"Detroit's decline is a distinctively capitalist failure" - Richard Wolff

Interesting piece in The Guardian yesterday by Richard D. Wolff, Professor of Economics Emeritus, University of Massachusetts:

"The auto industry Big Three were loyal only to shareholders, not the people of Detroit. The city was gutted by that social choice."

More:

• Full article at The Guardian
• Copy of the article at Prof. Wolff's personal website

Related:

• Detroit official says bankruptcy only option
• Richard D. Wolff on Global Capitalism: A Monthly Update (May 2013)