A revolutionary take on a massive set of problems: Capitalism's failings and today's global economic crisis.
Every Saturday, Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. They focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. The goal is to explain why certain economic changes are happening and other changes get postponed or blocked and they will explore alternative ways to organize enterprises, markets, and government policies.
The show is for people who want to understand and change not only their own financial situation but also the larger economy we all depend on.
This episode provides updates on the economic significance of Iowa's vote in the Democratic caucuses, the costs of an oil market collapse and Keynes' thoughts on the risks of revolution. Finally, we interview author Pete Dolack about lessons from past experiments in socialism.
This episode provides updates on Johnson Controls Corporation evading taxes, Disney being sued over its abuse of the H-1B visa system, French workers striking against austerity and against "socialist" government. We also respond to listeners' questions on tax-subsidies for churches and lessons from Israel's kibbutz experience. We also have major discussions about five major market failures, and a major change in the UK Labor Party's policy favoring worker co-ops.
This episode provides updates on Obama's visit to Detroit, Walmart closing stores, Santa Fe and public banking and profits vs. people's health. We also have major discussions about Oxfam and IECD reports on world poverty and inequality.
This episode provides updates on worker actions by the UK's "junior doctors" and Detroit's teachers, Flint's poisoned water and a Supreme Court fight. We also have major discussions about the US government's subsidizing of religion. Finally, we interview Michael Johnson on his new book about worker co-ops.
This episode provides updates on an "Obamacare scandal," bank errors threatening depositors, public pension looting and subsidizing religion. We also have major discussions about the old and new meanings of capitalism as an economic system.
This episode provides updates on economics vs. the "free press," Nevada vs. public education and bikes displacing cars in Europe. We also respond to listeners' questions on the economics of closed ACA health co-ops and on inflation's dangers and impacts. Finally, we have major discussions on the Massachusetts Senate bill to tax rich universities and answering the question: "What is Capitalism?"
This episode provides updates on Spain's new left government, how Harvard is run like a business and new research showing how widespread hunger is. We also respond to listeners' questions on why corporations buyback their own shares and why the "new" gig economy is not new. Finally, we have major discussions comparing old socialism (where the government intervenes in the economy) to new socialism (which aims to democratize the enterprise).
This episode provides updates on the Fed's interest rate hike; gun business; and oil economics. We also respond to a listeners' question about whether it is China that is slowing the world economy. Finally, we have major discussions of Greek and Spanish austerity politics; and how major oil, banking and auto corporations proved why we can (and must) do better than capitalism.
This episode provides updates on denying a bailout for Puerto Rico and gross wealth inequality in Wisconsin and the US as a whole. We also respond to listeners' questions on guns and the capitalist profit motive. Finally, we interview Professor Cathy Mulder on transcending capitalism via worker cooperatives.
This episode provides updates on Portugal joining Greece against austerity, US austerity in Puerto Rico and Illinois and useless laws for banks. Finally, we give an in-depth critical analysis of Thanksgiving economics, Germany and refugees, and France and terrorism.
This episode provides updates on the economics of immigration, economic alarmists and Ireland as a tax haven. We also respond to a question on the role and place for small business in a worker co-op based economy. Finally, we interview Dr. Wolff's wife, psychologist Dr. Harriet Fraad, on the crisis middle-aged whites in the US today are facing.
This episode provides updates on Japan's recession, how ACA deductibles undermine affordability and the million student march. We also respond to a question on private vs. public enterprises. Finally, we give an in-depth critical analysis of small vs. big businesses and some big ideas not being discussed in election campaigns.
This episode provides updates on Greek and Portuguese austerity struggles, obesity and Coca-Cola, the importance of protests at the University of Missouri and JC Penney's fake sales. We also respond to a questions on the economics of the Trans-Pacific Partnership. Finally, we give an in-depth critical analysis on an upcoming Fed decision on interest rates and the economic causes of gentrification in US cities.
This episode provides updates on capitalism vs. higher education, the real costs of apps and how "the other half banks." Finally, we give an in-depth critical analysis on a projected economic downturn in 2016, inequality and housing changes in capitalism and how the system impacts sports.
This episode provides updates on Obama's harsh handling of student debt, abuse of tax havens and MIT's rejection of fossil-fuel divestment. We also respond to a questions on where the US economy is headed. Finally, we interview life-long high school teacher Alan Schulman on teaching economics after the 2008 crisis.
This episode provides updates on a monster merger in beer, the buying of the US presidency, homelessness in Hawaii and Canada's election results. We also respond to a questions on the relation of individualism to capitalism and socialism. Finally, we give an in-depth critical analysis of socialism vs. capitalism with focus on the specific place of democratic socialism.
This episode provides updates on a looming economic downturn and a US plan to give Puerto Rican taxes to banks. We also respond to a question about whether it's possible for a country to do economic planning successfully. Finally, we interview Laura Flanders, an independent journalist, on co-ops vs. capitalism.
This episode provides updates on Planned Parenthood, as well as Irish and French unions' initiatives. We also respond to questions on the Volkswagen scandal and the Trans-Pacific Partnership deal. Finally, we give an in-depth critical analysis of the ongoing crisis in Greece.
This episode provides updates on a Swedish plan for peaceful transition beyond capitalism, car insurance ripoffs, Ferguson and the Missouri credit downgrade. We also respond to questions on the California drought and the best solution for corporate abuses like Volkswagen's. Finally, we give an in-depth critical analysis of what class means, and the idea of a guaranteed income vs. guaranteed jobs.
This episode provides updates on the Chicago mayor's austerity policies, homeless school children and soaring medical insurance deductibles. We also respond to questions on the Volkswagen scandal and the Pope's statements on economics. Finally, we interview Professor Ian Seda-Irizarry on the current crisis in Puerto Rico.
This episode provides updates on the GM settlement and GE moving jobs overseas. We also respond to questions on the Fed's agonies over interest rates and how capitalism mishandles unemployment. Finally, we give an in-depth critical analysis of capitalist corporations.
This episode provides updates on the economics of refugees, the history of Labor Day, the Seattle Teachers strike and how Japan's jobs are growing ever more precarious. We also respond to questions on why rising wages need not mean rising prices. Finally, we interview Dr. Harriet Fraad on the psychological pains, personal suffering and huge social costs of imposing uncertainty on job security, hours and days of work, benefits and wages.
This episode provides updates on extreme poverty, workers' victory over tech giants and Oakland's worker co-ops. We also respond to questions regarding the injustice of state and local taxes. Finally, we give an in-depth critical analysis of last week's stock market gyrations and the resurgence of socialism.
