Economic Update

Economic Update: New Economics Institute with Clara Mattei

In this week's episode of Economic Update, Professor Richard Wolff delves into the heroic efforts of California firefighters and their extraordinary work in battling the recent wildfires in Los Angeles. We also explore the progressive transformations occurring within U.S. labor unions and shed light on the escalating housing affordability crisis across the United States.

Additionally, we interview Professor Clara Mattei, Director of the newly established Center for Heterodox Economics in Oklahoma. Professor Mattei shares details about this groundbreaking initiative, outlining its goals, mission, and activities, as well as how it distinguishes itself from mainstream economic approaches.

 

Economic Update: Trump's Anti-Immigrant Campaign

 In this week's episode of Economic Update, Professor Wolff explores the economic consequences of the United States threatening Mexico and Canada. We also highlight how worker co-ops are joining forces with unions to strengthen both movements and examine the economics of the illegal drug trade. Additionally, we discuss the significance of Indonesia joining BRICS.

Economic Update: Persistent Homelessness: Capitalism's Housing Failures

 On this week's episode of Economic Update, Professor Wolff discusses updates on deep political corruption: the Illinois example, final statistics on the 2024 presidential election results did NOT give Trump any mandate, the Canadian government forcing 55,000 striking postal workers back to work despite massive worker opposition. Finally, we have an interview with housing advocate and activist, Rob Robinson (formerly un-housed) reporting on the global housing advocates' conferences in Spain and Brazil.

Economic Update: Marxism and Economics: A Global View

 In this week's episode of Economic Update, Professor Wolff discusses the strengths and weaknesses of Senator Elizabeth Warren's new bill "The Accountable Capitalism Act", Elon Musk's recent comments on homeless people, Mitch McConnell's criticisms of Trump for isolationism, and the over 9,000 Michigan nurses voting to join the Teamsters Union. Finally, Professor Wolff interviews Bucknell University Economics Professor and Co-Host of The Dialectic at Work Professor Shahram Azhar on the appeal of Marxian economics.

 

 

Economic Update: The Year 2024 in Review

n this week's episode of Economic Update, Professor Wolff discusses the "catalog" of 2024's economic problem areas: (1) Slow growth relative to China/BRICS; (2) the war in Ukraine; (3) the crises in Gaza and the greater Middle East; (4) Biden & Trump tariffs policy; (5) scapegoating immigrants; (6) corporations disinterest in climate change and DEI initiatives; (7) rising U.S. labor militancy and public support,' (8) rise of violence; (9) social security benefit increases' failure keep up with inflation.

In conclusion: American economic strengths are legacies of the United States' economic past. Now its problems take center stage.

Economic Update: Capitalism Vs. Democracy

On this week's show, Prof. Wolff presents an analysis of how and why capitalism is an undemocratic economic system. The first half is devoted to the micro-level, namely to the organization of the enterprise (factory, office or store). Its undemocratic character is exposed using examples and empirical evidence. The second half has a macro-level focus that shows how capitalism's generation of growing income and wealth inequality impels the employer class (a small numerical minority) to use their money politically. Their practice undermines real democracy leaving only its empty forms.

Economic Update: How US Capitalism Uses Nationalism

From 1945 to 1990 we were told a great struggle pitted capitalism against socialism/communism (chiefly the USSR and China). Yet still today, US leaders demonize Russia and China despite the end of communism in the USSR and a huge growth of capitalist enterprises in China. The explanation lies in US capitalism's long history of using nationalism (i.e. foreign dangers) to justify tax-payer funded government actions to protect, subsidize, and support major capitalists' dominant position in the US economy.

Economic Update: Class Struggles Worldwide

 In this week's episode of Economic Update, Professor Wolff analyzes key global developments, including President Trump's looming tariff wars, the collapse of Emmanuel Macron's government in France, and massive strikes by Volkswagen workers in Germany. He also examines the fall of governments in South Korea and Syria and its implications, along with the public reaction to the assassination of a prominent healthcare CEO. Professor Wolff concludes by analyzing how these events collectively highlight class struggles fueled by the declining U.S. empire and its systemic challenges.

Economic Update: The Persistence of Socialism

In this week’s episode of Economic Update, Professor Wolff dives deep into why socialism remains a popular and successful economic system. Professor Wolff highlights new laws passed by the government of Spain that punish airline companies who employ 'unjustified' airline passenger fees. We then debunk the unsubstantiated and nonsensical myth we hear so often that: 'Socialism has never worked,' and finally we juxtapose the history of the last capitalist collapse (1930s Great Depression) when the US working class turned left versus the current crisis of US capitalism when the initial turn of the working class is to the right.

Economic Update: The US Capitalist Class and the Election

In this week’s episode of Economic Update, Professor Wolff discusses how US foreign aid serves the interests of corporations and their profits. We highlight how San Juan County in Washington state handled its fiscal crisis by cutting its employees' work week to 32 hours. We update you on workers of Wells Fargo Bank who are currently conducting a unionization drive, which could lead to other US banks doing the same. We provide a quick analysis of the history of settler colonialism in New Zealand and how this practice informs and influences the Israel and Palestinian crisis. Lastly, we interview Professors Michael Hillard and Richard McIntyre for a Marxian analysis of the exceptional nature of the US capitalist class and the US election.