Professor Wolff says every capitalist tries to systematically reduce wages, then can't sell what those wage workers have produced.
Economist Richard Wolff compares the stagnation of wages in the U.S. for the past 30 years to the increase in wages in emerging markets and explains why capital left America.
Updates on Ferguson and Portland as symptoms of economic decline, critic rejections of profit-driven business, Sen. Bernie Sanders for worker coops, homeless in New York City, and rising political lefts in Greece, Spain and now Ireland. Responses to listeners on supply-demand economics and "capturing" government regulators. Interview with Steve Early, activist and author, on the present and future of US labor movement.
The International Labor Organization (ILO) just released a report on December 5, 2014 (http://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_324645/lang--en/index.htm) sharply exposing what the development of global capitalism means and costs. Here are its key conclusions:
1. Real wage growth slowed again in 2013 (to 2% per year), remaining below pre-crisis rates of wage increase that averaged about 3%.
Updates on Italy's general strike, opera economics, Miami baseball, and Argentina loans. Responses to listeners on economics of US children and on a new political party. Interview on personal and psychological costs of capitalism with Dr Harriet Fraad.
These programs begin with 30 minutes of short updates on important economic events of the last month. Then Wolff analyzes several major economic issues. For November 12th, these will include:
1. How the Absence of Economic Democracy Undermines Political Democracy
2. Economic Democracy and Revolution Inside Enterprises (Factories, Offices, Stores)
3. The Real Economics of Wages, Prices, and Profits