This episode provides updates on Banksy's Dismaland theme park, Amazon undercutting pensions and recent market chaos. We also give an in-depth analysis on oil market collapse and address rich universities' abuse of tax exemptions.
This episode provides updates on Labor Day's meaning, Amazon's workplace horrors and how capitalism undermines recycling. We also respond to questions regarding shifting US federal tax burdens and the state's role in capitalist economies. Finally, we give an in-depth analysis on criticisms of capitalism and directions for a better system.
This episode provides updates on China's currency moves, adjuncts unionizing, Pepsi and Coke offering self-serving health advice and Rand Paul's misunderstanding of economics. We also respond to questions regarding what happened to US real wages from 1974 to 2014. Finally, we give an in-depth critical analysis on the toxic effects of rising inequality and the role of psychologists play in advertising.
This episode provides updates on Boeing's economic blackmail, why Chrysler's fine is bogus and a recent airline fees ploy. We also respond to questions regarding the stale debate at Medicare's 50th anniversary, and on getting financing for worker co-ops. Finally, we give an in-depth critical analysis of how China and Germany became economic powerhouses.
This episode provides updates on the Coke vs. Pepsi war, price gouging on cancer drugs and the Pope's strong anti-capitalist speeches. We also respond to questions regarding a guaranteed basic income and why public employees are not an economic negative. Finally, we give an in-depth critical analysis on supporting countries that refuse to pay certain government debts.
The first half of this episode explores two alternatives to capitalism. The first is an alternative to how capitalism organizes the internal workings and relationships of enterprises. The second alternative examines how workers' self-directed enterprises work. The second half of the show looks at an alternative to how capitalism organizes the economy as a whole, and how the socialist tradition has evolved into many forms today.
The first half of this episode explores how The New Deal was both a victory and defeat, and how both of which offer crucial lessons for today. The second half provides a critical review of labor's short and long-run goals, defensive decline and a new strategy built on lessons of that decline.
The first half of this episode considers the different meanings of class, class analysis and class struggle across human history, and why those differences matter so much now. The second half explores how socialism evolved from a basic alternative to capitalism into a state capitalism not so different from private capitalism.
This episode provides updates on Greece's struggles with Europe, and a critique of Warren Buffett's view on "the rich vs. the poor." We also respond to questions regarding on the new mayor of Barcelona and the Trans-Pacific Partnership. Finally, we interview socialist Kshama Sawant about her seat on Seattle's city council.
This episode provides updates on Larry Summers and other signs of a broken economic system, the economics of Nebraska ending the death penalty and vast sports corruption. We also respond to questions regarding on reorganizing universities and household class structures. Finally, we interview Professor Richard Walker and Dr. Gray Brechin on rediscovering the New Deal.
This episode provides updates on business domination of universities in service to profits, and Republican efforts to undermine Democrats revenues from unions. We also respond to questions regarding business influence over government policies and the definition of fascism. Finally, we give an in-depth critical analysis on repression of those resisting austerity, and the crisis of US higher education.
This episode provides updates on Verizon's purchase of AOL, why Facebook's "contribution" to ending inequality falls so short and why deadly Mediterranean migrations reflect capitalism's uneven development across the globe. We also respond to questions regarding whether student debt can lead to reduced Social Security benefits. Finally, we give an in-depth critical analysis over the significance of recent guilty pleas by major banks for manipulating currency exchange rates.
This episode provides updates on Kansas closing schools early, Gallup polls surveying the US wealth gap, average work weeks over 40 hours and ignorance about the USSR economy. We also respond to questions regarding public subsidies for private profits. Finally, we interview Dr. Harriet Fraad on children and families in US capitalism.
This episode provides updates on May Day, the Baltimore uprising, the Nepal earthquake and Bud Light endangering women. We also respond to questions regarding different varieties of worker co-ops. Finally, we interview Professor Yahya Madra on Turkey, Capitalism and Islam.
This episode provides updates on UK elections, and the long-term effects of economic crises and the demonization of the poor in Kansas. We also respond to questions regarding the economics of child support and how car production is moving to Mexico. Finally, we give an in-depth critical analysis of the history of capitalism and war, the new stages of Cuban socialism and US Cuba-policy, and the high stakes of Greece's economic situation.
This episode provides updates on Ben Bernanke's new big-bucks finance job, GM avoiding billions in victims' claims on faulty ignitions, the US public's self-delusion on inequality and anti-student-debt activism. We also respond to questions regarding the impact on China if capitalism's "relocation" stopped. Finally, we give an in-depth critical analysis of the economics of wages and prices, the narrowness of the economics of education and basic global economic development issues.
This episode provides updates on inadequate unemployment insurance, Ted Cruz's campaign money, a law which gives domestic workers real benefits and the demonization of the poor. We also respond to questions on California's drought, and the US medical system's experiments on people. Finally, we interview Yochai Gal on the tech-collectives he organized.
This episode provides updates on the car parts industry, how Russia's economy is growing despite sanctions, declining US teaching positions for new PhDs in humanities and huge Mexican strikes against Driscoll berries. We also respond to questions on countries' currency manipulations and the role of unions in workers' co-ops. Finally, we interview Dr. Harriet Fraad, a mental health counsellor, on how capitalism's changes since 1970s have disrupted the personal lives of US men and women.
This episode provides updates on Trans-Pacific Partnership secrets, the Heinz-Kraft merger, the underperforming US medical care system, China's real-estate bubble and estate tax repeal. We also respond to questions on private versus public property. Finally, we give an in-depth critical analysis of how system change happened in the past and how it could happen today.
This episode provides updates on a press conference concerning Janet Yellen, "Blockupy" protests in Europe against the ECB and austerity. We also respond to questions on New York Mayor de Blasio signing a bill for worker co-ops and an important fight over the closing of Sweet Briar college. Finally, we interview veteran reporter Bob Hennelly on the economics of US political corruption, focusing on his native New Jersey.
This episode provides updates on pizza politics, changing currency values and tax-cutting politicians' wild claims. We also respond to questions on workers co-ops' competitiveness and on "unfree" agricultural markets. Finally, we interview Walter South on the economics of housing and the dangerous economics of US cities and suburbs.
This episode provides updates on taxis vs. Uber vs. driver co-ops, an apology on Detroit, International Womens Day and cutting workers' compensation. We also respond to questions on the economics of debts, past and present. Finally, we give an in-depth critical analysis of issues including resisting economic decline and extremes of economic inequality.
This episode provides updates on German anti-capitalism, student debt default, credit card economics and unregulated chemicals. We also respond to questions on pension scandals and Harvard economic research.
