Global Capitalism: January 2017 Monthly Economic Update

Global Capitalism: "Fixing Capitalism v. Moving to Another System"
with Richard D. Wolff 
Co-sponsored by Democracy at Work,
Left Forum & Judson Memorial Church
Special thanks to this month's sponsors: viewers from the /leftypol/ online community. Sponsor an episode today!
These programs begin with 30 minutes of short updates on important economic events of the last month, then Prof. Wolff analyzes several major economic issues. For January, these issues will include: 
1.  The economics of Trump blocking jobs moving to Mexico;
2.  how Trump’s “infrastructure” plans will rip off the public; and
3.  the “tax cuts are job creators” scam.
Our goal: To develop all participants’ understanding and ability to explain current economic events and trends to others. We open the floor to questions and comments when time permits. 
Request: If you access the videos of these monthly updates via our website or YouTube, we ask you to join our attendees who contribute at least $10 at each monthly update to help defray costs of producing, video-taping, and distributing these videos. Please contribute by using the "donate" button belowContributions are tax deductible. To those able to contribute more than $10, our special thanks.

Showing 10 comments

  • commented 2017-04-03 13:29:16 -0400
    I think co-op is a great idea
  • commented 2017-01-19 13:57:49 -0500
    I know this will offend some people, and I dont apologise for doing so. I am really disappointed thst comments here are so superficial, what you would expect on Facebook !! So, come on, lets have some real intellectual muscle !!
  • commented 2017-01-16 23:41:56 -0500
    I love Prof Wolff!
    The change from a slave economy (USA) and feudal economy (ex. France, Russia, etc) ended in War!! Can the US transform without violence?
  • commented 2017-01-16 10:33:31 -0500
    “Craven democrats”, replace romneycare with Improved Medicare For All (11:34)
  • commented 2017-01-15 19:25:28 -0500
    The 1% party (democrats + republicans) subsidize the corporations that rape the poor and working class around the world. “New estimates show that just eight men own the same wealth as the poorest half of the world. As growth benefits the richest, the rest of society – especially the poorest – suffers…”
  • commented 2017-01-15 14:10:18 -0500
    It is important to understand that just because the overthrow of Obamacare will feed the wealth of the 1%, the opposite interpretation,—that Obamacare was a wealth redistributor, is not true. It is common for analysts to go no further than financial analysis, to simply track the flow of funds. But that is insufficient. Economic analysis is far deeper and more subtle.

    The die-hard suppporters of Obama will insist that he was using tax payers money to subsidise poor families through health insurance under Obamacare. An economic analysis will ask:

    Supposing the characterisation of the subsidy as a wealth transfer were correct, exactly how much economic benefit have poor Obamacare families enjoyed ? The insurance companies made sure to down-scale the benefits and control the pay-outs…that is why they set, and Obama hastened to accept, that there would be no regulation. If during one cycle, the economic benefits to recipients has been significant, this is being clawed back through the massively increased premiums and tightened co-pay and cap rules. Obamacare didnt even give families the option: signing up was mandated, so that the insurance companies could build a buffer reserve.

    At the same time, the big three: doctors, hospitals, and pharma increased prices for their captive audience. You would need a very thorough longitudinal analysis (for which much of the data is difficult to obtain) to show that Obamacare brought about a general increase in economic benefits for recipients, but it surely did so for the big three.

    And who exactly did Obamacare subsidise ? The way that the insurance companies posed the challenge is that unless the market were large enough, and unless they were able to impose an apartheid system. they couldnt afford to participate. So, a good argument can be made that Obama subsidied the big three and not the consumers. The big three will simply adjust when the tax sources dry up. The consumers will be left high and dry to be sure, but its unclear that what has happened is the reverse of a wealth transfer.
  • commented 2017-01-14 20:34:26 -0500
    Great monthly update. The prof. was on his A-game. And that’s no, as Adam Smith used to say, “bullshit”.
  • commented 2017-01-12 17:56:10 -0500
    Crapitalism in 20 minutes and 27 seconds:
  • commented 2017-01-12 16:00:08 -0500
    Excellent program once again, Thank you from Denmark
  • commented 2017-01-12 15:33:40 -0500
    Just one question: Where does money profit rich? If we all worked for a singl company in America, where the company will be profitable? In order to have more income than expenses, if we, the workers of its cost and also the customers who give income.
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