originally appeared on Al Jazeera's Inside Story
As unemployment in the US decreases and large companies expand their profit margins, has the capitalist system once and for all proven its ability to endure and adapt?
The jobless rate in the US has dropped to its lowest level in four years. And the economy, which in 2008 appeared to be on the brink of collapse, is said to be recovering.
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."
On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.
My 15MOF interview today will be with someone I have wanted to have on our program for some time, and that is Dr. Richard Wolff, who is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University here in New York City.
Credentials? He is Professor of Economics Emeritus, University of Massachusetts, Amherst, and has earned a BA magna cum laude in history from Harvard in 1963 and an MA in economics at Stanford.
In capitalist enterprises across the US, when the working day ends and employees return to their homes, many stop at bars along the way. Signs invite them in for a “Happy Hour” of drinking. The implication is that the previous hours – working – are the day’s unhappy hours. Similarly, current mainstream academic economics (“neoclassical economics”) ascribes “disutility” to labor, an absolute and universal characteristic of labor per se.
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.