In this special comment, Professor Richard D. Wolff explains exactly why President Obama is not a socialist.
Over the last 25 years, in collaboration with his colleague, Stephen Resnick, Wolff has developed a new approach to political economy. While it retains and systematically elaborates the Marxist notion of class as surplus labor, it rejects the economic determinism typical of most schools of economics, usually associated with Marxism as well. Common to all of Professor Wolff’s work are two central components. The first is the introduction of class, in its elaborate surplus labor definition, as a new "entry point" of social analysis. The second is the concept of overdetermination as the logic of an analytic project that is consistently nondeterminist.