Economic Update

Economic Update- Unions and Strikes are the People’s Power

This week's show brings updates on unionization of Stanford University grad student workers, UPS's 350,000 workers vote and prepare for strike, 2.5 million public employees in Germany strike and win big wage gains, LA sees biggest hotel workers strike in 50 years, win big wage gains at LA's biggest hotel. Major discussion of markets' failures using 2 examples: (1) FDR replacing markets with government rationing in World War 2, and (2) using the market to distribute housing causes gentrification and homelessness. Short concluding discussion of the reform vs revolution debate.

Economic Update- China: Capitalist, Socialist, or What?

On this week's episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.

Economic Update- Today’s Class Struggles with Chris Hedges

This week's updates focus on US small/medium businesses converting to worker coops, the strikes at the US west coast ports and UPS, an employer uses a fake priest to get workers' confessions for employers' use, and the state of Delaware allows businesses to vote in local elections (alongside individuals).  In the second half we interview Chris Hedges on the class struggles going on here and now.

Economic Update- Declining Global Inequality and Socialism

 This week's updates focus on the ridiculously low ranking of the U.S. among OECD nations, why & how mega-corps get richer faster than we do, the palpable solidarity between the Labor Unions and the writers' strike in the U.S, the UPS teamsters 97% vote to strike beginning on Aug 1, and how Pfizer fails to maintain supplies of penicillin. The major topics of discussion include why global inequality among nations is now falling, and why the phrase "socialism does not work" is flat out wrong.

Economic Update- Class Struggles and Socialism

This week's show includes updates on the US west coast ILWU strike, unemployment compensation for strikers, 1700 CT caregivers strike against austerity, as well as discussing Mexico's fight with the US over Mexico's ban against GMO white corn imports from the US. The major topics of discussion focus on (1) ignorance about socialism among its enemies and (2) the four basically different kinds of socialism in the world today.

 

 

Economic Update- Capitalism’s Costly Contradictions

This week's show brings updates on the real US unemployment problem, discusses how the US Congress betrays students on the student debt crisis.  It also details how huge majorities polled support US teachers with increased teachers pay, teachers' freedoms to teach about race, and teachers'  power vs boards of education and state governors, as well as discussing the importance of the ILWU strike shutting down west coast seaports. The second half of the show features major discussions of capitalism's contradictions around (1) capitalists forever "saving on labor costs,"and (2) capitalists cel;ebrating self-correcting markets.

Economic Update- Germany, US, China: a Stressed Global Economy

This week's updates focus on the German recession, deadly drug wholesalers, and immigrants in the US labor force, as well as oil and gas profiteers.  In the latter half of the show the economic facts on China's economic reality will be discussed and the origin and source of profits in Marxian economic theory will be detailed.

Economic Update- The Banking Crisis Demystified

This week's Economic Update focuses on the merger of collapsed First Republic Bank and JP Morgan Chase bank, making a "too big to fail" bank even bigger,  and the cost of FDIC bank bailouts and mergers.  We also present the timeline of policies leading to bank crises and give a brief history of government failures to supervise private banks. 

Economic Update- The ”Great Debate” that Wasn’t

Throughout capitalism's history, the big topic in economics was how far the government should intervene in the economy. Conservatives wanted minimum intervention while liberals and socialists wanted much more. In fact, government intervention mostly aimed at saving, protecting, supporting capitalism. The genuinely "great debate" could and should have been about the strengths and weaknesses of capitalism versus those of a real alternative system, socialism. 

Economic Update - Corporations vs Democracy

In this week’s show, Prof. Wolff analyzes the corporation. It stands as a basic institution blocking real democracy in our society. The corporation's structure and operations empower and enrich a tiny social minority at the expense of the people's wealth and democratic power. Like the critiques of slave plantations and feudal manors that preceded the disappearance of those systems, the growing critique of capitalism reflects but also informs critical social movements now.