Are WSDE's different from worker coops? your book, a cure for capitalism's, promotes WSDEs and D@W promotes Worker Coops?
Is China using a long term economic strategy with the goal of undermining and eventually destroying capitalism by taking the system to its absolute and logical extremes in terms of economies of scale and extreme low cost pricing and production? In the book “Rare: A high States Race to Satisfy our Need for the Scarcest Metals on Earth” author and PhD of Chemistry Keith Veronese had this to say; “The government of China made a decision to play the “long” game in 1970- sell large quantities of rare earth metals at very low prices, prices low enough that the rest of the world would flock to this new and inexpensive supplier. Years of allowing outsiders to purchase at below-market value devastated the rare earth mining industry in other parts of the world, and by the turn of the millennium China’s mines were the only ones left standing.” “China beat the United States because its mines and processors could sell at a lower cost due to economies of scale and a government willing to set low prices to gain market share. This drove suppliers in other parts of the world out of business through a decreasing profit margin, much the same way the arrival of a large chain store closes the door of “mom and pop” specialty shops. When profits drop due to a changing market place, decreased demand, increased upkeep costs, or a number of other factors, it is often cost effective to cease mining operations at a location. It is not the place of these private corporations to mine any metal with the hopes of maintaining a healthy domestic supply and the best interests of the country if the monetary reward is not present”. -pages 40-41. “Rare: A high States Race to Satisfy our Need for the Scarcest Metals on Earth” by Keith Veronese While this is a general analysis of the rare earths market and how China has effectively cornered it….it seems you could replace the word “rare earths” in these snippets from his book with basically any product from electronics to chairs. What is the future outcome of the world economy if taken to its logical conclusion?
what's behind issues Special Drawing Right SDR and china join last October.
I notice you sometimes talk about mega-millionaire CEOs with a description of "Mr. X earns so many million dollars per year" etc. I hear MANY people make comments like this. I feel we should say "Mr. X RECEIVES $$$" rather than EARNS. It is not at all clear to me that these individuals truly earn the obscene amounts of money they receive. I've been reading George Lakoff...and I think this word matters! You don't have to agree, but I feel that if more prominent commentators used "receives" or some other word rather than "earns" it would help to change the perception that the all-knowing market determines the "worth" of participants by their salary with razor-sharp accuracy. I think the accuracy of the market is more in the range of the meat-axe! And, of course, markets can be manipulated by the powerful. Especially those who can pick friends to sit on the Board of Directors that grants their salary increase.
http://press.uchicago.edu/ucp/books/book/distributed/R/bo25051714.html I'll keep it short and sweet, Thank you Prof Wolff!
In your recent Economic Update you've mentioned Bill Gates' contribution to computer industry. However it's interesting to mention broader industry - namely the fact that in every computing device (except for personal computers) industry is virtually dominated by Linux or Unix based systems - a part of Free and Open-Source Software (FOSS). Software that they are making is free to use and modify in every way possible, mostly supported by donations or just a need to get something done, rather then for profit. Do you thing that the way FOSS is done might point to the way how the world would look like in the future? I personally would like to mention also "The Cathedral and the Bazaar" concept https://en.wikipedia.org/wiki/The_Cathedral_and_the_Bazaar
What do you think is the potential of CDFI banks like Beneficial State Bank and New Resource Bank in the Bay Area of California to transform our economic system? Can they truly contribute significantly to redesigning the financial system to serve the many, or are the forces of our dominant economic system such that only mass movements that demand worker coops through political mobilization are our only option? I work in a bank like this, and see that it lends to great community organizations and is willing to spend more time being flexible with non-profits. The bank is a B-corp with all economic rights owned by a non-profit, so no profit maximization. However, because traditional credit analysis inherently favors rich investors and not multiple guarantors (coop), I worry that this type of operation is not very additional on it's own. Please provide some insight.
First, I'd like to thank you for sharing your wealth of knowledge with us and for all you do for our country and the world. I listen to Economic Update with my 10 year old son Josh(by choice) every Friday after school. He asked me who started the idea of spending money we don't have as a nation. Like who was the president and what the argument looked like. Did anyone oppose it? I couldn't answer him very well and would love if you did a segment on it. Josh would be thrilled that you answered him too. I also would like to voice my agreement with Lionel of Lionel Media that you should be in office. I know alot of people who would enthusiastically support your effort. Thank you again. Chris Cull Michigan
Liberia is a third world country with over 80percents of its approximated 4miilion citizens living on less than one dollar a day. The country's economy is dependent on the extractive industry. Industrialisation is lacking. Merchandise agriculture is an illusion. Extreme trade deficit is an economic culture. The service and commercialised sectors are dominated by foreigners. We only receive taxes and rent from the sale of state assets to private foreign investors, which makes it impossible to mobilize enough capital to independently fund the construction of roads, dams, schools, hospitals, and etc. Our budget accounts for 85percent recurrent expenditure. Investment in public goods is dependent on foreign aid, loans, and grants. So how can your alternative work in the case of Liberia?
Hi Richard, I found this 2 minute clip on YouTube (https://www.youtube.com/watch?v=auaZDyUvWZM) that argues that it isn't. However, my leaning is that it is a zero-sum game. Even if more "credits" are added periodically, it is still a zero-sum game surely. If there were 10 coins on a table, and I took 8 and you had 2. And every hour, 2 more coins were added onto the table. It would still be a zero-sum "game", just with more coins. Not only that, but in practice, those with more coins (me) would have more resources at my disposal to acquire the new ones that added every hour. Please watch the short video and let me know what you think. I'd be very interested to hear your response. Thanks.
In a socialist society, the doctor would provide healthcare for individuals. But lets say he or she decides that the value of other labour is worth more. Wouldn't that break the idea of universal health care? How would it work?
We're taught that "capital flight" is the real fear of raising tax on rich people but I was recently told that so long as you've got a closed currency border (as in, here in Australia we're the only ones who use Australian dollars) that if a billionaire were to send all of their money overseas, what they have to do first is send the money to a bank in exchange for the foreign currency and ultimately the money doesn't go that far, it just ends up in the bank and it's not a big problem for the economy. Do you see truth to that claim? What do you think of capital flight overall? I use the old top marginal tax rate of 92% in the US as a debating point a lot of the time but I feel like I could use more ammo on this.
Slavery was on is way out by the time it was reintroduced with a racist twist by the various West India co.
A big part of my education is actually talking to latino day laborers ( and getting into a fight with three bicyclists who jumped a guatamalan under the freeway separating our two communities) and my apartment complex nieghbors from India working at a nearby pharmaceutical company. We talk about Co-Ops and the possibility of international associations or collaboraations came up. You've spoken about the Spanish group offering training. Are there other links forming?
you write about WSDE,s are they different from a collective worker cooperative, and if so how? Also your book does not advocate for traditional worker cooperatives, (Example; board of directors that may or may not be members of the worker coop it serves) yet the democracy at work website does advocate for all types of worker cooperatives, democratic work places and/or collective cooperatives. Is that a correct assumption?