Richard Wolff

Generated Summary Below:

Video Deacription:

Are Trump and Elon Musk’s budget and workforce cuts really about making things more 'efficient'? Economist Richard Wolff argues that “government efficiency” is just a smokescreen to deepen Trump's assault on the working class—slashing public services to serve the interests of the ultra-rich.

Professor Richard Wolff is an author & co-founder of the organization Democracy at Work. You can find his work at rdwolff.com.

Listen to The Socialist Program’s full interview with Prof. Wolff on any podcast platform: ‘Trump's Drastic Cuts: Federal Workforce, Services & Billionaires' Taxes’

Generated Summary:

Main Topic: The video discusses the economic policies of Trump and Musk, arguing that their tax cuts and public sector layoffs are not about efficiency but rather a strategy to benefit billionaires at the expense of the working class and the overall stability of the United States.

Key Points:

• Tax Cuts for the Rich: The core argument is that tax cuts, particularly those enacted under Trump, primarily benefit corporations and the wealthy, leading to increased national debt and reduced public services.
• Layoffs and Wage Suppression: Layoffs of public sector employees are presented as a deliberate strategy to reduce government spending without raising taxes. This, in turn, drives down wages in the private sector as laid-off workers compete for fewer jobs.
• Erosion of Public Services: Cuts to public services, such as universities, are highlighted as a direct consequence of reduced government funding due to tax cuts and layoffs. This weakens the nation's infrastructure and competitiveness.
• American Empire in Decline: The video argues that the current economic and political strategies are leading to a decline in American influence and power globally, citing strained relationships with allies and a reliance on previously adversarial nations.
• Desperation, Not Strength: The actions of the current administration are characterized as desperate attempts to maintain the wealth and power of the elite, rather than sound economic or foreign policy.

Highlights:

• Professor Richard Wolff provides expert analysis of the economic implications of these policies.
• The video uses strong rhetoric to criticize the actions of billionaires and the current administration.
• Real-world examples, such as the decline in American universities and strained international relations, are used to support the central argument.

About Channel:

At BreakThrough News we tell the untold stories of resistance from poor and working-class communities. At present, five corporations dominate the media landscape, including 90% of what we read, watch, listen to, and depend on for information about the world. Nowhere among the headlines do we hear the perspectives of working people and movements for social justice. Our mission is to break through the static, disinformation and fluff.

BreakThrough / BT Media Inc. is a nonprofit media and educational organization dedicated to independent, fact-based reporting and commentary on a diverse range of issues affecting the global movements for social justice. We are a recognized 501(c)3 nonprofit organization in the United States. To remain free of bias and preserve our editorial independence, we accept no corporate donations or state funding. Our funding derives from our viewers and readers, and foundations that support our mission.

Generated Summary:

Video Description:

[EU S15 E7] Capitalism, Lost Empathy and Rising Addictions

In this week's episode of Economic Update, Professor Wolff discusses Trump's attempts at taking Panama as more evidence of rising colonialism and imperial ambitions, the recent organizing and strike of 10,000 Colorado grocery workers, and finally, corporations and investment funds abandoning DEI. In the second half of the show, Prof. Wolff interviews psychotherapist Tess Fraad-Wolff on capitalism's causal links to declining empathy and rising addictions.

If you haven't already, please subscribe to our channel, follow us on social media, and of course, get all of d@w's latest news and content by signing up on our website:

www.democracyatwork.info

As always, thank you for your attention, support, and solidarity.

The d@w Team

Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: / democracyatwork

Or you can go to our website: https://www.democracyatwork.info/donate

Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else.

We want to thank our devoted community of supporters who help make this show and the others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

Professor Wolff's latest book, "Understanding Capitalism", is available now for purchase...

Generated Summary:

This episode of Economic Update discusses several key issues related to the economic and social consequences of capitalism.

Main Topic: The interconnectedness of capitalism, the decline of empathy, and the rise of addiction in American society.

Key Points:

• Trump's Panama Canal Plan: Professor Wolff critiques Trump's plan to "take back" the Panama Canal, characterizing it as an act of colonialism and bullying, highlighting the power imbalance between the US and Panama.
• Colorado Grocery Workers Strike: The strike highlights the ongoing class struggle between employers and employees, with speed-up tactics and anti-union practices by Kroger and Albertson's. The discussion emphasizes the potential benefits of worker cooperatives as an alternative to capitalist enterprises.
• Shifting Corporate Priorities: Corporations' retreat from diversity, equality, and inclusion initiatives demonstrates the prioritization of profit maximization over social responsibility under capitalism.
• Loss of Empathy and Rising Addictions: An interview with psychotherapist Tess Fraud Wolf explores the link between capitalism's emphasis on greed and the decline of empathy. She argues that the system fosters a culture of bullying and a disregard for the vulnerable, contributing to widespread addiction (to substances and other behaviors) as a form of unhealthy attachment.
• Capitalism's Role in Addiction: The discussion connects the rise in addiction to the lack of empathy and the focus on material gain over human connection. It's argued that capitalism's emphasis on individual achievement and competition undermines the sense of community and support needed to combat addiction.
• The Role of Trump: Trump is presented as an example of someone addicted to greed and power, embodying the negative aspects of the capitalist system.
• Capitalism and Mental Health: The overall conclusion suggests that capitalism contributes to widespread mental health issues, fostering a culture of greed, competition, and isolation that negatively impacts well-being.

