Economy

Economic Update: Competition and Monopoly in Capitalism

December 11, 2019

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.

Great Employment Numbers: 44% of Fully Employed Make $18,000 a Year or Less

December 10, 2019

Beneath the rosy employment report lives a reality of low-paying part-time and temporary work with no benefits or security.

Are Accusations of Chinese Human Rights Violations Reinforcing the Trade War?

December 5, 2019

Professor David Kotz discusses how the U.S.’s hardened trade stance has nothing to do with human rights, despite new reports of the massive human rights violations of the Uighurs, a Muslim minority in western China.

How Public Officials Milk the Healthcare System for Private Gain

December 2, 2019

An in-depth look at a series of local scandals shows how politicians game the healthcare system for private benefit, raising the costs for everyone.

Economic Update: Teaching Economics – A Revolutionary Approach

November 27, 2019

This week: Updates on Kshama Sawant’s reelection victory in the Seattle City Council race; the obesity problem’s costs and causes in the U.S.; critiquing libertarian arguments in favor of capitalism; Prof. Wolff interviews Dr. Amy S. Cramer, a Professor of Economics at Pima Community College in Arizona about her accessible education project “Voices on the…

Chile’s Wealth Gap Has Thousands Living in Shanty Towns

November 22, 2019

In Chile, protesters are demanding better social services and President Sebastian Pinera’s resignation. Millions find it difficult to make ends meet, and many are forced to live in makeshift camps and shanty towns.

Economic Update: Political Strategy for Transition

November 21, 2019

This week on Economic Update, Professor Wolff discusses a political strategy for transition beyond capitalism to an economy based on democratic worker-owned co-operatives. The first half explores the history of the transition from feudalism to capitalism, while the second half draws lessons from that history to provide a strategy for a transition beyond capitalism.

Economic Update: The US’s Profit-Driven Medicine

November 15, 2019

This week: Updates on on Berlin, Germany’s law freezing all rents for 5 years; over–indebted corporations threatening the world economy; prisoners’ slave labor in Los Angeles; French inequality and yellow vests; Bernie Sanders’ push to put workers on corporate boards of directors; Prof. Wolff interviews Dr. Michael Magee on the medical-industrial complex in the United…

Elite Institutions Hoard Wealth While Cities Die Around Them

November 13, 2019

A movement to tax non-profits in a city mired in poverty has hit an obstacle: The richest institutions claim they already pay enough.

Economic Update: The Human Agenda

November 5, 2019

This week: Updates on the costs of the NBA’s offending China; worsening global inequality; 3 economists presented with the Nobel Prize for working on “incremental solutions” to poverty; Google’s donations to climate deniers; and the latest crisis of defaulted U.S. auto loans; Prof. Wolff interviews Mr. Richard Hobbs, an expert on worker co-ops and the…