Economic Update with Richard D. Wolff

On this week's show: what major social changes will flow from today's combination of major economic crash and the viral pandemic (capitalism's worst nightmare)? To answer, we consider how European feudalism changed after its 14th century combination of economic decline and the bubonic plague. The two big changes then were (1) switching from a decentralized to a strong state, monarchical feudalism...

On the first half of this week's show, Prof. Wolff presents updates on the different metrics used for US unemployment, IMF on uneven recovery, money and US elections, Indigenous People's Day, and lastly China's commitment to digital currency, while big banks hold back other countries. The second half of the show features an interview with Havana professor Camila Piñeiro-Harnecker.

On the first half of this week's episode, Prof. Wolff presents a critique of pandemic eviction and updates on: the real US unemployment costs, Denmark sides with Germany against US pressure, China's successes, and lastly, why there has been no economic recovery in the US. On the second half of the show, Wolff interviews Lance of The Serfs, a major Canadian left-wing podcast.    

On this week's show, Prof. Wolff talks about the Geneva, Switzerland vote that's raising the min wage to $ 25.16/hour or over $50k/year; GOP block federal aid to cities and states; economics of police brutality; 20th vs 21st century depressions; and lastly, how profit motivates capitalists to market fake, toxic hand sanitizers. On the second half of the program, Wolff interviews John Samuelsen, Pr...

On this week's show, Prof. Wolff presents updates on how capitalism gets in the way of fighting Covid-19, systemic racism and Covid-19, why Europe did not allow the mass unemployment imposed on the US, and Wells Fargo CEO's fake excuse for lack of diversity among bankers. In the second half of the show, Wolff explores why capitalism fears the modern state and how it controls that state.

On the first half of this week's episode, Prof. Wolff discusses the following: graduate student strike at University of Michigan, Johnson & Johnson charged in opioid deaths, the richest Americans gain $845 billion from March-September 2020, New Jersey raises taxes on millionaires, and real unemployment is at 18%. On the second half of the show, Wolff talks with rising podcaster Mexie on how she br...

On this week's show, Prof. Wolff presents updates on the 'Social Progress Index" and US capitalism's decline; how most young Americans, 18-29, now live with their parents; Argentina's debts are cut in half; and lastly, why most of the US economy is now on welfare. The second half of the show features a major discussion of a social transition beyond capitalism.    

On this week's show, Prof. Wolff presents updates on why the FED monetary policy dominates the US; fatal flaws of eviction moratorium; luxury, fashion centers shift to China despite US anti-China policies; and the unnecessary crisis of US restaurants. On the second half of the show, Wolff interviews sports journalist Dave Zirin on historic strikes of US professional athletes.

On this week's all new Economic Update, Prof. Wolff discusses the Federal Reserve's pro-inflation policy's causes and effects, professional athletes and "dual power," more state-monopoly capitalism in the US, and Denmark vs US on Covid-19 battle. On the second half of the show, Prof. Wolff interviews journalist Bob Hennelly on the US labor crisis.

On this week's Economic Update, Prof. Wolff discusses the following: Denmark's new taxes on banks and rich people to help workers doing dangerous jobs; West Virginia AG sues Walmart and CVS for complicity in opioid scandal; and US State Department urges universities to sell shares in Chinese corporations. On the second half of the show, Prof. Wolff interviews author and journalist  Chris Hedges on...

On this week's episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.

On this week's all new EU, Prof. Wolff contends that defenders of capitalism chose a poor definition because that made it much easier to defend capitalism. A much better, clearer definition was and is available. But, he explains, it exposes capitalism to profound criticisms. 

On this week's show, Prof. Wolff discusses the following: the US is a poor place to raise kids according to a recent Forbes' magazine article, the collapsing restaurant industry, eviction policy (France vs US), Bugatti cars for very rich kids, and Pfizer CEO wants big profits from Covid-19 vaccine. On the second half of the show, Prof. Wolff talks with former Goldman Sachs banker Nomi Prins on how...

On this week's show, Prof. Wolff discusses corruption of public workers' pensions, capitalist contracts displaced by legal fights, Canada's COVID-19 record vs US, retail apocalypse deepens, and Bezos vs 50 homeless people in Pittsfield. On the second half of the show, Prof. Wolff interviews economist and former UN Assistant Secretary General, Jomo Kwame Sundaram. 

On this week's episode, Prof. Wolff presents the following updates: company cutting candy bar size but keeping the same price, Barcelona punishes landlords with empty apartments, Macy's closing stores while giving $millions bonuses to top executives, IMF anti-Covid-19 funds used instead to pay off private loans, health insurer profits because people cannot afford and fear doctor and hospital visit...

Throughout capitalism's history, the big topic in economics was how far the government should intervene in the economy. Conservatives wanted minimum intervention while liberals and socialists wanted much more. In fact, government intervention mostly aimed at saving, protecting, supporting capitalism. The genuinely "great debate" could and should have been about the strengths and weaknesses of capi...

On this week's show, Prof. Wolff presents updates on false "trade-off" between illness and economy, going from normal to extraordinary injustice, hypocritical scapegoating of foreigners instead of facing domestic public health and economic failures, and lastly, the tragic neglect of education during the pandemic and economic crash. On the second half of the show, Prof. Wolff is joined by The Natio...

On this week's show, Prof. Wolff presents updates on "zombie" companies and their rapid growth in the US, The Federal Reserve "stress tests" expose risks, and weaknesses of major US banks. On the second half of the show, Prof. Wolff is joined by Greek economist, academic, philosopher and politician, Yanis Varoufakis on DiEM25, Europe's new internationalist left.

On this week's show, Prof. Wolff argues that preparing and coping with the Corona pandemic was inadequate: medical supplies were seriously deficient. It simply was not profitable for firms to produce or stockpile the supplies. Neo-liberal governments were complicit with private profit capitalists rather than compensating for their inadequacies. The lesson: many basic social needs are needed, like...

On this week's show, Prof. Wolff presents updates on why US record on Covid-19 so much worse than most others'; corp buys Trump; US billionaires got much richer during pandemic and 42 million lost jobs; sharp rise to 66,433 homeless in LA. The second part of the show features an interview with creative activist and journalist. Eleanor Goldfield on her new film "Hard Road of Hope" on working class...

Updates on mismanaging Covid-19 and US system's crash; reactions to econ decline; sharing gains of firms profiting from the virus; the mistake of "dominating;" mass joblessness = class war. Interview with comedian and podcast host Jimmy Dore on today's crises and roles of GOP and Dems.  

US has 5% of world's population but 30% of world's Covid-19 deaths. US capitalism did poorly against the virus. Today's program explores how socialism could and would prepare for and respond to Covid-19 differently. We include both the logic of socialism's different policies and examples of socialist-influenced policies in other countries.

Updates on how pandemic and capitalism are combining to worsen social divides in the US. Interview with Cornel West on (1) how pandemic + economic crash are affecting US society and (2) the prospects for social change.  

A special program: interview with Kali Akuno, leader of Cooperation Jackson in Mississippi. As a leader of national May Day actions, he discusses their size, diversity, motivations and goals (including planned monthly national actions). He analyzes organizational challenges and prospects. Finally, he explains why he believes this May Day was a major strengthening of the US left.    

On this week's show, Prof. Wolff criticizes unemployment - as a specifically capitalist irrationality - and advocates "re-employment" as a far better policy. Gov't jobs and worker-coop development are key means for re-employment. Very socially necessary jobs are detailed that further encourage re-employment, instead of unemployment.