Highlights:

• The interview with Tess Fraud Wolf provides insightful commentary on the psychological effects of capitalism.
• The program uses the Panama Canal example to illustrate the consequences of unchecked power and lack of empathy in international relations.
• The discussion of the Colorado grocery workers' strike offers a concrete example of the class struggle within the capitalist system.
• The analysis connects seemingly disparate issues—political actions, economic policies, and social trends—to reveal a common underlying cause: the inherent flaws of capitalism.

About Channel:

Democracy at Work is a non-profit 501(c)3 that produces media and live events. Our work analyzes capitalism critically as a systemic problem and advocates for democratizing workplaces as part of a systemic solution. We seek a stronger, fuller democracy – in our politics and culture as well as in our economy - based on workers’ equal collaboration and shared leadership inside enterprises and throughout society.

Generated Summary Below:

Video Description:

Richard Wolff is Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting professor at The New School, where he works on economics in the Marxist tradition. This is Richard’s seventh appearance on Robinson’s Podcast. In his last appearance, episode #230, he and Robinson discussed Richard’s arguments against electing Donald Trump for president, as well as his analysis of the election. In this episode, Richard and Robinson talk about 2025 and the first weeks of Trump’s presidency, as well as what’s to come. More particularly, they discuss the irrelevance of Donald Trump, his domestic and global policies, China, narratives on the right and left, and the future of the United States. Richard’s latest book is Understanding Capitalism (Democracy at Work, 2024).

OUTLINE

1. 00:00 Introduction
2. 08:34 How the Left Can Defeat Donald Trump
3. 15:06 Why Kamala Harris Lost the Election
4. 25:23 Is Victor Davis Hanson Wrong About the Elites’ War on the Working Class?
5. 36:31 Did West Coast Elites Cause the LA Wildfire Disaster (Is Victor Davis Hanson Wrong?)?
6. 42:26 Why Richard Wolff Enjoys Tucker Carlson
7. 54:32 Why Unemployment Tanked Harris in the Election
8. 59:45 Deep Seek, The Chinese Phenomenon
9. 1:05:31 The Astonishing Story of How China Came to Dominate Elon Musk Over Electric Cars
10. 1:13:25 Donald Trump’s Huge Misunderstanding About Tariffs
11. 1:20:04 Richard on Donald Trump’s Contradictions About Immigration
12. 1:34:23 The Marxist Truth About Why Immigrants Are a Gift to the United States
13. 1:44:34 Why Trump’s Policies Will Increase Illegal Mexican Immigration and Drug Trafficking
14. 1:47:58 Should Trump Make Canada the 51st State?
15. 1:51:04 How Elites Rejected Donald Trump and Created the Man He Became
16. 1:59:25 Why Donald Trump Wants to Take the Panama Canal (And the Actual Best Reason to Control It)
17. 2:13:29 How the BRICS Are Drastically Outperforming the American Economy
18. 2:25:18 Is There a Fatal Contradiction in Trump’s Climate Policy?
19. 2:33:20 How Will AI Affect China and America’s Economic War?
20. 2:43:19 How Elon Musk is Only an Unsuccessful Bureaucrat
21. 2:51:10 Why Trump Thinks We Should Conquer Greenland
22. 3:02:18 On China’s Number One Global Priority
23. 3:09:41 What Marxists Learned from the Failure of the Soviet Union
24. 3:15:23 Some Key Lessons from Marx’s Kapital
25. 3:21:56 On How History Will Overwhelm Trump In the Next Four Years
26. 3:26:30 Donald Trump and the Gulf of America
27. 3:28:28 Why We Should Expect More of the Same from Donald Trump
28. 3:32:26 On His Hope For a Brighter Future From the Left

Generated Summary:

Main Topic: This YouTube video features an interview with Richard Wolff, an emeritus professor of economics, discussing Donald Trump's presidency, the 2024 election, and the broader state of the American economy and its global standing.

Key Points:

