Economic Update: History's Lessons on Capitalism's Failures: Germany and US

[S11 E05] New

On this week's show, Prof. Wolff evaluates capitalism by how it deals with Covid-19 and talks about Boeing's latest fatal crash. The second half of the show is dedicated to...READ MORE

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  • Pasqual DiGesu
    commented 2021-02-25 10:16:28 -0500
    As for business managed by the workers or cooperative’s, which I support and believe would produce a better product simply by pride of ownership, I am afraid that their product would still require an objective review from a detached 3rd party for security. Any vested interest in the success of a business can prioritize profit and survival over quality assurance and contract conformance. In this respect many coop workers would share the same interests as the present corporate leaders. Agencies like the FAA, DCMA, FDA, etc. would still be required. Unfortunately in the last 4 decades they have been weakened and pilfered by many sources and motives not in our best interest.
  • Pasqual DiGesu
    commented 2021-02-25 09:21:52 -0500
    Boeing was only 1 of the industries to profit from emergency money for a total sum closer to a trillion probably to all. Not only did they use this money to pay a fine that would have included other graver penalties in other countries but they also bought back their stock at a low price after the mass “cash in” sell out, drop in share prices helped enable them to threaten bankruptcy and claim the relief. Now that the stock is back up to par we can assume the share profit was doubled? compliments of the tax payer whose “Care/s (act) Package” does not just go to third world countries anymore, and in much greater sums of “charity”. Interestingly this was also enabling by not shutting down the wall street trade as in 2008 despite it being even less life essential than bars and resteraunts. As for Germany it is true that social security was instituted by Bismarck in the 1800’s, but it was the overall forced system of socialism in Italy starting in the 20’s which more likely mirrored the new deal and was also copied step by step by what some books refer to as “the imitator in Berlin”. (There is enough surviving international literature and sources of this time for reference) As with most other history in this region, Civilization also migrated from southern Europe to northern Europe.
  • Richard Wolff
    published this page in Updates 2021-02-08 08:00:00 -0500