This week’s episode of Economic Update features an introductory discussion by Professor Wolff on the heavy social costs which flow capitalism’s systematically uneven economic development.
What happens to the remaining homeowners, their properties, and their neighborhoods in Detroit after the foreclosure crisis created a glut of abandoned, city-owned houses?
Updates on France’s successful mass uprisings (Yellow Vests in 2019; mass union strikes in 2020) that forced the French government to back down on changes workers opposed; how endless wars impose huge debts; how the Catholic Church uses U.S. bankruptcy law to prevent the church’s assets from being used to compensate victims of sexual assault;…
This week: Updates on the sale of a co-op craft brewery to a large corporation; U.S. medical costs are by far the highest in world, capitalism’s defense of inequality and instability with the “overcoming poverty” concept; Prof. Wolff interviews Laura Flanders, a long-time independent journalist, about the idea of an independent media.
President Trump says his just-signed trade deal with China is unprecedented, but it’s mostly symbolic and has little to nothing to offer ordinary Americans, says Jocobin’s Nicole Aschoff.
African-American homeowners in Detroit don’t just face lingering damage from the 2008 recession. The city is suffering from a foreclosure crisis after overcharging homeowners $600 million in property taxes.
Katherine Moos discusses December’s employment data, which shows that for the second time in history women outnumber men in the U.S. workforce. The first time was during the Great Depression. Women still earn less than men, so by hiring more women employers are saving on payroll expenses.
Three major criticisms of Economic Update are considered: (1) that we don’t praise capitalism for reducing world poverty, (2) that we don’t admit that “socialism has never worked anywhere,” and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal…
Democratic presidential candidates Elizabeth Warren and Bernie Sanders are practically the only major politicians supporting a wealth tax to reduce inequality and fund government programs, even though polling shows nearly two-thirds of Americans support it.
Capitalism’s growing problems (inequalities, instabilities, unsustainability etc.) lead some defenders to argue that the cause is monopoly displacing competition in many industries. We disagree: Capitalism’s history is oscillations between competition and monopoly, each causing the other. Capitalism is the problem, not its oscillating forms.