• Trump's Irrelevance: Wolff argues that Trump's policies are a "hodgepodge" lacking coherent strategy, more focused on symbolism and "naughtiness" than substantive solutions to America's complex economic problems. He likens Trump's approach to a Hail Mary pass in football – a long shot with a low probability of success.
• The 2024 Election: Wolff attributes Trump's victory to his successful manipulation of symbolism, tapping into a widespread desire for change that the Democratic party failed to address. He criticizes Kamala Harris's campaign strategy for presenting herself as a continuation of Joe Biden, arguing this missed an opportunity to capitalize on the public's yearning for something new.
• Decline of American Unions: Wolff explains the decline of American unions over the past half-century, linking it to factors like the Taft-Hartley Act and the changing economic landscape. This decline contributed to the working class feeling abandoned by the Democrats, making them more susceptible to Trump's populist appeal.
• The Culture War Narrative: Wolff dismisses the narrative of a culture war between coastal elites and the common folk, viewing it as a distraction from the underlying economic realities. He argues that this narrative simplifies complex issues and risks escalating into dangerous divisions.
• Economic Realities: Wolff emphasizes the importance of understanding the economic realities driving political events. He cites examples like the decline of American manufacturing, the rise of automation, and the increasing competition from China as key factors shaping the political landscape.
• China's Economic Rise: Wolff highlights China's rapid economic growth and its advancements in AI as a major challenge to the United States. He discusses the DeepSeek AI program as a significant example of China's technological prowess and its potential to disrupt American dominance in the tech sector.
• Trump's Economic Policies: Wolff critiques Trump's economic policies, particularly his use of tariffs, as economically illogical and ultimately harmful to the American economy. He argues that Trump's actions are driven by a desire for symbolic gestures rather than a sound understanding of economic principles.
• The End of the American Empire: Wolff suggests that the United States is experiencing the decline of its global empire, and that this decline is a major factor shaping its domestic politics and international relations.
• The Role of Psychoanalysis: Wolff touches upon the potential insights of psychoanalysis in understanding the American electorate's choice of Trump, suggesting that there might be subconscious factors at play.
• A Hopeful Note: Despite his critical assessment of the current situation, Wolff expresses hope in the resurgence of labor movements and the potential for a new left-wing political party in the United States.

Highlights:

• Wolff's insightful analysis of the economic factors driving political events.
• His critique of Trump's policies as lacking coherence and strategic vision.
• His discussion of China's economic rise and its implications for the United States.
• His nuanced perspective on the culture war narrative.
• His hopeful outlook on the potential for positive change in the American political landscape.

About Channel:

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between.

Generated Summary:

This YouTube video discussion features Richard Wolff, Chas Freeman, and Scott Ritter analyzing Donald Trump's proposed solution to the Israeli-Palestinian conflict and its potential outcomes. The conversation centers around several key points:

Main Topic: Critique of Trump's plan for resolving the Israeli-Palestinian conflict, drawing parallels to historical settler colonialism in Kenya.

Key Points:

• Settler Colonialism Analogy: The discussion uses the British colonization of Kenya as a parallel to the Israeli-Palestinian conflict, highlighting the unsustainable nature of settler colonialism and its eventual failure. The panelists argue that Israel's actions mirror the British exploitation of Kenyan land and people, leading to inevitable conflict and rebellion (similar to the Mau Mau Uprising). The October 2023 Hamas attack is presented as a modern equivalent of the Mau Mau Rebellion.
• Trump's Motives: The panelists debate Trump's intentions. One perspective suggests Trump aims to prevent further attacks on Gaza. The other, more prevalent view, posits that Trump's plan actively supports Netanyahu's goals, potentially facilitating the ethnic cleansing of Palestine. Evidence cited includes Trump's past actions (recognizing Jerusalem as Israel's capital, supporting annexation of the Golan Heights, etc.) and alleged financial contributions influencing his stance.
• Trump's Plan's Unfeasibility: The panelists largely agree that Trump's plan—involving the potential resettlement of Palestinians and US involvement in Gaza—is unrealistic and unlikely to succeed. They suggest it's a provocative opening gambit designed to force negotiations and break the deadlock, rather than a serious proposal.
• Netanyahu's Role: The discussion emphasizes Netanyahu's role in the conflict, portraying him as a significant obstacle to peace. Trump's actions are interpreted, in part, as a way to challenge and potentially sideline Netanyahu.

Highlights:

• The detailed historical comparison between British colonialism in Kenya and the Israeli-Palestinian conflict provides a compelling framework for understanding the current situation.
• The analysis of Trump's motives offers multiple perspectives, highlighting the complexity of his actions and their potential interpretations.
• The panelists' consensus on the unfeasibility of Trump's plan underscores the need for a more realistic and sustainable approach to resolving the conflict.

About Channel:

Dedicated to dialogue and peace!

At Dialogue works, we believe there’s nothing more unstoppable than when people come together.

This group’s mission is to create a global community of diverse individuals who will support, challenge, and inspire one another by providing a platform for Dialogue.

We encourage you to share your knowledge, ask questions, participate in discussions, and become an integral part of this little community. Together we can become a better community and provide our members with a much better experience.

Generated Summary:

Video Description:

Global Capitalism: What Trump 2.0 Means

We are thrilled to share the replay of Democracy at Work and The Left Forum's special live, in-person Global Capitalism event, held this past Saturday at Women Building Up (WBU). Professor Wolff gave his thoughts and analysis on what the new Trump Presidency means and how we may react.

Please find books published by Democracy At Work:

Richard Wolff’s:

(Understanding Marxism, Understanding Socialism, and The Sickness is the System: When Capitalism Cannot Save Us from Pandemics or Itself)

Robert Hennelly’s:

(Stuck Nation: Can the United States change course on our history of choosing profits over people?)