This episode provides updates on Europeans' struggles against austerity policies. We also respond to questions about how workers' self-directed enterprises solve various problems, especially financing and different skill levels. Finally, we give an in-depth critical discussion of the "free enterprise" system.
This episode provides updates on labor protections for "contract" workers, a green new deal for Greece, slow US growth and the scandal of the used car market. We also respond to questions about the reality behind the "recovery" hype and on poverty among those over 65. Finally, we give an in-depth critical analysis of markets and "the market system."
This episode provides updates on capital gains tax, the Home Depot work/stress tragedy and Koch money in the 2016 election. We also discuss key economic problems looming for US economy and economic issues surrounding currency exchange, especially the value of the US dollar relative to the euro.
This episode provides updates on political corruption, the Greek election results, Social Security taxes, debt jubilee, union membership and the lessons of revolutions.
This episode provides updates on Obama's State of the Union speech, the European Central Bank pumping up the money supply to stimulate Europe, forgiving Greece's debts and housing extremes in the US. We also respond to questions on global wealth inequality and Switzerland's currency maneuvers. Finally, we interview Dr. Harriet Fraad on the US economy's disastrous impact on children.
This episode provides updates on the Democrats' "Robin Hood" tax, riders shifting from planes to buses and misleading US job market headlines. We also respond to questions on big bankers' self-image, the basic economics of US federal estate tax, and state and local taxes. Finally, we interview professor Peter Bratsis on the upcoming Greek election and ongoing struggles - in Greece and beyond - to end austerity.
This episode provides updates on rising health insurance costs, rebel economists and Senate costs. We also respond to questions on the Greek crisis, falling school funding and the wealth inequality in the US that blocks "recovery." Finally, we interview London economics professor John Weeks.
This week's episode provides updates on Apple, French socialism, the Greek election, Vermont dropping single-payer health care, oil and Russia and latest National Labor Relations Board rulings. We also discuss welfare economics, meritocracy and 5 percent US GDP growth without hype.
This week's episode provides updates on the successful Oregon teaching assistants' strike, evicting the homeless, a law that limits unpaid internships to four weeks and universities becoming businesses. We respond to listeners' questions on the economics of war and the military in US and on political corruption in the new budget.
This week's episode provides updates on Mexican farm exploitation, Grenoble taking down advertising, US teachers being underpaid and cutting workers' pensions. We also respond to listeners on Harvard and Yale as full participants in capitalism's defects. Finally, we analyze modern "economics" as a discipline, from Adam Smith to Karl Marx to the present day.
This week's episode provides updates on Ferguson and Portland as symptoms of economic decline, Sen. Bernie Sanders fight for worker co-ops, homelessness in New York City and the rising political left in Greece, Spain and now Ireland. We interview activist and author Steve Early on the present and future of the US labor movement.
This weeks episode provides updates on Italy's general strike, opera economics, Miami baseball and Argentina loans; responses to listeners on the economics of US children and on a new political party; and an interview with Dr. Wolff's wife, pyschologist Dr. Harriet Fraad, on the personal and psychological costs of capitalism.
This episode looks at low Irish taxes on corporations, interns fighting back, the thriving opium market, Volkswagen bringing new labor relations to the US and big banks caught cheating again. We also discuss college sports, the business oligarchy in the US and forgiving countries' debts. Finally, we respond to listeners' questions on domestic outsourcing and the democracy of workers' self-directed enterprises.
This episode looks at election results, Ebola, mortgage rules, China limiting executives' pay and who has the wealth. We also discuss election economics, child poverty, capitalism and democracy. Finally, we respond to listeners' questions on changes at Costco, so-called "nonprofits," why there are ever more billionaires and Piketty's problem.
This episode looks at how public higher education is being destroyed; workers not taking days off; labor actions and Vermont labeling GMO food. We also discuss municipal bonds and how profits drive capitalism. Finally, we respond to listeners' questions on PO banks and the history of economic systems.
This episode looks at Detroit's water shut-offs, corporations prioritizing profit at people's expense, US Senators making money, the economics of Ebola and hedge funds that pay fines with pensioners' money. We also interview Dr. Obery Hendricks, Jr., who discusses Martin Luther King, Jr.'s lifelong criticism of capitalism and preference for democratic socialism.
This episode analyzes the implications of Walmart shifting medical insurance costs onto US taxpayers, the Pew report on payday loans - interest rates on which average an annualized 650 percent - US child poverty, the Obama administration's support for Amazon against workers, profits and death from opioids.
This episode covers updates on GM recalls, Cuba's investment in medical training and Germany's end-all tuition requirements. We also discuss why education on economics is so poor, and look at a report from the Santa Fe movement for public banking. We respond to listeners' questions on why there hasn't been a recovery from the crisis and how to think about transition to worker-cooperative-based economy.
This episode covers the economics of migrants, choosing not to go to college, and corporate tax dodgers and their effects. We also discuss the economics of insurance and the basic economics of capitalist corporations, and respond to listeners' questions on the Rockefellers selling their fossil fuel holdings and the economics of "mutual" companies.
This episode covers why efforts against obesity fail, Cadillac's move into New York, the Atlanta Symphony lockout, subprime auto credit and bank economics. We also discuss the economics of climate change, and respond to listeners' questions on Jamestown in US history, current minimum wage struggles and the economics of insurance.
This episode covers the new census data, a Kentucky town going "socialist," a workers' co-op in Maine, big wage theft and economic insecurity. We also discuss gentrification, the tax consequences of inequality and the global beer economy. We respond to listeners' questions on minimum wage struggles, corporate "persons" and the BRICS bank.
This episode covers Market Basket workers' recent victory, top-paid asset managers, Chipotle's gross inequality, Montreal corruption and the Russia/China economic alliance. We also continue the discussion on socialism's new directions, and we respond to listeners' questions on franchising, capitalist growth, advertising and consumer desires.
This episode covers food insecurity, oil disaster economics, politicos going to Wall Street, billionaires buying homes, education in the UK and how the US sustains elites. We also address an employers' movement for a four-day workweek and the history of socialism vs. capitalism (part 1 with part 2 next week). We respond to many listeners' questions.
This episode covers Burger King, French socialism, cell phone overcharging and Bank of America's fine. We also address the advertising industry and the lack of an economic recovery. Plus, we respond to listeners' queries about Michigan teachers' union fight, the poor still being kept out of top US colleges and corporate stock buybacks.
This episode covers inequality and growth and the economic lessons from Ferguson. We also interview Professor James Russell on the retirement crisis in the US. Plus, we respond to listeners' queries about how the government subsidizes Walmart with food stamps and the economics of advertising.
