Richard Wolff, Glenn Diesen: US Defeat in Iran and End of the US Empire

by Glenn Diesen [6-17-2026].

(RAD: This is a very thought provoking discussion that deserves our attention. Professor Wolf identifies a feature of capitalism that is generally not understood. It inevitably leads to widening the gap between the poor & the rich. He takes a look at the Chinese hybrid system of capitalism & socialism. How is China going to manage their growth so that they don't fall into the same decline that the US is experiencing? There is no question that Iran has won this war & the implications are being felt throughout the world as nations grapple with the shifting power balances. — RAD)

Prof. Richard Wolff discusses the significance of the U.S. defeat in Iran, which is intensifying the decline of the U.S. Empire.

Richard D. Wolff (born April 1, 1942) is an American Marxian economist and Professor Emeritus at the University of Massachusetts Amherst, where he taught from 1973 to 2008. He currently serves as a Visiting Professor in the Graduate Program in International Affairs at The New School in New York City and has also taught at Yale University, City College of New York, and Paris 1 Panthéon-Sorbonne.

Wolff is a prominent figure in heterodox economics, known for his critical analysis of capitalism and advocacy for workplace democracy. He co-founded the journal Rethinking Marxism in 1988 and the non-profit organization Democracy at Work in 2012, which produces his nationally syndicated radio and television show, Economic Update. He is also a prolific author, with notable works including Democracy at Work: A Cure for Capitalism, Capitalism Hits the Fan, and Understanding Marxism.

Key Biographical Details:

• • Education: He earned a BA in History from Harvard College (1963), an MA in Economics from Stanford University (1964), and both an MA in History and PhD in Economics from Yale University (1967, 1969).
  • Collaborations: Wolff frequently collaborates with economist Stephen A. Resnick, co-authoring numerous books and articles on Marxian theory and class analysis.
  • Personal Life: He lives in New York City with his wife, Harriet Fraad, a psychotherapist, and they have two children. His parents were German-Jewish emigrants who fled Nazism.
  • Media Presence: He is widely recognized in media, with The New York Times Magazine calling him "America's most prominent Marxist economist."