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Didn't catch the part about what Professor Richard Wolff would do when capitalism failed. He just said how he believed it would fail and why it would fail but not what would happen next. I could give you what he's said in the past about what should replace capitalism, at least in its current form in America.
And he's argued in the past for simply replacing capitalism with a Marxist economic system of state ownership across the board, and a few months ago I read a column of his arguing for economic cooperatives, which is a more Socialist form of capitalism, where the employees themselves would each own a share of the business at which they work, not government, which is different. I believe this is an excellent alternative to the corporate centralized model as long as it is not mandated by government but where management or individuals make the decision to cooperate themselves, for lack of a better word, but I didn't hear him call for these things in this video.