Updates on the drop in most Americans' household wealth and how Social Security finances are more about wages than aging. Major discussions on critical economics of markets, the political economy of immigration and capitalism's two great contradictions. Response to listeners on worker co-op incubators and fundraising by the Clintons.
Updates on the Pentagon's overpayments; mortgages tilting toward the rich; the subprime car loan bubble; and silence about intangible property tax. Major discussions on the economic organizations of the Republican and Democratic Parties and more on socialism and Marx. Response to listeners on clawing back public benefits to private corporations and using public assets to cover state budget deficits.
Updates on fast food workers, GDP data, Salt Lake City dailies and bathroom breaks. Wolff interviews mental health counselor Harriet Fraad. Replies on FDR vs. Obama and on how to counter corporate threats.
Updates on my Bill Maher appearance, the Arizona execution, direct actions in Seattle and in New England (Market Basket stores), Derek Jeter tickets and the Chinese meat scandal. Major discussions of Obama's low polls, the changing meaning of socialism and differences between private profit and social well-being. Response to listeners on auto and beef industries, credit unions, and bullies.
Updates on big bank fines; Tracy Morgan suing Walmart; highway trust and taxes; and extreme wealth inequality in the Hamptons. Major discussions of workers' self-directed enterprises and Oxfam's data on extreme global wealth inequality. Response to listeners on relation of wages to prices, and on the economic "value" of solar, wind and green energy vs. coal, oil, gas and nuclear energy.
Updates on minimum wage in Europe vs. minimum wage in the US; the richest US families; and the economics of immigration. Richard Wolff interviews author, engineer and policy analyst Tom Sgouros on the broken banking system. Response to listeners on overpaid CEOs.
Updates on vaccine price gouging; Canadian corporate misdeeds; Massachusetts nurses fighting inequality; Denmark's greater equality; and Argentina as a hedge fund hostage. Wolff also discusses the GM scandals, the decline of US household wealth and US corporations evading taxes. Responses to listeners on Chinese food imports and the recent Supreme Court decisions.
Updates on health economics; Mississippi political lessons; and what's wrong with a Harvard economist. Wolff interviews Victor Wallis on the economics and politics of US prisons. Response to questions about: gender wage gap, real estate bubbles and the "ultra rich."
Updates on rising rates of young men earning below-poverty wages; Detroit's retired city workers accepting a 4.5 percent cut in pensions; and the Missouri government struggling over tax cuts for special interests. Major discussions of a new book on China-US codependency and how/why our economic system works and breaks down. Response to listener's question on corporate taxes.
Updates on: The Rhode Island Senate rewarding firms limiting inequality; recession-driven increases in suicide rates; opposition to the Dodd-Frank Act; negative effects of lower federal deficits; and the human costs of Detroit-type declines. Major discussions of economics of advertising and privatization. Response to questions on the British real estate bubble and on worker cooperatives deciding on uses for their surpluses/profits.
Updates on: Walmart's Mexican bribes; car loans turning bad; state taxes; the US being slower than Europe on adopting renewable energy; Seattle's $15/hour wage minimum; and Finland's fines according to ability to pay. Major discussions of the medical-industrial complex and the London conference to build mass acceptance/resignation to capitalism's "side effects". Response to questions on consumer stocks; H-1B visas; economic growth; and the differences between socialism and communism.
Updates on Maya Angelou; Chilean students' victory; Detroit's plan to demolish 40,000 houses; and housing market realities. Major discussions on the international movement of economics students challenging curricula and teachers, and economics of advertising.
Updates on evaluating privatization of public schools; engineers' class action against Apple, Google, Intel and Adobe; and how in the US, homeownership gives way to renting. Major discussions of the big movement of worker co-ops in Cuba; a different experience of Yugoslavia; and requiring departing corporations to pay back for publicly funded gifts received. Response to a listener's question on self-employment.
Updates on US sanctions against Putin's aides; relative decline in US median disposable income; a stunning "accounting error" by Bank of America; and clever manipulation of US regulators by the 15 biggest US banks. Major discussions of declines in discount stores, reflecting an absence of mass recovery; and successes and growth of worker co-ops in Spain's deep economic crisis. Response to listener question on reverse mortgages and declining quality of jobs in US.
Updates on no growth in the US; China overtakes the US; the costs of the GM bailout; and the defeat of the bill to raise minimum wage while Hawaii raises its minimum. Major discussions of Pfizer's decision to relocate to the UK; how the European Court supports Tobin (financial transactions) tax; and the stunning economics of prisons and jails in the US.
Updates on Alabama prison/slave labor; automobile irrationalities; and the California drought. Major discussions of cutting public employee pensions; cutting state support for public higher education; and lotteries as disguised taxes on middle and poor Americans. Responses to listener questions on the Federal Reserve "creating" money and why corporations operate overseas and then want government (taxpayers') support for corporations' foreign operations.
Updates on public power in Nebraska; Earth Day; Coca Cola's misleading advertisement; and closing hospitals. Richard Wolff interviews musician and music professor John Halle about culture and the economic crisis. Responses to listener questions on B-corporations and on a Wall Street sales tax.
Updates on how inequality persists across generations; the nonsense of "taxes are job killers"; governor uses tax revenues to prevent unionization in a private enterprise. Major discussion of state and local taxes in the US; the economics of paying executives very high incomes; and the privatization of public services. Response to listener's question on recent Medicare report on oversize payouts to doctors.
Updates on Bill O'Reilly vs. Bill de Blasio; Greek bonds; millions of dollars for Detroit's athletes; and who pays federal taxes. Richard Wolff interviews Nomi Prins, the ex-Goldman Sachs banker, on her new book All the Presidents' Bankers. Response to listener on where and why Congress refuses to act (taxing rich, helping poor, reducing inequality, etc.) despite a US poll results showing big majorities supporting those actions.
Updates on Supreme Court McCutcheon decision on campaign financing, global meaning of French municipal elections, special impacts on women of raising minimum wages, and corporations' cash hoards cause unemployment and cut government services. Interview with Vanessa Bransburg who supports and builds successful worker coops in Brooklyn, New York. Response to listener on scarcity and its economic effects.
Updates on labor struggles at the University of Southern Maine; how low interest rates hurt retirees; the super-rich getting state subsidies; Northwestern University athletes moving to unionization; the BBC on US unemployment; and Nestle's CEO vs. human right to water. Major discussions on income distribution vs. redistribution; Maryland cutting taxes on rich and leaving tipped workers' minimum wages at $3.63/hour; and a final segment on criticisms of capitalism. Response to listener's questions on Bill Gates' C-Span interview.
Updates on the GM recall; Bangladeshi women garment workers; and hi-tech tax evasion. Major discussions of family income's relation to longevity and of the definition and criticism of capitalism. Response to listener on "spirits" guiding investors' behavior.
