Economic Update with Richard D. Wolff

Latest Episodes:

Valuing Work by Women of Color May 13, 2021

Show notes

On this week's show, Prof. Wolff discusses Bernie Madoff's $ 82 billion swindles and capitalism's incentives for swindling, the economics of wars in Iraq and Afghanistan, US government's racist housing policies, and refuting the defense of capitalism as "lifting people out of poverty." On the second half of the show, Wolff is joined by Professor Nina Banks to talk about economics and correcting the undervaluing of community building work by women of color.

Capitalism versus Democracy May 06, 2021

Show notes

On this week's show, Prof. Wolff presents an analysis of how and why capitalism is an undemocratic economic system. The first half is devoted to the micro-level, namely to the organization of the enterprise (factory, office or store). Its undemocratic character is exposed using examples and empirical evidence. The second half has a macro-level focus that shows how capitalism's generation of growing income and wealth inequality impels the employer class (a small numerical minority) to use their money politically. Their practice undermines real democracy leaving only its empty forms.

How US Capitalism Uses Nationalism Apr 29, 2021

Show notes

From 1945 to 1990 we were told a great struggle pitted capitalism against socialism/communism (chiefly the USSR and China). Yet still today, US leaders demonize Russia and China despite the end of communism in the USSR and a huge growth of capitalist enterprises in China. The explanation lies in US capitalism's long history of using nationalism (i.e. foreign dangers) to justify tax-payer funded government actions to protect, subsidize, and support major capitalists' dominant position in the US economy.

A Green 3rd Party for the US Apr 22, 2021

Show notes

On this week's episode, Prof. Wolff talks about Rolls Royce's $400,000 cars, unionization defeat at Amazon, why Biden boom is just hype, and progressive wins in the New York state budget. On the second half of the show, Wolff welcomes Green Party leader Dr. Jill Stein to discuss the achievements and goals of an anti-capitalist 3rd party.

Workers Successfully Take Over their Workplaces Apr 15, 2021

Show notes

On this week's show, Prof. Wolff discusses how the US home rental market is failing over 20% of all renters, and the basic flaws in Biden's $2 trillion infrastructure proposal. On the second half of the show, Prof. Wolff interviews Prof. Marcelo Vieta on his studies of workers' success in taking over enterprises mismanaged by capitalists.

Marxism's Ongoing Relevance Apr 08, 2021

Show notes

After clearing away the Cold War debris that blocked discussion of Marxism's insights since 1945, we focus on Marxism's core contribution to (1) thinking about and (2) changing modern capitalist society. That contribution is class structure and class struggle. Marxism explores how class struggle exists in capitalism, how it influences all of social life, and how it changes over time. Marxism also envisions the end of class struggles as its social change goal now.

When Economic Systems Fail Apr 01, 2021

Show notes

On this week's episode, Prof. Wolff talks about the structural failure of Biden's American Rescue Plan, Nigerian mass workers' movement, private electricity for the US rich, big vs small business struggles, and why opposition to lockdowns only prolongs Covid. On the second half of the program, Wolff interviews author Rob Urie on criticizing capitalism.

Dems' Self-promotion versus Hard Economic Realities Mar 25, 2021

Show notes

On this week's show, Prof. Wolff discusses the US coal industry decline, Brazil's Covid disaster, economic surge after Covid, and Elizabeth Warren's wealth tax proposal. On the second half of the show, Wolff interviews investigative journalist Bob Hennelly on the gap between Biden regime actions and pronouncements, and the hard realities of economic depression and "food insecurity.

Finally a Tiny Sales Tax on Stocks Mar 18, 2021

Show notes

On this week's show, Wolff talks about the taxing of CEO pay in the US, the immoral and self-defeating vaccine policy, and LeBron James speaking out on social issues. On the second half of the show, Wolff interviews attorney James S Henry on the struggles for a stock transfer tax in New York, the US and globally.

People to People: Horizontal Social Change Mar 11, 2021

Show notes

On this week's show, Prof. Wolff presents updates on the Texas energy catastrophe, the 'Robinhood/Reddit' Wall Street incident, college workers organizing, Hollywood's dependency on China, and how New Zealand used total lockdown to beat COVID and support its economy. In the second half of the program, Wolff interviews Prof Marina Sitrin on pandemic solidarity and horizontal social action.

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