Economic Update with Richard D. Wolff

Latest Episodes:

Rising Labor, Faltering System Sep 15, 2022

Show notes

This week on Economic Update, Prof. Wolff talks about the prospects for a labor-union-worker co-op alliance; megacorp stock buybacks; why and how US/UK sanctions on Russia failed so far; the financial abuse of US retirees; and lastly, union popularity in US at 50-year high.

Record Homelessness Defies US "Solutions" Sep 08, 2022

Show notes

In this week's show, Prof. Wolff gives updates on China's changed global economic strategy, California's struggle over higher minimum wages, Boston Mayor siding with Starbucks' strikers, and "regulatory capture" issue again as Philip Morris hires top FDA tobacco scientist. In the second half of the show, Wolff interviews Rob Robinson, formerly homeless community organizer, on today's record homelessness despite decades of programs to "solve" the homelessness crisis.

**Min 2:35 correction: China

What is Communism? Sep 01, 2022

Show notes

This program covers the origins, evolution, and current significance of "communism." After a brief history of communism as a utopian ideal of community, we treat Marx's presentation in the Communist Manifesto, and then communism's subordination to "socialism" to World War 1. That War changed everything. It split socialists everywhere into a Socialist Party and a Communist Party with key differences but also commonalities. When most European communist parties collapsed, socialism once again became the only major systemic left position. Yet the utopian longings expressed by communism left many on the left dissatisfied with modern socialisms. They searched for a possible solution, a new kind of communism located in workplaces organized as democratic, worker-coop.

Loneliness - Capitalism's Collateral Damage Aug 25, 2022

Show notes

In this week's show, Prof. Wolff presents updates on record homelessness in New York City, rapidly rising US household debt as recession looms, Washington retreats from globalization to economic nationalism, and 2.2 million in US lacking running water. In the second half of the show, Wolff Interviews Dr. Harriet Fraad, mental health counselor, on capitalism's loneliness crisis.

"Recession - Capitalism's Failure Invites System Change" Aug 18, 2022

Show notes

In this week's show, Prof. Wolff defines recession and shows its relation to inflation and stagflation in their respective roles within capitalism's inherent instability. Rooted in the structure of capitalism, recessions represent both costly burdens on employers and employees alike and also strong incentives to question, challenge, and go beyond capitalism. The economics profession has been unable to end recessions despite centuries of trying. The profession often tries to hide the capitalist roots of recession instead. Wolff concludes with how system change might finally "solve" capitalism's intractable instability problem.

The Deepening Fragility of US Power Aug 11, 2022

Show notes

In this week's show, Prof. Wolff presents updates on successful unionization at Trader Joe's, lottery tickets as disguised regressive taxation, gasoline inflation brings record profits to big oil companies, and pharmaceutical industries' ad campaign to block gov't plan to buy medications in bulk and pass savings onto public. In the second half of the show, Wolff interviews Vijay Prashad on his new book with Noam Chomsky on the fragility of US global power.

Noam Chomsky on Fragile US Empire Aug 04, 2022

Show notes

In this week's show, Prof. Wolff gives updates on US freight workers strike preparations; progressives and labor targeting municipal government; Chipotle store-closing to stop unionizing, and Occupy Wall Street's "Debt Collective" $5.8 billion student loan forgiveness win. In the second half of the show, Prof. Wolff interviews Noam Chomsky on the decline and fragility of the US empire, the role of US military, and the rise of fascism as a coping mechanism.

Marianne Williamson on US Politics Jul 28, 2022

Show notes

In this week's show, Prof. Wolff presents updates on the decline/fall of Boris Johnson and the parallels with Trump; the Sri Lanka collapse and its lessons; Match Corp secretly funding sides in "culture wars" to keep customers, and the latest from UK's Conservative party. In the second half of the show, Wolff talks with Marianne Williamson on the basic social divisions of US politics.

Twin Upsurges - Unionizing and Left Politics Jul 21, 2022

Show notes

In this week's show, Prof Wolff discusses the unionization efforts by post-doc medical researchers vote union, central bankers mislead on inflation, rising economic footprint and power of BRICS nations, and left victory in Colombia's elections. The second half of the show will feature discussions of the relevance of Marx's Labor Theory of value and the French political shift leftward with wide ramifications.

Swedish Socialism Undone Jul 14, 2022

Show notes

In this week's show, Prof. Wolff presents updates on SCOTUS decisions, on the chaos of a declining capitalism, French elections and a strongly resurging French left, and on the meaning of recent collapse of the cryptocurrency markets. In the second half of the show, Wolff interviews Eleanor Goldfield, Swedish-US media activist, on why and how Sweden is not socialist.