Short Summary
- Host Richard Wolff discusses two key topics in the economic update segment.
- 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.
- The study frames foreign aid as a form of neocolonialism, used to maintain influence over formerly colonized countries.
- The second topic focuses on San Juan County in Washington, which recently transitioned its workweek from 40 to 32 hours.
- 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.
- This approach benefited workers and helped the county save money, avoiding tax increases.
- Ongoing unionization efforts at Wells Fargo Bank are highlighted, with workers mobilizing to establish a union.
- 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.
- The Māori are resisting unilateral legislative changes proposed by a predominantly white legislature regarding treaties established during colonization.
- 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.