Puerto Rico: Wanted, Used, Depleted

Puerto Rico Wanted Used Depleted
This article has also been translated into Spanish and Italian.

Since Governor Alejandro García Padilla of Puerto Rico announced that its debts were not payable, mainstream media has shown a great interest in the archipelago. Combine a government debt between $70 and $73 billion, a shrinking population of about 3.5 million American citizens, and a subordinate political status, this US territory is at an unprecedented moment in its history. With all the attention Puerto Rico is receiving, most people are left scratching their heads, wondering how this economic crisis came about.

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Economic Update: Small Victories, Big Lessons

 

On this week's episode of Economic Update, Prof. Wolff provides updates on victories (1) over US sugar industry and (2) in reducing Sweden's 40-hour workweek to 30 hours with no pay cut. Major analyses of jobs moving south...

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Economic Update: Economic Change: Why and How

On this week's Economic Update, Prof. Wolff provides updates on CEO pay, new book on inequality, US estate and inheritance taxes. Interview with...

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Economic Update: Local Groups, Social Change

On this week's Economic Update, Prof. Wolff provides updates on new book "Coming of Age in the Other America," new research shows superiority of worker coops over capitalist enterprises, negative results of profit-driven enterprises, "America" replaces Budweiser. Interview with Betsy...

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Richard Wolff on the Changing Tides of Capitalism and Socialism

This article originally appeared at Truthout.org

Nearly 30 years ago, many capitalists were celebrating what political scientist Francis Fukuyama called the "ultimate victory of the VCR": where consumerism sank communism. However, they failed to calculate the effects of this consumerism on the environment. They also failed to predict how the public would...

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