Generated Summary:

Acknowledgment and Introduction

• The speaker begins by expressing gratitude to the audience and acknowledging the collective pride in their presence at the event.
• The speaker's main objective is to address questions regarding the upcoming election and the new government, including its anticipated actions and underlying motivations.
• The speaker warns the audience that the information shared may be unsettling, emphasizing their role as a messenger of reality rather than a creator of the circumstances being discussed.

The Context of Decline

• The speaker highlights the current state of the United States, describing it as a nation in decline, contrasting it with the previous century of growth and prosperity.
• Historical context is provided, with references to the decline of empires and the challenges faced during such periods, noting that America is now experiencing a similar trajectory.
• The speaker points out that the division within the country is rooted in this decline, suggesting that many leaders are unable to acknowledge the reality of the situation.

National Celebration and Division

• The upcoming inauguration of a new president coincides with the anniversary of Martin Luther King Jr.'s assassination, symbolizing a stark contrast in national sentiment.
• The speaker notes that the celebrations surrounding the new president are likely to be met with mourning for King, highlighting the deep divisions within the country.
• This division is pervasive and will have significant implications for the lives of citizens, as it reflects a broader societal split regarding values and beliefs.

Historical Failures and Losses

• The speaker discusses America's historical military failures, including the Vietnam War, Afghanistan, and Iraq, emphasizing that these losses contribute to the current climate of decline.
• The ongoing conflict in Ukraine is also mentioned, with the speaker suggesting that the U.S. is in the process of losing this war as well.
• The speaker expresses concern that certain audiences may be resistant to acknowledging these failures, which complicates discussions about the nation's trajectory.

Global Economic Shifts

• The recent inclusion of Indonesia in the BRICS alliance is highlighted, illustrating a shift in global economic power dynamics away from the U.S.
• The BRICS nations, which include Brazil, Russia, India, China, and South Africa, now represent a significant portion of the world's population and economic output.
• In contrast, the U.S. population constitutes only a small fraction of the global total, indicating a shift in economic influence toward the East.

Impact of Tariffs and Economic Policies

• The speaker discusses the implications of tariffs on imported goods, particularly electric vehicles from China, and how these policies serve to protect American automakers at the expense of consumers.
• Tariffs create a significant price difference for consumers, making it challenging for them to access better vehicles while benefiting domestic manufacturers.
• The speaker argues that such economic policies ultimately harm American businesses that rely on competitive pricing to thrive in a global market.

Debt and Economic Vulnerability

• The speaker highlights the increasing levels of household, corporate, and government debt in the U.S., drawing parallels to the concept of "zombie corporations" that struggle to survive under heavy debt burdens.
• Japan and China are identified as the primary creditors of the U.S. government, demonstrating the nation's reliance on foreign nations for financial stability.
• The speaker emphasizes that a portion of U.S. tax revenue is allocated to servicing this debt, which indirectly supports foreign military capabilities, further complicating national security concerns.

Political Landscape and Public Sentiment

• The speaker discusses how political leaders have failed to address the economic decline, resulting in widespread alienation among the populace toward both major political parties.
• The rise of Donald Trump is framed as a reaction to this alienation, as he presented himself as a disruptor willing to challenge the status quo.
• The speaker compares Trump's appeal to that of Bernie Sanders, noting that both figures emerged as voices for change amid a political landscape that failed to meet the needs of the people.

The Role of Labor Movements

• The speaker points to a resurgence in labor movements as a potential response to economic pressures, highlighting recent organizing efforts at companies like Starbucks and Amazon.
• This revival is seen as a crucial factor in addressing the challenges faced by the working class, which has been historically marginalized in discussions about economic policy.
• The speaker emphasizes the importance of solidarity among workers as a means of countering the pressures of economic decline and political disenfranchisement.

Conclusion and Call to Action

• The speaker concludes by stressing the importance of collective action and solidarity among the populace to navigate the challenges posed by the decline of the American Empire.
• There is a call for individuals to recognize their potential power in effecting change and to actively participate in movements that advocate for workers' rights and economic justice.
• The speaker encourages the audience to build on their existing networks and to engage with one another to create meaningful change during this critical period in history.

About Channel:

Democracy at Work is a non-profit 501(c)3 that produces media and live events. Our work analyzes capitalism critically as a systemic problem and advocates for democratizing workplaces as part of a systemic solution. We seek a stronger, fuller democracy – in our politics and culture as well as in our economy - based on workers’ equal collaboration and shared leadership inside enterprises and throughout society.

Generated Summary of Video Below:

Introduction to the New Year

• The speaker welcomes viewers and sets the stage for discussing the upcoming year, 2025, as a critical period in their lives.
• The speaker expresses a desire to share thoughts on the implications of this new year, particularly in relation to the political landscape.

Donald Trump's Presidency

• The speaker identifies President Donald Trump as a lame duck at the onset of 2025, indicating that he cannot run for re-election unless Congress amends the two-term limit.
• The speaker suggests that Trump will be evaluated over the next four years based on his actions and decisions during his presidency.
• There is an acknowledgment of the uncertainty surrounding Trump's potential actions, with the speaker emphasizing that it is not a failure on their part to predict his behavior, but rather a deliberate ambiguity from Trump himself.

