Economic Update is a weekly nationally syndicated radio program produced by Democracy at Work and hosted by Richard D. Wolff. The program explores complex economic issues and empowers listeners with information to analyze their own financial situation as well as the economy at large. By focusing on the economic dimensions of everyday life - wages, jobs, taxes, debts, and profits - the program explores alternative ways to organize markets and government policies.
This program begins by analyzing the political monopoly (aka "The Center") operated by the GOP and Dems in the US: its organization and dominance until the last few years. The monopoly deteriorates as both GOP and Dem coalitions suffer splits and cracks opening opportunities for radical political shifts and perhaps new parties. The context of a declining US capitalism facing mounting unsolved social problems adds to the win...
On this week's show, Prof. Wolff comments on how and why "consumerism" matters and on why Biden's "progressive shift" is both like and unlike (far more limited so far) FDR's. Wolff then interviews two Canadian professors of labor studies, Bryan Evanson and Carlo Fanelli, on the stakes for labor in fighting for a "living wage.
The program begins by explaining the economics behind the great US anti-leftist purge (McCarthyism) after 1945. It then shows the economic impacts of that purge over the last half century. Finally, it explains how that history produced a very different political response to the crash of 2008 compared to FDRs response to 1929.
Throughout capitalism's history, the big topic in economics was how far the government should intervene in the economy. Conservatives wanted minimum intervention while liberals and socialists wanted much more. In fact, government intervention mostly aimed at saving, protecting, supporting capitalism. The genuinely "great debate" could and should have been about the strengths and weaknesses of capitalism versus those of ...
Professor Wolff takes a deeper look at the life and work of Karl Marx in celebration of the 200th anniversary of his birth.
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