economic methodology and class analysis he's professor of economics emeritus at the university of massachusetts amherst and is currently a visiting professor in the graduate program of international affairs at the new school university in new york city his latest book is capitalism hits the fan a global economic meltdown and what to do about it i'm pleased to welcome from our studios in new york city dr richard wolfe richard wrangham. thank you very much. eet let's define some terms first of all i am continually astounded on the radio program that i do during the day by the number of people who call or who are obviously. just basic working people who identify themselves as capitals it's what in your in your. business as well as an economist what is the real definition of a capitalist and of capitalism. well capitalism is a system in which we basically organize the production of all the goods and services that people depend on in the following way a small group of people who have a lot of money cut a deal with a lot of people who don't and the deal is i will pay you a wage and a salary if you come to wo