Tariffs and Their Implications

• The speaker discusses Trump's intention to impose tariffs on trading partners, particularly Canada and Mexico, which would effectively act as taxes on imported goods.
• Tariffs are described as a form of taxation, contradicting the Republican Party's long-standing position against tax increases.
• The speaker highlights the potential consequences of these tariffs, including increased prices for everyday imported goods, such as coffee and automobiles.
• The speaker raises concerns that these tariffs could exacerbate inflation, contradicting Trump's campaign promises to address this issue.

Undocumented Immigration and Economic Impact

• The speaker examines Trump's promise to deport millions of undocumented immigrants and questions the feasibility of such actions.
• Three key industries employing significant numbers of undocumented immigrants are identified: entertainment, construction, and agriculture.
• The speaker notes that undocumented immigrants often accept lower wages, which allows employers to maximize profits through exploitation.
• There is a discussion about the risks undocumented workers face, including fear of reporting wage theft due to the threat of deportation.
• The speaker argues that mass deportations would disrupt these industries and lead to increased costs for consumers, particularly in housing and food prices.

Conclusion on Economic Uncertainty

• The speaker concludes that the future under Trump's administration is marked by significant uncertainty, more so than in previous years.
• The speaker emphasizes that uncertainty is the only certainty being delivered by the Trump presidency as the new year begins.
• A call to action is made for viewers to share the video if they find the discussion valuable, along with a request for donations to support the production of such content.

Today's Wolff Responds, Professor Wolff gives his thoughts on the New Year and incoming Trump Administration

Introduction to Economic Update

- The program is hosted by Richard Wolff and focuses on the economic dimensions affecting people's lives and their children.
- Viewers are encouraged to provide feedback and suggestions to Charlie Fabian, who can be contacted via email.
- The newly released book, "Understanding Capitalism," is recommended as a companion reading for the program, as it encapsulates the analysis discussed in the show.
- Today's subject matter is titled "The Persistence of Socialism," which will be explored through three segments: a recent event, a theoretical discussion, and a historical perspective.

Recent Laws Passed by the Spanish Government

- The Spanish government has enacted laws imposing fines on airline companies for certain practices that negatively impact consumers.
- One law prohibits airlines from charging customers for printing boarding passes if they do not wish to use a mobile device.
- Another law forbids airlines from charging fees for carrying personal luggage on board, which includes items like briefcases or laptops.
- These laws were a response to public outrage against low-cost carriers that often advertise low ticket prices but impose numerous additional fees.
- The conflict between the Spanish government and airlines highlights the broader issue of consumer power and pricing in the market.
- Wolff questions why there are limits on certain fees but not on the overall pricing of airline travel, suggesting a need for maximum price laws to protect consumers.

The Power Dynamics of Wages and Prices

- Wolff discusses the imbalance of power between employers and employees, emphasizing how employers control both wages and the prices of goods and services.
- He points out that low wages and high prices create a situation where workers are financially squeezed from both ends.
- The Spanish government's actions represent a pushback against excessive charges imposed by airlines, reflecting a desire for fair treatment of consumers.
- Wolff calls for a broader governmental intervention to protect workers and consumers, advocating for regulations that would limit both wage suppression and price inflation.

Refuting the Claim that Socialism Has Never Worked

- Wolff addresses a common assertion in mainstream media that socialism has never been successful, arguing that this claim lacks nuance and understanding.
- He emphasizes that the definition of socialism varies widely across different contexts and regions, such as Scandinavia, the Soviet Union, and China.
- Using examples from the United States, he cites government-operated services like the post office and public schools as instances of successful socialism.
- Wolff also discusses the Soviet Union's achievements, illustrating how it transformed from one of the poorest nations to a significant global power during its existence.
- He highlights the military successes of the Soviet Union as evidence of effective socialist practices, particularly in the context of World War II.

The Evolution of Socialism in China

- Wolff describes China's hybrid economic model, which combines state ownership and private enterprise, resulting in rapid economic growth.
- He notes that over the past 30 years, China has experienced unprecedented economic expansion, positioning itself as a competitor to the United States.
- Chinese companies have achieved significant technological advancements, often rivaling those of major American corporations.
- Despite its successes, China also faces challenges, illustrating that no economic system is without its flaws.
- Wolff argues that the phrase "socialism has never worked" reveals more about the speaker's ignorance than about the actual performance of socialist systems.

Worker Cooperatives as a Form of Socialism

- Wolff highlights worker cooperatives as a practical example of socialism that operates on democratic principles, where employees have a say in decision-making.
- He cites the Mondragon Cooperative Corporation in Spain as a successful model, demonstrating the viability of worker-owned enterprises.
- The Mondragon Cooperative has grown significantly since its inception in 1956, now employing around 150,000 workers.
- Wolff asserts that while not all worker cooperatives succeed, many have positively impacted the lives of their members and their communities.
- The dismissal of socialism as a failure often stems from a lack of understanding of its diverse implementations and successes.

