Economic Update - Profit-Driven Capitalism - 05.17.15

20May

In this edition of Economic Update, we look at Verizon's purchase of AOL, why Facebook's "contribution" to ending inequality falls so short, how latest $$ gift to Yale increases inequality, how UK elections reflect "scapegoat economics, and why deadly Mediterranean migrations reflect capitalism's globally uneven development. We also respond to listener questions on (1) Americans' attitudes toward income and wealth inequality by our analysis of recent Gallup Polls and (2) whether student debts can lead to reduced Social Security benefits and what that means. This edition's major discussions (1) build on "sharing unemployment" to show how we can combine respect for our natural environment with a fair sharing of the leisure that could result, and (2) analyze the significance of recent guilty pleas by major banks for manipulating currency exchange rates for their private profit.