The growth of inequality over decades is due to the ability of those at the top and those at the very top to capture a large portion of the growing surplus. But there has also been a change in the nature of that inequality in recent years, at least for those at the top—which is not due to escalating wage inequality, but to a boom in income from the ownership of stocks and bonds. They’ve now joined the ranks of the “coupon clippers,” who are able to use their accumulated wealth to get their share of the surplus.
The owners of capital at the very top are mirroring the structure of inequality last seen during the first Gilded Age.Read more
Treasury Secretary Steve Mnuchin may not be worried, but we should be. Workers will continue to suffer unless and until they have a say in how robots and the resulting surplus are utilized.Read more
D@W's Paul Sliker and Dante Dallavalle talk with Michael Hudson, one of the world’s six economists who accurately predicted the 2007-2008 financial crisis. His new book, J is for Junk Economics, reveals how the mainstream economic vocabulary has been turned around in an Orwellian way to mean just the opposite of what words used to mean. Michael explains how the media and academia use well-crafted euphemisms to conceal how the economy really works, the economy under Obama vs. Trump, and what might be coming next.Read more
Trump is Obama’s Legacy. Will this break up the Democratic Party? One of the world's leading economists explains.Read more
“I’ve been dreaming of this since I’ve been...drinking out of kegs.” This statement was brought to you by House Speaker Paul Ryan at a National Review conference. The reverie Mr. Ryan has been musing since his youthful fraternity days at Miami University has been to dismantle healthcare for millions of those who rely on programs such as Medicaid, Medicare, and now it’s recent expansion under the Affordable Care Act.
But it seems that Mr. Ryan isn’t the only dreamer. Under the new Trump regime the GOP may well come closer to realizing this morbid dream.Read more
Residents of the West Bank village of Kafr Ein have established a modest olive oil cooperative to solve immediate economic problems.Read more
Cooperatives can emerge as an important part of a different economic order, an alternative to an establishment order of insecurity and poverty for the many and privilege and wealth for the few.
In these Trump times of ours, the case for cooperatives is only likely to become more evident and gather steam. The cooperatives movement can emerge in the eyes of an increasing number of people as a way to stop depending on boss and elite classes and to start taking their security and prosperity into their own hands.
Economist Antonio Callari discusses the 'why now,' the 'how' and the 'so-what' of such a movement.Read more
Worker-owned enterprises as a key feature of a socialist transition from capitalism.Read more
While Wall Street celebrates yet another stock market record—surpassing 20,000 on the Dow Jones industrial average—most Americans have little reason to cheer. That’s because they own very little stock and therefore aren’t sharing in the gains. A much better alternative for American workers would be to look toward a radically different model: enterprises that are owned and managed by their employees.Read more
The Greek workers of VIOME took-over their old factory, fought off evictions and collectively occupied auction houses to stop the sell-off of the land they work on. In doing so, they are not just creating a better way of doing work, but also offering hints at more supportive and integrated communities and stronger, less-fractured societies. And they are not alone.Read more