Historical Context of Political Shifts in the Working Class

- Wolff draws a parallel between the political responses of the American working class during the Great Depression and the present economic challenges.
- During the 1930s, the working class moved left politically in response to economic hardships, leading to significant labor movements and the establishment of social safety nets.
- In contrast, Wolff notes that the current working class appears to be shifting right politically, with significant support for figures like Donald Trump.
- He attributes this shift to a lack of effective political representation for the working class and the failure of current leaders to address their needs.
- Wolff suggests that the historical precedent of leftward shifts in times of economic crisis could repeat itself if the current political leadership fails to improve conditions for workers.

[EU S14 E48] The Persistence of Socialism

In this week’s episode of Economic Update, Professor Wolff dives deep into why socialism remains a popular and successful economic system. Professor Wolff highlights new laws passed by the government of Spain that punish airline companies who employ 'unjustified' airline passenger fees. We then debunk the unsubstantiated and nonsensical myth we hear so often that: 'Socialism has never worked,' and finally we juxtapose the history of the last capitalist collapse (1930s Great Depression) when the US working class turned left versus the current crisis of US capitalism when the initial turn of the working class is to the right.

[Season 1 Episode 13] Class & Class Analysis Part 2

In this episode, Professors Shahram Azhar and Richard Wolff continue their discussion and analysis of the seminal book Knowledge and Class. Professor Wolff reflects on how he and his friend and co-author Steve Resnick developed their own language and theories around class.

"Class & Class Analysis Part 1 | 01:05:30 | https://youtu.be/EF79Kny3-VA

About: The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxian theory. It utilizes the dialectical mode of reasoning, that is the method developed over the millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis via a dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work intending to solve the urgent life crises that we face as a global community.

Short Summary

1. The speaker discusses the historical context of immigration and deportation in the United States, focusing on the treatment of Japanese Americans during World War II.
2. They draw parallels between current immigration rhetoric, particularly under Trump, and past injustices faced by Japanese Americans labeled as "suspect enemy aliens" after Pearl Harbor.
3. Approximately 125,000 Japanese Americans were forcibly interned in concentration camps without trial, while very few actual spies were convicted, none of whom were Japanese.
4. The discussion emphasizes themes of racial prejudice, wartime hysteria, and failures of political leadership, suggesting similar scapegoating is occurring today with undocumented immigrants.
5. The speaker critiques both past and present political leaders for their roles in these injustices.
6. They reflect on the historical injustices faced by separated parents and children, drawing parallels to past events recognized by Congress as grave injustices stemming from racial prejudice and political failures.
7. The speaker urges current leaders, particularly Trump, to learn from this history rather than repeat it, emphasizing that there is no justification for such actions today.
8. They encourage viewers to share the video to promote awareness of these important social issues.
9. Overall, the segment highlights the importance of acknowledging and learning from historical injustices to prevent their recurrence.

Today's "Wolff Responds", Professor Wolff discusses the historical unfair treatment of immigrants hailing from "certain" countries

Short Summary

1. Richard Wolff discusses the current state of the labor movement and its relationship with political parties, emphasizing a crisis and turning point.
2. The labor movement has gained significant momentum in recent years, mobilizing millions and becoming one of the most active social movements despite mainstream media's lack of coverage.
3. Wolff highlights serious challenges facing the American economy, particularly as the U.S. Empire declines.
4. He reflects on the historical context of American prosperity post-World War II but notes that since the 1970s, the working class has struggled to maintain a rising standard of living.
5. The reliance on debt to sustain consumption has led to precarious situations for many families, especially as borrowing options diminish.
6. Wolff argues that as the economy declines, the wealthy elite are attempting to preserve their wealth by shifting burdens onto the working class, resulting in stagnant wages and rising living costs.
7. He emphasizes the lack of increase in the minimum wage since 2009, which has diminished workers' purchasing power.
8. The speaker discusses the struggles of low-paid workers and the growing anger and desperation driving labor movements, including a notable strike by 55,000 postal workers in Canada.
9. He critiques the legal framework that allows companies to delay negotiations and highlights the changing landscape for unions.
10. The segment concludes with a discussion on the importance of collective action among workers and political engagement to secure rights and interests, stressing the need for unity in labor movements.

[EU S14 E47] Labor Unions and Political Power

On this week’s episode of Economic Update, Professor Wolff devotes this week's episode to Labor Unions and Political parties. We explain why US & Western capitalism today provoke labor and unions into more and more social and political action. The latest examples are the recent Canadian Postal Workers strike and the Barnes and Noble bookstore workers rally in New York City. The Professor discusses the history of the standard practice of employers filing complaints with the National Labor Relations Board to dispute the results of elections that form unions.

Finally a major discussion on politics and the intersection of labor. What will be unions' relationship to political parties? Will we see general strikes and mass popular mobilizations? Only time will tell.

