A Patron of Economic Update asks: "This is a question that I hope Dr. Wolff will discuss regarding US profit extraction from basic necessities for workers and families. How much does the extraction of profit from basics like health care, energy, housing, transportation, communication and food hurt the competitiveness of US workers by increasing the needed wages? Should those be a priority for change to cooperative, democratic, worker-owned enterprises? Is it realistic to think that US worker cooperatives can be competitive with capitalism and cheap labor in other countries if most of the US profit extraction is eliminated from basic needs and the other areas of production? Will improving the quality and durability of produced goods be an effective way to compete?"
This is Professor Richard Wolff's video response.
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