Updates on the General Motors recall scandal; corporations' push for secret courts; the economics of marijuana; Radio Shack closings; and US workers leaving the labor force. Major discussions of the history and basics of the criticism of capitalism, and billionaires and extreme inequality as products of capitalism.
Updates on International Women's Day; the long-term unemployed; rich/poor cities; subsidies for the biggest corporations; Google's hiring policies; Chrysler subsidies and Canada; and the defeat of Arizona's discrimination law. Major discussions of Ben Bernanke's speech on the Fed's bail outs of the biggest financial corporations, and new IMF research that show redistribution to reduce inequality does NOT hurt growth. Response to questions on how and why Workers' Self-Directed Enterprises (WSDEs) perform better than capitalist enterprises and why governments hire contractors vs. public employees to provide services.
Updates on Delta Airlines changes; US millionaires in office; irrational student debt; and Rupert Murdoch's wealth. Major discussions of monopoly and competition in media industry; public employee pension economics; and Obama's economic significance. Response to question on actual movements today for worker co-ops in UK and US.
Updates on the Olympics; Chicago university faculty strike; Chevron's contempt; Gallup poll on unemployment; consumer debt rising again; Europeans opposing the privatization of water; and US adults marrying less to cope with the economy. Major discussions on how Soviet socialism actually worked and the decline and inadequacy of pensions in the US. Response to listeners on deflation in today's world economy.
Updates on polls showing most Americans want less inequality; why Tea Party types fixate on government debt; and why French right-wing and other far-right parties gain support. Major discussion on US businesses recognizing the death of the middle class; the contradictions of Germany's position within Europe's economic crisis; and part 1 of an analysis of what the USSR was. Response to listeners on why official unemployment targets are 4-6.5 percent rather than feasible and better 0-0.5 percent.
Updates on economic democracy from Jackson, Mississippi to Marseilles, France; credit card scandals; phony labels for chicken; and overcharging inmates for calls. Major discussions of re-municipalization of water and electric utilities; post office banking; and new book on capitalism's inequalities. Response to audience questions on TPP, corporate tax breaks and minimum wage.
A North Carolina company was sold to its 320 workers; India enables cheap substitutes for overpriced drugs; updates on US union membership in 2013; the myth of returning manufacturing to the US. Interview with Max Wolff dissecting the US economic "recovery." Response to questions on states' subsidizing movies, JP Morgan-Chase's CEO Dimon's $20 million pay for 2013 and Americans' attitudes on inequality.
Updates on Memphis workers locked out; problems of on-line education; capitalism, wealth inequality, and Starbucks; and Gallup on Americans' dissatisfied with their economy. Major discussions of (1) unemployment and politics and (2) organizing a market in human kidneys and markets in general. Response to question on Europe's economic crisis and its links to Europe's generous state services and safety nets.
Updates on Colorado's new marijuana shops, how context exposes "recovery" claims, cause and cure for US obesity epidemic, and France's 75 percent tax rate on annual incomes over $1.3 million. Major discussions of history and dimensions of global inequality and movements for guaranteed annual incomes in Switzerland and beyond. Responses to questions on credit unions versus private banks and on the uniqueness of the economic crisis in western Europe.
Updates on economic decline and meanness, car sales in China, McDonalds embarrassed, Cuba exports doctors to Brazil, and a campaign to rescue higher education from "efficiency." Major discussions of conservative inequality denials and of the significance of "productivity" statistics. Response to question on the nature, origin and meaning of "profit."
Updates on Wisconsin's public employees, the GRAT tax evasion, and the last 50 years of the "War on Poverty." Major discussions of the FED's "taper program," the Boulder, CO vote to produce electricity production itself, and evaluating 20 years of NAFTA. Response to emailed question on AIG bailout and its results.
Updates on dangers in anti-bacterial soap, South African union to start socialist party, Germans retire abroad, billionaires' whims shape health care. Major discussions of Obamacare and alternatives to capitalist bank scandals. Responses to emails on worker coops in US and on "regulated capitalism."
Updates on bee-killing pesticides; movements against austerity and inequality in Chile, New York and Italy; university presidents' six-figure pay packages vs. adjuncts' exploitation; rejecting pay cuts; Minnesota's orchestra reforms as worker coop. Wolff interviews NYU professor Juan Flores on deepening economic crisis in Puerto Rico. Responses to questions about bitcoins and exceptions to constitutions that "guarantee" contracts.
Updates on the tentative budget deal in Congress, psychiatrists refusing insurance and austerity's terrible toll on Ireland. Interview with Yale History Prof. Jennifer Klein on rise, fall and possible rise again of the US welfare state and organized labor. Response to questions on possibilities of worker take-over of Boeing in Seattle.
Updates on Detroit's and Illinois's attacks on public employee pensions, minimum wages, tiny Middle East oil countries take over global air travel, job openings vs. unemployed, and companies' profit-driven hustles of dangerous flame-retardant chemicals. Major discussions of (1) redistribution policies versus not distributing unequally in the first place and (2) capitalism's uneven development. Response to emails on free trade's consequences, robotics/less labor versus doing labor differently, and government repression against opponents of austerity policies.
Updates on key economic causes of Obamacare difficulties, risks of global deflation, Madrid's garbage strike, and the $13 billion settlement with JP Morgan Chase. Interview with Prof Sheila D. Collins on new book about lessons from the New Deal for today's crisis. Response to listeners on super PACs and issues of socialism.
Updates on Janet Yellen, minimum wages, Twitter, and the Cuba trade embargo. Major discussions of a bankruptcy inside Mondragón and "private" universities that aren't. Response to questions on full employment and inflation.
Updates on big banks' manipulation of foreign exchange market; Ireland pays for bank bailouts; Big Pharma guilty of "recklessly endangering health"; a new book on US poverty. Major discussions of economics education as Manchester University students protest; unemployment and falling share of labor in total national income. Response to frustrated listener's question about obstacles to needed change with focus on de Blasio mayoral victory in New York; and Richmond, California mayor's use of eminent domain.
Updates on Goldman Sachs charity/PR, bank scandals, housing "recovery" exposed, suicides rise in Kansas and a Benedictine Nun that is leading the new anti-austerity party in Catalonia. Major discussions of public banking (as in North Dakota) and the basic analysis of continuing "austerity" policies around the world. Response to questions on nature, impact, and injustice of US property taxes.
Updates on big banks' misdeeds, inadequate health care, the social costs of low wages and Nobel prizes in economics. Major discussions about poverty and education and important economic events on Bolivia (workers taking over enterprises), Spain (indignados form new political Party X), and China (raising value of yuan to change China's and world's economy). Response to questions on (1) how Great Recession affects retirees and retirement, and (2) latest data on the highest incomes in US.
