Updates and analyses of the last month's major economic events. We focus on the global capitalist economic crisis, government responses, and the growing challenges to contemporary capitalism. We examine resistances to "austerity," "deficit reduction" and other programs aimed to "socialize" the costs of capitalist crisis. Alternative theories for understanding these issues are considered. Likewise, we examine alternatives to capitalism as solutions to today's economic problems. When time permits, we open the floor to general discussions.
RT TV's Abby Martin interviews Professor Richard Wolff about the recent district court ruling on Detroit's bankruptcy and how it could affect the pensions of thousands of city workers.
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.
A talk delivered at the Joseph S. Murphy Institute for Worker Education and Labor Studies, City University of New York
Updates on seriously wrong solutions for real economic problems (in Hawaii and at Walmart), 10 big companies paying the lowest wages, Pope's assistant with strong critique of capitalism, correction on Swedish economics prize. Major discussion on the economics of organized religion and separating the issue of full employment from respecting the environment. Response to listeners on Philippine typhoon and critique of seeing "capitalism" as root of all evil.
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.
This article originally appeared at Truth-out.org
Capitalism as a system seems incapable of solving its unemployment problem. It keeps generating long-term joblessness, punctuated by spikes of recurring short-term extreme joblessness. The system's leaders cannot solve or overcome the problem. Before the latest capitalist crisis hit in 2007, the unemployment rate was near 5 percent. In 2013, it is near 7.5 percent. That is 50 percent higher despite the last six years of so-called "effective policies to address unemployment."
Updates on Janet Yellen, minimum wages, Twitter, and Cuba trade embargo. Major discussions of a bankruptcy inside Mondragon and "private" universities that aren't. Response to questions on full employment and inflation.
Professor Rick Wolff explains why growth has become a focus of our modern political system. He describes how inequality is created by the way our enterprises are organized.