Economic Update: Capitalism is the Problem


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On this week's episode of Economic Update, Prof. Wolff provides updates on Bloomberg's money, negative interest rates, the oil market, Puerto Rico's cruel sales tax, Fed Reserve governor supports breaking up banks 'too big to fail,' and Apple borrows despite its huge cash hoard. Response to listeners: converting capitalist into worker coop type enterprises. Major discussion: three alternative responses to the huge problems of capitalism today.


Showing 6 comments

  • followed this page 2016-08-10 16:42:02 -0400
  • commented 2016-03-03 09:52:48 -0500
    I believe that Professor Wolff describes what a society WILL LOOK LIKE when its people are truly committed to creating a democratic and just society. It’s a chicken/egg question: Does the structure of society create the proper social dynamics? Or do the proper social dynamics create the structure? Or is it both?

    Perhaps it is both, however, I personally think that we get what we are committed to getting and that the structure is more a reflection of our commitments.

    So we need to create a critical mass of human beings who care about each other. Is that possible?

    Well, we all know that we all come into this world from an egocentric perspective and yet some of us evolve past that point to caring about others genuinely and some (unfortunately many) do not. Nevertheless this shows that human nature is not written in stone but is capable of evolving.

    I believe that if we change the structure without working on the inner commitments even the democratic institutions will revert eventually. The ones who tend to be leaders will gravitate to the boards of directors and will start to think of themselves as special. Rules against this? OK, but rules can change… Surely I advocate these structural changes, however, we MUST look at how to change our perceptions of who we are, who I AM, and how we feel about each other.

    We must open up to our own individual spiritual potentials to do this. I am not talking about religion or belief, but experiencing how we are connected to ourselves, to each other, to the earth, to ALL. So that we can see that there is no “other.”

    In short, our political and economic structures mirror our state of mind.

    Where to begin? Start becoming aware of what our state of mind IS and how it shapes the reality we live in.

    Without judgment.
  • commented 2016-02-25 15:35:00 -0500
    So what does this structural change look like? Surely we can create mechanisms for workers to take over a company’s work when it decides to leave the country or even when it moves to another locality. And we can provide federal incentives and support for the unemployed to start up worker-owned enterprises. There are probably a lot of opportunities to offer carrots but will sticks be necessary?

    What if some individual with adequate funds decides to start up a business and wants to hire some people to work for her as employees, not as owners. In this new kind of socialism is this to be allowed. If so, what if this enterprise grows to dominate an industry; is that allowed? At what point will the traditional capitalist enterprise simply be forbidden?
  • commented 2016-02-23 17:21:31 -0500
    [My following comment appears on Robert Reich FB page as well…] Aside from the fact that this guy looks like a snapping turtle with a holier-than-thou attitude, he must be put back in his place as a servant of the people, elected by the people. I signed a petition to do just that…and i’d encourage others to do the same. Now i volley with a question to you and D@W audience : Is our proactive involvement truly going to be enough? I balk and protest with the best of people and have yet to see any of it come to fruition…does it truly do any good? Or will we eventually need to take physical action against the establishment…?
  • commented 2016-02-22 02:37:02 -0500
    I’ve been saying for years that we need structural change on tax law and minimum waged rates that is tied to inflation… it needs adjusted first to catch up with what it has lost the last 30-40 years! Those two never got touched during the crash period… so nothing changes if nothing changes.. we are really sitting ducks with another crash possible since nothing was changed!
  • followed this page 2016-02-22 02:32:38 -0500
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