Updates on France's case against Amazon, and on what's really in fast food chicken nuggets. Major discussions on lasting inequality in US cities like New Haven and the economics of the "medical-industrial complex" in the US. Response to listeners concerning the economic aspects of the attack against the City College of San Francisco.
Updates on world wealth distribution, Swiss referenda to reduce economic inequality, and capitalism vs. democracy. Major discussions on uneven development's impact on migration and on critique of national debt as matter of "a selfish generation" or "living beyond our means."
Updates on meaning of government shutdown and possible default; new French law gives workers say on selling companies; biggest billionaire US land-owners; grocery store evidence show no "recovery" in US economy. Major discussions on costs and consequences of profit-driven capitalist enterprises versus workers self-directed enterprises. Response to questions on (1) Germany's September 22 elections and (2) whether Obamacare, if passed, would at least guarantee health insurance to America's poorest.
Updates on buying politics, an adjunct's story, women in the US economy, and cutting mental health spending. Major discussions of "debt ceiling" maneuvers in Washington and meaning of Bangladesh workers' demonstrations. Response to listeners on the meanings of cutting need-based state help for students and San Jose, CA's fiscal crisis.
Updates on big FED decisions; Yale and other rich folks; Polish, Columbian and Greek workers fight back; and taxpayers subsidize Walmart. Interview Sarah Jaffe on low paid US workers mobilizing. Response to listeners on (1) Michigan take-over of Pontiac and impact on all workers and (2) new statistics show "recovery" has only been for top 1%.
Updates on Obamacare's "penalties," a Parisian suicide, neglect of community colleges, and how inequality worsens itself. Interview with psychotherapist Dr. Harriet Fraad on why US workers don't fight against their economic decline. Response to listener's question on how to prevent socialism from deforming into Stalinism.
Updates on G8 and Bernanke "shows", Turkey vs Brazil protests, Europe's austerity, drug companies "pay to delay." Major discussions of crisis in financing public education and of lotteries as disguised tax increases. Responses to listener questions on job losses from progress, worker coops' survivability, capitalism and democracy, and campaign financing reform.
Capitalism and Democracy
Updates on pay gaps, Alabama bankruptcy, Minnesota lockout, Greek lockout. Discussions of capitalism and democracy, "pure" capitalism, and capitalism's historical shifts. Comments on listeners' questions: workers' owning vs. directing and tax-exempt vs. non-profit.
Updates on Disney's price hikes, Portugal's unions' general strike, Chinese buy US biggest pork processor, low-wage retail workers fighting in Seattle, General Petraeus goes corporate, and income/wealth inequality in US. Detailed discussions of (1) why technical progress fails to ease work burdens in capitalism, and (2) why/how US "recovery" is so uneven as well as fragile. Response to listeners on anarchism and on Chinese solar panels.
Labor, Unions and Crisis
Updates on corporate globalization, Philly schools, paid vacation law(?), the Cadillac Tax. Interview with Stanley Aronowitz on labor, unions and the left. Responses to listeners on higher ed economics and US income inequality.
A Journalist's Perspective
Updates on changing US retirement ages, Pope Francis's anti-capitalism, inequality inside countries, unionists march in Rome, public schools being savaged. Interview with independent journalist and writer Laura Flanders of GritTV. Response to listeners questions on Apple Computer's exposure as major tax evader.
Measuring Capitalism's Results
Updates on Google caught evading taxes, food stamp nation, public higher ed crisis. Major discussions on the US medical-industrial complex and the meaning of Bangladesh's building collapse. Responses to listener questions on anarchism and economics of private property.
Mayday and Labor
Updates on Bangladesh tragedy, drug price gouging, CEO pay and OSHA; discussion of labor strategy then and now; comments on markets, private property and scapegoating government.
Economic updates of airline delays, minimum wages for tipped workers, global military spending, and profit-driven Bangladesh building collapse. Interview with Barbara Garson on new book, Down the Up Escalator. Comments on new coop restaurant, unemployment office blues, and risks of deflation.
Updates on Europeans limiting CEO pay, Chileans demonstrate for free education, many countries with higher tax rates for the rich than in US, and UNICEF report on cild welfare in US vs other countries. Major analyses of the social security/payroll tax system, property tax on stocks and bonds, Alaska suffers economic blackmail. Listeners questions on inflation, military spending, and useful sources of economic analysis.
Interview With Chris Hedges on the Coming Social Turmoil
Updates on CEO pay, the assault on social security, Maggie Thatcher, and "job creation." Interview with Chris Hedges on deepening social crisis, divisions, and turmoil coming. Response to listeners: on French socialists, hidden money, and workers coops paying taxes.
Economic Reality Checks
Updates on "recovery," No. Dakota's public bank, costs of US wars, global austerity, and rising health care costs for employees. Major discussions of banking crisis, Stockton, CA bankruptcy, declining US manufacturing and "neutrality on raising corporations' taxes. WSDEs: Mexican tire factor run by workers since 2005; responses to questions on "pure" capitalism and business reactions to resource limits.
Economic Update: Economics and Capitalism
Updates on Cyprus's extreme austerity, equal justice and markets, falling job quality, and capitalism's impact on China. In-depth discussions of how worker coops can get needed capital and on basic flaw in economic education at college and university levels. Response to listeners' questions on printing money and inflation and on teachers' self-directed schools.
Economic Update: Fighting Economic Injustice
Updates on important lessons of Cyprus crisis, big bucks for Wells Fargo CEO, the home finance crisis, and real fur faked. Interview with Keith Harrington on organizing for a changed, new economic system. Analysis of South Mountain Co, a workers coop; response to questions on Obamacare and on minimum wage debate.
Economic Update: Guest Victor Wallis
Professor Wolff is joined by Victor Wallis to discuss ecology and economics comparing capitalist and socialist responses to environmental crisis. Part 2 deals with Keynesian economics as a theory that clashes with both the mainstream economics ("neoclassical") that celebrates private capitalism and with critical theories such as Marxian economics that are opposed to capitalism.
Economic Update: Capitalism, Critiques and Alternatives
Updates on defeats for Walmart, recovery for the tiny minority, Qatar royalty buys, and European moves to limit exec pay and tax financial transactions. Analysis of capitalism's history, its critics, and the alternatives they proposed. Discussion of workers' cooperative in Wisconsin and an analysis of the difference between capitalist competition and competition among cooperatives.
