and a visiting professor in the graduate program in international affairs of the New School. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I , and The Brecht Forum in New York City.

In 1988 Wolff co-founded the journal Rethinking Marxism. In 2010 he published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released on DVD. In 2012 he released three new books: Occupy the Economy: Challenging Capitalism, with David Barsamian , Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick, and Democracy at Work . In 2019 he released his book Understanding Marxism.Wolff hosts the weekly 30-minute-long program, Economic Update, which is produced by the non-profit Democracy at Work, which he co-founded. Economic Update is on YouTube, FreeSpeech TV, WBAI-FM in New York City , CUNY TV , and available as a podcast. Wolff is featured regularly in television, print, and internet media. The New York Times Magazine has named him "America's most prominent Marxist economist". Wolff lives in Manhattan with his wife and frequent collaborator, Harriet Fraad, a practicing psychotherapist. Wikipedia  

✵ 1. April 1942
Richard D. Wolff photo
Richard D. Wolff: 18 quotes1 like

Famous Richard D. Wolff Quotes

“Workers must form worker-run cooperatives. Then we can buy goods and services only from worker-run cooperatives, and that would end global sweatshop slavery.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“College students are not happy with answers from professors. Students are challenging them. A tension is growing. Students are chained to student debt they cannot possibly pay back…. This system no longer works for them, and they know it.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“When workers make the decisions, you stop outsourcing jobs, you stop the wealth gap, you stop inequality.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“Now, do you think workers would vote to unequally redistribute profits? Of course not. They would vote for equitable distribution.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“If you don’t want inequality, don’t unequally redistribute it in the first place: Workers must equitably distribute all profit equally to all workers. After all, profit is merely surplus value of labor, and that belongs to all workers.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“The wealth gap between rich and poor is the result of a board of directors dividing up the profits and keeping the lion’s share for themselves.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

Richard D. Wolff Quotes about people

“A corporation has a tiny minority of people at the top, executives and the board of directors, who make all the decisions. Workers are forced to live with their decisions, yet have no voice in such decisions. I say it is time to bring democracy to the workplace.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“The third reason capitalism gets blame here is that alternative systems—those not driven by a profit-first logic—could manage viruses better. While not profitable to produce and stockpile everything needed for a viral pandemic, it is efficient. The wealth already lost in this pandemic far exceeds the cost to have produced and stockpiled the tests and ventilators, the lack of which is contributing so much to today's disaster. Capitalism often pursues profit at the expense of more urgent social needs and values. In this, capitalism is grossly inefficient. This pandemic is now bringing that truth home to people.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“The second reason I focus on capitalism is that the responses to today's economic collapse by Trump, the GOP and most Democrats carefully avoid any criticism of capitalism. They all debate the virus, China, foreigners, other politicians, but never the system they all serve. When Trump and others press people to return to churches and jobs—despite risking their and others' lives—they place reviving a collapsed capitalism ahead of public health.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“A country that promises it is committed to democracy has never faced the fact that in the enterprise we don’t have democracy. We have a tiny group of people making all the decisions. And that’s not a good idea. And maybe now we can face that the decisions they’ve made, individually and collectively, have plunged us into a situation where we cannot afford the luxury of not facing basic questions about how our economy is organized. We should have done it for the last 50 years. Maybe this new generation of young people coming into the Congress will begin that conversation and, hopefully, bring us along into a national debate on these subjects, which is long overdue.”

Richard D. Wolff

We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

“We have a lot of employment, but the quality of the jobs has collapsed over the last 10 years. The people who work now used to be people who had a job with good income, good benefits and good security. The jobs, overwhelmingly, created have none of those things: low wages—that’s why our wages have gone nowhere; bad benefits—those are shrinking, pensions and so on; and the security is virtually gone. One of our biggest problems in America is people don’t know one week to the next what hours they’re working, what income they’ll get. You can’t have a life like this. So, what we’ve done is we’ve ratcheted down the quality of jobs. We’ve made people use up their savings since the great crash of 2008, so they’re in a bind. They have really no choice but to offer themselves at lower wages or at less benefit or at less security than before, which is why there’s the anger, which is why there was the vote for Mr. Trump in the first place, because this talk of recovery really is about that stock market with the funny money that the Fed Reserve pumped in, but is not about the real lives of people, which are in serious trouble, hence the numbers, like a average American family can’t get a $400 emergency cost because it doesn’t have that kind of money in the background. So, you’ve undone the underlying economy, you have this frothy stock market for the 1 percent, and this is an impossible tension tearing the country apart.”

