A Patron of Economic Update asks: "I am informed that during the era of COVID 19, a small oligopoly of shipping companies have used their market power to increase the cost of shipping by a large factor, of over 10:1. This is starting to cause crises and shortages in other parts of the world economy. My question comes in 3 parts: 1)Is this a real effect (or have I been misinformed) 2) What are the main effects of this crisis in shipping and 3) How is it likely to end?"
This is Professor Richard Wolff's video response.
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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
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