Short Summary

1. Host Richard Wolff discusses two key topics in the economic update segment.
2. He highlights a Harvard study examining the true motivations behind U.S. foreign aid, suggesting it often serves U.S. economic interests rather than being purely altruistic.
3. The study frames foreign aid as a form of neocolonialism, used to maintain influence over formerly colonized countries.
4. The second topic focuses on San Juan County in Washington, which recently transitioned its workweek from 40 to 32 hours.
5. After one year, the county found this change led to increased job applications, reduced employee turnover and sick days, and improved productivity and job satisfaction.
6. This approach benefited workers and helped the county save money, avoiding tax increases.
7. Ongoing unionization efforts at Wells Fargo Bank are highlighted, with workers mobilizing to establish a union.
8. The speaker discusses the historical context of British colonization in New Zealand and its impact on the indigenous Māori population, who now represent about 20% of the country’s population.
9. The Māori are resisting unilateral legislative changes proposed by a predominantly white legislature regarding treaties established during colonization.
10. The discussion concludes with a transition to an interview with professors Michael Hilliard and Richard McIntyre, who will discuss a Marxian analysis of U.S. capitalism and their upcoming book.

[EU S14 E46] The US Capitalist Class and the Election

In this week’s episode of Economic Update, Professor Wolff discusses how US foreign aid serves the interests of corporations and their profits. We highlight how San Juan County in Washington state handled its fiscal crisis by cutting its employees' work week to 32 hours. We update you on workers of Wells Fargo Bank who are currently conducting a unionization drive, which could lead to other US banks doing the same. We provide a quick analysis of the history of settler colonialism in New Zealand and how this practice informs and influences the Israel and Palestinian crisis. Lastly, we interview Professors Michael Hillard and Richard McIntyre for a Marxian analysis of the exceptional nature of the US capitalist class and the US election.

cross-posted from: https://lemmy.world/post/22453465

Economist Richard Wolff breaks down how Russia crushed NATO Sanctions, accelerating the collapse of the U.S. Empire amid China and BRICS rise. Discover the global shifts reshaping the balance of power and what it means for the economic and geopolitical future of our world.

Richard Wolff is Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting professor at The New School, where he works on economics in the Marxist tradition.

#richardwolff #nato #russia #BRICS #China

Journalism and Analysis from an Anti-imperialist Perspective

About:

Dedicated to dialogue and peace!

At Dialogue works, we believe there’s nothing more unstoppable than when people come together.

This group’s mission is to create a global community of diverse individuals who will support, challenge, and inspire one another by providing a platform for Dialogue.

We encourage you to share your knowledge, ask questions, participate in discussions, and become an integral part of this little community. Together we can become a better community and provide our members with a much better experience.

Today's Special "Wolff Responds", Professor Wolff is joined by Dr. Harriet Fraad and Professor Shahram Azhar to discuss the results of the 2024 Presidential election

Dedicated to dialogue and peace!

At Dialogue works, we believe there’s nothing more unstoppable than when people come together.

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), ‘and forgive them their debts’ (2018), J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others.

ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate. We also engage in the economic history of the ancient Near East.

Michael acts as an economic advisor to governments worldwide including China, Iceland and Latvia on finance and tax law. He gives presentations on various topics at conferences and meetings and can be booked here. Listen to some of his many radio interviews to hear his hyperspeed analysis of the geo-political machinations of global economics. Travel costs and a per diem are appreciated.

https://michael-hudson.com/

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.

Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also a regular lecturer at the Brecht Forum in New York City. (https://www.rdwolff.com/about)

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), ‘and forgive them their debts’ (2018), J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others.

ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate. We also engage in the economic history of the ancient Near East.

Michael acts as an economic advisor to governments worldwide including China, Iceland and Latvia on finance and tax law. He gives presentations on various topics at conferences and meetings and can be booked here. Listen to some of his many radio interviews to hear his hyperspeed analysis of the geo-political machinations of global economics. Travel costs and a per diem are appreciated.

https://michael-hudson.com/

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.

Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also a regular lecturer at the Brecht Forum in New York City. (https://www.rdwolff.com/about)

Dedicated to dialogue and peace!

At Dialogue works, we believe there’s nothing more unstoppable than when people come together.

West in Turmoil 2024: Big Elections, Big Social Changes

Topics Include:

• Harris vs Trump: civil and class struggles converge
• Western Europe: UK elections = collapse of conservative votes,
• French elections = death of political center
• Germany elections = rise of fascist Right and of “Bundnis Sahra Wagenknecht”

Democracy At Work

[EU S14 E35] Yanis Varoufakis on the Changing World Economy

On this week’s episode of Economic Update, Professor Richard Wolff draws attention to the 10,000 hotel workers who recently conducted a strike impacting major hotels across 19 US cities. We highlight the contested merger of the two largest grocery chains in America. Albertsons and Kroger threaten to become the third largest retail giant after Amazon, and Walmart plus the Canadian government forces 9000 Canadian railway striking workers back to work, with murmurs of a general strike looming. We also give a shout-out to a small Brooklyn pizzeria unionizing with Starbucks workers.

Finally, an exclusive interview with world-renowned economist, politician, author, and the former finance minister of Greece Yanis Varoufakis discusses global economic change and the working class, topics discussed in his latest work "Technofeudalism: What Killed Capitalism".