Updates on profit-driven scandals (horsemeat in Europe and fish in US); how long we work, Correa's anti-austerity victory in Ecuador, and getting public benefits for public investment in sports stadiums. Major analyses of "internship" in US business and the basic contribution of Marxian economics. Description of Colorado worker self-directed enterprise and response to listeners on (a) mutual decision-making between residential communities and worker coops' and (b) critique of Marxian debates on crisis causes.
Updates on worker takeover of Greek factory, minimum wage debate, and European horsemeat scandal. Detailed analyses of Post Office cutbacks, economics of educational decline, and paying for war with taxes. Comments on Cambridge, MA workers who reopen and run pizza closed by capitalist owners; responses on relation of capitalism and democracy and labor as source of all value.
Updates on big bank misdeeds, internet provider monopoly, and social effects of unemployment. Critical analysis of proposal to break up big banks, capitalism and the tomato industry, and expose of real goals of austerity policies. Response to listeners with example of successful worker coop (WSDE), Union Cabs of Madison, WI., differences between ESOPs and WSDEs, and beginning of analysis of how WSDE’s raise the capital they need to start and continue.
Updates on global capital's devastating moves and on the FED's huge recent expansion of the money supply. Interview with Prof. Jan Rehmann: a Gramscian analysis of the Occupy movement. Response to listeners (1) how transition to workers self-directed enterprises (WSDEs) would change education and (2) an example of WSDEs today, New Era Windows of Chicago.
Updates on Gerard Depardieu's individual tax evasion, corporate tax evasion via profit repatriation, worst CEOs of 2012, and phony DC "debt-ceiling" theatrics. Discussion of Swiss bank crimes, Keynesian vs Marxian economics, political turmoil in 2013, and criticism of markets. Response to question on new capital gains taxes.
Trying a new format, we use the full hour to examine the two basic kinds of economic theory mostly widely used now to understand economic issues. On one side, the dominant mainstream theories ("neoclassical economics" and "Keynesian economics")celebrate the capitalist economic system. On the other side, Marxian economics is the dominant critical theory of capitalism whose premiss is that society can do better than capitalism.
Updates on how the new US tax deal favors the rich, deepening student loan problems, and how 2012 benefited billionaires. Analysis of possible conversion from a war-oriented to a peace-oriented economy. Response to listener question on using workers' pension funds to change corporate behaviors.
Updates on Marvins' "shared unemployment," $4 trillion profits hoarded by US corporations, and root issues of the "fiscal cliff." Discussion of solutions for unemployment. Responses to listeners: on pluses and minuses of China's economic growth and on the contradictions of "social investing."
Updates and discussion of pensions and guns, fiscal cliff, charitable tax deductions, Mondragon, the environment, and prison economics.
Updates on Newtown, CT. school shooting, global warming and the CIA, Hostess abuses workers' pensions, and growing gap between CEOs' and workers' pay. Discussion: (1) lessons of Michigan Republicans' assault on union finances and (2) causes and results of declining workers' conditions in US, Europe. Response to listeners: rotation of work in coop workplaces vs capitalist enterprises.
Updates on unpaid law clerks, Buffett's minimum tax on high incomes, and CBO report on medical care costs and federal deficits. Discussion of Walmart as emblem and example of capitalist "success." Responding to listeners on Robin Hood tax and student debt relief campaign and on rationales for cutting corporate tax rates.
Updates on unpaid law clerks, Buffett's minimum tax on high incomes, and CBO report on medical care costs and federal deficits. Discussion of Walmart as emblem and example of capitalist "success." Responding to listeners on Robin Hood tax and student debt relief campaign and on rationales for cutting corporate tax rates.
Updates on California's vote for tax hikes on the super rich, a public-funded museum sued for charging admission, and worker self-direction as a solution for the bankrupt Hostess bakery. Interview with political science professor Peter Ranis on workers' coops in Argentina, Cuba, and the US. Response to questions on why corporations and the rich prefer austerity as policy in capitalist downturns.
Updates on politicians' big business incomes after their government jobs and the debate over social security. Interview with Prof David Fasenfest of Detroit's Wayne State University on causes and cures of Detroit's economic devastation. Responses to listeners on Britain's homeless and on controlling banks "too big to fail."
Updates on Obama's re-election, unemployment's social costs, and Kodak's betrayal of retirees. Interview journalist Ed Morales: history of Puerto Rico as US colony and policy laboratory and global crisis's impact on Puerto Rico since 2007. Response on how differently educated, trained, and skilled workers could fully, democratically participate in workers self-directed enterprises (WSDEs).
Updates on student debt crisis, profit-driven history of US housing, and storm (Sandy) economics. Discussions of Keynesian and Marxian economics. Response to question on transition from capitalist to workers self-directed enterprises.
Updates include, the real-wage decline 2010-2012, more on Walmart and Greece's bailout benefiting only banks.
Updates focus on the economics of public vs charter schools and Walmart as capitalist "success story." A major discussion of economic theories that celebrate vs theories that criticize capitalism. Responses to listeners' questions about German workers' "co-determination" and French socialism's waffling.
Updates include the decline of graduate school enrollment and how the wealthy evade taxes. This is followed by an Expose of Romney's "double taxation" excuse to lower taxes on the rich. A response is given to questions on the relation of workers self-directed enterprises to markets and the issue of workers' competence to run enterprises.
Updates on public pensions crisis and megabanks' massive failures. Interview: NYU Prof. Juan Flores on class warfare in the US. Responses to listeners on federal subsidies of big banks and on varieties of capitalism.
This episode provides an update on the anniversary of Occupy Wall Street and how the movement has succesfully changed the American economy. The segment ends with an analysis of how the top 1 percent of Americans leverage the politically system against the bottom 99 percent to prevent them from gaining back the wages they lost in the economic system.
Updates on Chicago teachers strike and looming student loan crisis. Extended interview with John Curl, author of For All the People, on hidden US history of workers' cooperative enterprises.
Updates on Spain's government vs radical unions' responses to crisis, who gains most from expanding money supply, temp and low-paid replace middle level jobs, US dominates global arms sales. Analyses of who pays federal taxes and basic differences between capitalist enterprises and workers' self-directed enterprises. Responses to listener comments on (1) China's economic growth and (2) "capitalism with a human face."
Updates on Romney's economic plan, French socialists' employment plan, Yale wealth growth, and wisdom of world's richest woman. Interview Max Fraad-Wolff on Apple Corp's mixed picture as capitalist "success." Response to question on financial speculation in food products.
This episode includes updates on corporations paying CEOs more than they pay in taxes; causes of coming food price spike; and strikes at Caterpillar in Illinois and Lonmin platinum mine in South Africa. Discussion of 50-year decline in US organized labor, drawing lessons from that decline, and using them to propose a new strategy for labor today. Response to questions about innovation and capitalism that challenge the criticism of capitalism.
