Economic Update with Richard D. Wolff

On this episode of Economic Update, Prof. Wolff presents updates on inequalities in pay for CEOs vs average workers; economics of mega-mergers; billionaires' idea of "charity;" economic consequences of attacking Huawei Corp; Bernie leads on two new bills in Congress to expand and provide loans to employee-owned businesses and worker coops. On the second half of the show, Prof. Wolff interviews Prof. Ric McIntyre on basic problems of US capitalism today.

As follow-up to earlier parallel program on the USSR, this program seeks to offer (1) an overview of China's economic development mostly over the last 25 years (GDP, real wages, etc.), and (2) its economic strategy: learning but also differing from Soviet strategy. Some historical context is also provided.

In this episode of EU, Prof. Wolff tries to go beyond simplistic, sterile Cold War debates of demonizers vs celebrants of the USSR. USSR's strengths and weaknesses, successes and failures are examined from revolutionary beginnings in 1917 to its 1989 implosion. 

Updates on US church membership and its tax subsidies, Toyota and Merkel slam US economic nationalism, 40 US states sue price-gouging pharma firms, Trump ("self-described "tariff man") does not understand that Americans pay all tariffs he imposes, Mothers' Day and the minimum wage, capitalism and politicians' corruption. Interview Neha Mathew-Shah, Pres., Progressive Workers Union.

This program explains those differences among (1) the moderate or "democratic" socialism ( a la Scandinavia), (2) the communist kind of socialism (in the USSR and People's Republic of China, and (3) the new socialism focused on democratizing the work place. Doing better than capitalism will require deciding which of these three kinds of "socialism" (or what combination of them) will be the better economic structure.

This special edition of "Economic Update" is devoted to Understanding Marxism, the title of a short new book just published by Democracyatwork. Today's program, like the book, explains Marxism's systemic insights into capitalism now. We discuss Marxism's basic criticisms of capitalism and also its complex relationship to socialism. Finally, we offer a survey of the last century of Marxism's huge, diverse influences on modern economics, politics and culture around the world.

The program begins by explaining the economics behind the great US anti-leftist purge (“McCarthyism”) after 1945. It then shows the economic impacts of that purge over the last half century. Finally, it explains how that history produced a very different political response to the crash of 2008 compared to FDR’s response to 1929. *Note: This is a rebroadcast. A new episode of EU will not be released this week in observance of Memorial Day.

On this week's show, Prof. Wolff presents updates on the US "bribing for college admission" scandal, how lobbyists reflect and worsen inequality, So. and No. Carolina teachers strike for better education, how NDAs (non-disclosure agreements) reflect and worsen workplace inequalities across global capitalism. On the second half of the show, Prof. Wolff interviews author Victor Grossman, American who lived and worked in socialist Germany across the entire history of the GDR.

On this week's show, Prof. Wolff presents updates on 60 megacorps who paid no 2018 Federal taxes, GM's CEO gets $29.1 million while GM fires thousands, wrecks communities, etc., Notre Dame tragedy exposes French inequality as billionaires suddenly find money for a church, not for people, rising wave of US worker strikes reflect militance and unity. On the second half, Prof. Wolff interviews Rebecca Lurie, Director of Community and Worker Ownership Project, CUNY.

On this week's show, Prof. Wolff presents updates on US college students as share-croppers for investors, on conservatives' fake opposition to gov't intervention in the economy, on deepening inadequacy of retirement savings of US baby boomers, and on how fading US middle class leads many first to blame/scapegoat foreigners, then fellow citizens. In the second half of the show, Prof. Wolff interviews Michael Steven Smith on his new book, Lawyers for the Left.

This over 200-year debate and struggle has become confused and confusing. Too many different definitions make honest, balanced discussions and evaluations of these alternative systems difficult. Because socialism is rising yet again to challenge capitalism, the debate now must take account of the terms' new and different meanings. We do that here in arguing for a new way to understand and engage "capitalism versus socialism."

Updates on Chicago in change, decline of world trade, New York's "congestion pricing, IMF on Trump trade war and hi-tech monopolies, 7 states sue Ag Dept over school lunch deregulations, Trump cautions audience "Don't underestimate "the power of socialism to get a vote." Interview with Dr. Harriet Fraad on causes of the #MeToo movement.

On this week's show, Prof. Wolff presents updates on Brexit and Mueller Report, Chicago is new site of labor upsurge, how income shapes education and thus "merit," why objections to Green New Deal and Medicare for All are mistaken, how a fascistic "punish the poor" mentality rises in US. In the second half of the show, Prof. Wolff interviews Prof. George Ciccariello-Maher on the crisis, foreign intervention. and resistance in Venezuela.

In-depth analysis of UBI shows its advantages over most welfare, safety net systems. An even better alternative would avoid capitalism's unnecessary production of unemployment because it utilizes technical progress (rising productivity) for profits. The alternative benefits workers' leisure rather than profits. It is more democratic and avoids splitting people into unemployed vs employed, non-poor vs poor. population.

An in-depth analysis of fascism as massive government intervention to protect and save a crashing capitalism. We focus on today's examples, historical parallels (in Germany and Italy), and how "strong men" leaders push fascist agendas. We discuss how fascism and socialism differ and how nationalism serves as fascism's social "disguise.