"Low-Wage Capitalism" Author Speaks in San Diego (tags)
Fred Goldstein, contributing editor of the Workers' World newspaper and author of the new book "Low-Wage Capitalism," spoke at the Malcolm X Library April 18 and described the current economic collapse as a classic "crisis of overproduction" in the Marxist sense. Though Wall Street greed and the bursting of the housing bubble played a part, he said, the real cause was the capitalist class's success in driving working people's wages down, not only in the U.S. but worldwide, to the point where workers can no longer afford to consume the products they produce. He called for a mass progressive movement to make explicit economic demands, especially jobs.