Updates on European crisis (creative Spanish anti-austerity politics, Mondragon avoids worst of crisis, suicides in response to crisis), Chilean students' strike against privatized education as bad education. Interview with Jen Hill, co-founder of new social movement Democracy at Work - democracyatwork.info - explains nature and goals of economic transition to worker self-directed enterprises (WSDEs). Question answered on dominant US ideology that blames economic problems on the government.
Updates on extremes in Spain's crisis, Paul Ryan as VP candidate, US Justice Dept drops case against Goldman-Sachs, college costs crisis, and fast-rising food prices. Interview with Prof. Carles Muntaner on how deeply social and economic conditions shape health and on the implications of that shaping. Question answered on requiring workers in Workers Self-Directed Enterprises to all participate in directing enterprises.
Updates on Europe's ongoing crisis, real US tax history, bank tycoon admits "mistakes", food price inflation again. Major analyses: economics of Medicaid and AFL-CIO closes National Labor College. Responses to questions on "planned obsolescence" and what individuals can do in crisis times.
Updates include Capital One Bank's misdeeds, French socialists' new policies, taxing churches in Spain, Walton family's immense wealth, strike at Caterpillar, and taxing private wealth. Major discussions of huge corporate cash hoards and vast private wealth hidden from view and from taxes in tax-havens. Responses to questions on reorganizing banking and on Marx's surplus value theory.
Updates on Chinese economy's response to global crisis, $6.6 billion legal deal among banks, credit card companies and retailers, and food stamp cuts threatened. Analysis of closing of US university presses, Texas Gov Perry refusal of Medicaid expansion. Responses on municipal pension issues and changes needed in giant banks.
This episode provides an update on the widening LIBOR scandal and the fine Wells Fargo received for overcharging African-American and Hispanic families on their mortgages. The segment ends with an analysis of why government economic actions favor large corporations at everyone else's expense.
This episode contains updates on the LIBOR-bank scandal in London and the looming big city bankruptcy in North Las Vegas. The episode includes an interview with Prof. William K. Tabb on banks and finance. The episode ends with responses to questions on the relationship of anarchism and Marxism, and about the basic issues of the US healthcare debate.
This week's updates include a discussion of the "university is not a business," the current attacks on the public workforce, and the bankruptcy of Stockton, CA. The major discussion focuses on learning from history of capitalism's instability and crises. Questions answered focus on the banks, the Federal Reserve and the philosophy of labor.
We will focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. This week's show provides updates on the end of weak "recovery", Europe vs US austerity and explores criticism of the privatization debate. Professor Wolff interviews Tess Fraad-Wolff, MSW, about the economics of pornography. The questions section of the show looks at if the rich have the wealth to pay for mass social welfare and if public, democratically allocated funds can finance innovation.
This segment provides updates on cuts to public services and business vs. consumer debts. The segment ends with an analysis of the resumed economic downturn and the irony that unions and left allies "saved" capitalism in 1930s but don't now.
Professor Wolff's show provides updates on Montreal students fighting tuition hikes, the global economic slowdown (again), Spain's bank crisis, and big pay for CEOs of top financiers. The show finishes with an analysis of Wisconsin and California elections and the huge Mondragon cooperative corporation.
The show begins with updates on the grim US employment data released on June 1, on how Europe experiences global capitalist crisis differently in Greece, Spain and Germany, and on how "parental leave" in US jobs lags all other advanced countries. Professor Wolff interviews Dr Harriet Fraad on the rapid increase of US adults living alone and the causes and consequences of this both economically and psychologically. The radio show ends with responses to questions about Spain, US student debt, economic collapse.
The segment contains economic updates on Providence, Rhode Islands cuts to retired city workers' pensions and a tax exemption for Brown University; joblessness and unemployment for recent college grads; and the thriving communist mayor of Marinaleda, Spain. Major discussions focus on how and why enterprises buys political influence, including examples from Hollywood producers and the ATT Corp. The radio segment ends with responses to questions about the Tobin Tax on financial transactions and on how and why national debts have serious economic consequences.
This weeks show provides updates on the impact of subprime mortgage abuses and its impact on racial and ethnic minorities, on Japan's nationalization of the Tepco Corp., and the mixed results of the bailouts of GM and Chrysler. Major discussions include: (1) Why government take-overs of private enterprise are rarely "socialistic" and mostly pro-capitalist, and (2) the basic causes and cures for unemployment in capitalist economies. The radio segment concludes with responses to comments on the decision-making process of workers' self-directed enterprises and about "recovery" in the housing market.
This week's show provides updates on New York Mayor Bloomberg's veto of a bill raising minimum wage, the economics of single-payer medical insurance, and major insurance companies' withholding of death benefit payments. Major part of the program is devoted to responding to listeners' questions and comments on (1) property tax exemptions for rich universities, (2) how to get economic system change, (3) causes of rise of financialization in modern capitalism, and (4) how economic conditions shape people's political activity.
This week's program is in a slightly different two-part format that includes: Part 1 is on how and why the government take-over of private corporations need not be and often is not "socialism" and why it is often done to strengthen private capitalists. Part 2 deals with Keynesian economics as a theory that clashes with both the mainstream economics ("neoclassical") that celebrates private capitalism and with critical theories such as Marxian economics that are opposed to capitalism.
So what's the big picture to today's events? Yes, there's enormous wealth inequality. Yes, the economy still isn't producing wealth for the vast majority of us. Yes, there's Wall Street still making huge profits off screwing over customers. Yes, students are saddled with a trillion dollars in loans. But WHY is all of this happening? Absent of the political will to do this - how will it get done? Through mass rallies like we're seeing today? OR do things have to get really badHere with some answers is Prof. Richard Wolff - professor at New School University and author of numerous books including, "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It."
In this week's show, Wolff provides updates on the extreme budget crisis and the cuts being made by state governments, on how the government is raising interest on student loans from 3.4 to 6.8 %, and on Argentina's take-over last week of the private Spanish oil company that dominated its oil and gas industry. In addition, Wolff interviews economics professor William Tabb about the financialization of US capitalism and its economic and social consequences, followed by a discussion of "family values" and economic planning in the US.
In the latest segment Wolff discusses the huge fines for major pharmaceutical firms, the long-standing and huge wealth redistribution from richer to poorer states by Washington, and the funding crisis in public higher education. The main interview features Dr. Harriet Fraad discussing the profound psychological costs of capitalism's instability. The radio show segment ends with a response to questions on the transition to mass transit from private cars.