Richard Wolff is Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting professor at The New School, where he works on economics in the Marxist tradition. This is Richard’s fourth appearance on Robinson’s Podcast. In episode #127, he and Robinson discussed some of the most profound criticisms of capitalism; in #154, they focused on the myths surrounding Marxism and Marx himself; and in #190 they covered the Israel-Palestine conflict from a Marxist perspective. In this wide-ranging episode, Richard and Robinson talk about the end of the American empire. More particularly they discuss the wars in Russia, Ukraine, Israel, and Palestine, the rivalry between China and the United States, the global interplay between capitalism and socialism, the distinction between socialism and communism, the conflict between the BRICS and G7 nations, and more. Richard’s latest book is Understanding Capitalism (Democracy at Work, 2024).

OUTLINE

1. 00:00 Introduction
2. 03:10 On the Trauma of His Family Background
3. 10:50 Academia’s War on Marxism
4. 22:45 Economics as the Secret Undercurrent of History
5. 28:01 Will Ukraine Defeat Russia?
6. 31:52 Is China the Empire of the New World?
7. 39:04 The Best American Strategy Against China
8. 45:24 How Trump Won and Lost America
9. 56:22 Is Israel a Colonialist State?
10. 01:03:23 On the Expulsion of the Palestinians from Israel
11. 01:10:49 Israel as America’s Economic Baby
12. 01:18:08 Global Capitalism as the Enemy of the Islamic World
13. 01:23:00 Why You Should Distrust Wartime Propaganda
14. 01:33:03 Zelensky and the Ukrainian Chess Match
15. 01:42:53 The Economic Conspiracy Behind the American Pick-Up Truck
16. 01:49:31 Israel, Ukraine, and the New Cold War
17. 01:54:20 The Many Taboos of Socialism and Communism
18. 01:58:54 The War Between Socialism and Capitalism
19. 02:07:51 Is Socialism More Efficient than Capitalism?
20. 02:16:58 World War I and the Rise of Socialism
21. 02:22:58 The Failed American Attempt to Destroy Russian Communism
22. 02:27:26 Why Did Russia Choose Communism over Socialism?
23. 02:38:06 Communism, Socialism, and the War for the Workplace
24. 02:43:00 Is China Secretly Capitalist?
25. 02:53:18 America’s Choice Between Equality or Subservience to China
26. 02:58:45 Europe’s Hidden Economic Apocalypse

Robinson’s Website: ⁠http://robinsonerhardt.com⁠

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, historians, economists, and everyone in-between.

[EU S14 E30] Capitalism versus Marriage

This week's episode features updates on the UK and French elections showing dramatic shifts to the left contradicting US mass media, US self-induced global economic isolation in pursuit of punishing countries doing business with China, Trump and Biden equally unwilling to solve Social Security's financial problems by taxing incomes of the rich as Congress could and should. Professor Wolff closes with an interview with Dr. Harriet Fraad on global declines in marriage and birth rates and those declines' connections to capitalism.

Dr. Harriet Fraad is an Author, feminist activist, psychotherapist, hypnotherapist, and Host of Capitalism Hits Home.

cross-posted from: https://lemmy.world/post/18411047

On Monday the Dow Jones Industrial Average and NASDAQ both nosedived, recording substantial losses totaling trillions of dollars. Other economic indicators remain poor as well, and despite what alleged efforts the Fed may take, the signs of a coming recession are impossible to ignore. One individual who anticipated the crash was billionaire investor Warren Buffett, who unloaded a substantial amount of his Apple stock holdings just before the crash.

Jimmy talks to Economics Professor Richard Wolff about how investors like Buffett help drive crashes, and why crashes like this are typical for a capitalist system and should be expected to happen every 4-7 years.

@profwolff

US gov't shows "tough anti-China" words, but little real action so far because trade wars hurt US Corporations' profits.

@profwolff

#WolffBites: Headlines scream: "$18 billion of Chinese-made goods imported into US now subject to higher new tariffs". But total value of Chinese goods imported into US in 2023 was $ 427 billion.

[https://www.scmp.com/news/world/united-states-canada/article/3272538/us-says-start-new-china-tariffs-will-be-delayed-least-two-weeks]

Source: https://x.com/profwolff/status/1819385083947573657

[EU S14 E28] Criminalizing the Homeless

On this week’s Economic Update, Professor Wolff discusses a huge victory for Uber and Lyft drivers' struggling for better wages in Massachusetts; we also bring to your attention six United States senators who criticized Jamie Dimon, CEO of JP Morgan Chase for failing to curb fossil fuel investments as he promised. In addition, we discuss the unfortunate new law passed by the new right-wing government in Greece extending the working week to six days.

Finally, we close our program with an Interview with longtime activist Rob Robinson, on the latest Supreme Court decision Grants Pass v. Johnson, which essentially criminalizes the homeless poor as part of its extreme right-wing change.

Rob Robinson is a formerly homeless individual who has dedicated his life to advocating for the rights of the homeless and for affordable and sustainable housing.

Today's "Wolff Responds", Professor Wolff discusses the prison system in the United Kingdom and the United States