Richard D. Wolff

We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

“Well, you know, the irony is, it’s one of the bizarre ways an economy works. There was no incentive to take all that money and go in and produce things that might have driven up prices and so on, because the people in America can’t afford to buy it. Our wages have been stagnant. The debts have been so big that people are afraid to borrow the way they once did, even though they still do, but not at the growing scale as before. So, all that extra money kind of went into the stock market to make itself make quick money by buying shares, hoping that they would go up. And if all the rich people who get it into their hands do that kind of thing, you see the stock market go up, but the underlying economy doesn’t go anywhere. And again, after a while, that’s not a sustainable arrangement.”

Richard D. Wolff

On why hasn’t inflation increased dramatically in the U.S despite the Federal Reserve kept interest rates low.
We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

Richard D. Wolff Quotes

“A worker-coop based economy—where workers democratically run enterprises, deciding what, how and where to produce, and what to do with any profits—could, and likely would, put social needs and goals (like proper preparation for pandemics) ahead of profits. Workers are the majority in all capitalist societies; their interests are those of the majority. Employers are always a small minority; theirs are the "special interests" of that minority. Capitalism gives that minority the position, profits and power to determine how the society as a whole lives or dies. That's why all employees now wonder and worry about how long our jobs, incomes, homes and bank accounts will last—if we still have them. A minority (employers) decides all those questions and excludes the majority (employees) from making those decisions, even though that majority must live with their results. Of course, the top priority now is to put public health and safety first. To that end, employees across the country are now thinking about refusing to obey orders to work in unsafe job conditions. U.S. capitalism has thus placed a general strike on today's social agenda. A close second priority is to learn from capitalism's failure in the face of the pandemic. We must not suffer such a dangerous and unnecessary social breakdown again. Thus system change is now also moving onto today's social agenda.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“​In the light of the coronavirus pandemic, I focus criticism on capitalism and the vulnerabilities it has accumulated for several reasons. Viruses are part of nature. They have attacked human beings—sometimes dangerously—in both distant and recent history. In 1918, the Spanish Flu killed nearly 700,000 in the United States and millions elsewhere. Recent viruses include SARS, MERS and Ebola. What matters to public health is each society's preparedness: stockpiled tests, masks, ventilators, hospital beds, trained personnel, etc., to manage dangerous viruses. In the U.S., such objects are produced by private capitalist enterprises whose goal is profit. It was not profitable to produce and stockpile such products, that was not and still is not being done. Nor did the U.S. government produce or stockpile those medical products. Top U.S. government personnel privilege private capitalism; it is their primary objective to protect and strengthen. The result is that neither private capitalism nor the U.S. government performed the most basic duty of any economic system: to protect and maintain public health and safety. U.S. capitalism's response to the coronavirus pandemic continues to be what it has been since December 2019: too little, too late. It failed. It is the problem.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism's scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to "solve" all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by central banks had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of income and wealth reached historic highs. ​In short, capitalism had built up vulnerabilities to another crash that any number of possible triggers could unleash. The trigger this time was not the dot.com meltdown of 2000 or the sub-prime meltdown of 2008/9; it was a virus. And of course, mainstream ideology requires focusing on the trigger, not the vulnerability. Thus mainstream policies aim to reestablish pre-virus capitalism. Even if they succeed, that will return us to a capitalist system whose accumulated vulnerabilities will soon again collapse from yet another trigger.”

Richard D. Wolff

COVID-19 and the Failures of Capitalism (2020)

“The desperate policies of panic-driven governments involve throwing huge amounts of money at the economies collapsed in response to the coronavirus threat. Monetary authorities create money and lend it at extremely low interest rates to the major corporations and especially big banks "to get them through the crisis." Government treasuries borrow vast sums to get the collapsed economy back into what they imagine is "the normal, pre-virus economy."”

Richard D. Wolff

Capitalism's leaders are rushing into policy failures because of their ideological blinders.
COVID-19 and the Failures of Capitalism (2020)

“So to change inequality in our nation, we must change the organization of the workplace. Until you do that, you’re not serious. You won’t solve any problems by redistributing: Even if you have progressive income tax, the rich will always figure out a way to hide their fortune in overseas tax shelters. So the solution is to equitably distribute profits in the first place.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

“Workers must control the workplace: If workers made the decisions, do you really think they would vote to outsource their own jobs to China? Of course not. Would workers vote to pollute their own air and water and poison their own kids just to make an extra nickel in profit? Of course not.”

Richard D. Wolff

Global Capitalism Monthly Update (12 March 2014)

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