This article originally appeared at The Guardian.
Organized labor's decline in the US over the past half century is well-known; what drove that decline, less so. The New Deal's enemies – big business, Republicans, conservatives – had developed a coordinated strategy by the late 1940s. They would break up the coalition of organized labor, socialist and communist parties: the mass base that had forced through the 1930s New Deal. Then each coalition member could be individually destroyed.
Updates on billionaires buying newspapers, the bad news in latest US jobs report, IMF proposals for Spain's economic crash, and a progressive new bill in the US Senate. Interview with Theology Professor Joerg Rieger on religion, class, and capitalism. Response to listeners: recognition of extraordinary leadership by Mayor Gayle McLaughlin of Richmond, CA.
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.
Richard Wolff joins RT's Peter Lavelle and Mark Levine on "CrossTalk." What does a globalized middle class mean for global capitalism? Has the system actually reformed itself since the 2008 slump? And, does the world have the resources to accommodate the demands of the rising middle class?
First, its clear that profits as a percentage of total US GDP have recovered from the crash of 2008. Unemployment may still be over 50% higher than it was in 2007, and real wages may be below what they were then, and the benefits and security of jobs may have fallen, but profits have come back. And with them the stock markets. Hence also the upbeat talk about “recovery” yet again.
Updates on Cyprus's extreme austerity, equal justice and markets, falling job quality, and capitalism's impact on China. In-depth discussions of how worker coops can get needed capital and on basic flaw in economic education at college and university levels. Response to listeners' questions on printing money and inflation and on teachers' self-directed schools.
Richard Wolff on Capitalism’s Destructive Power
Richard Wolff’s smart, blunt talk about the crisis of capitalism on his first Moyers & Company appearance was so compelling and provocative, we asked him to return. This time, the economics expert answers questions sent in by our viewers, diving further into economic inequality, the limitations of industry regulation, and the widening gap between a booming stock market and a population that increasingly lives in poverty.