Economic Update: Moving Beyond Capitalism


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On this week's Economic Update, Prof. Wolff provides updates on real corporate taxes, Canada's infrastructure maneuver, economics of real estate, foreign students leaving. Major discussions of economics of interest rate hikes and how the politics of beyond capitalism may work out.

Showing 6 comments

  • Jeremy Wells
    commented 2016-12-04 14:50:34 -0500
    Patrick Tremblay commented

    “The USA has 4,000 Billion barrels of shale oil. The USA is also the richest in Thorium. Come on, this is a no brainer. "

    Wrong! The US capitalist class, not the “USA”, secure their vast wealth through ownership or exploitation rights of the natural resources of the US. A few “lucky” workers out of the working class majority receives the “right to work” at the jobs created by the rape of the environment. These same capitalist profiteers do essentially nothing to clean up the ecological wasteland that they create or the destruction to humanity worldwide.

    As socialists, as supporters of democracy@work, we should demand the immediate seizure of all privately owned (or State nationalized) toxic energy industries (oil, coal, gas, tar-sands, and nuclear energy) industries and convert them into socialized non-toxic energy industries. The workers involved should not be penalized in this process! Workers should be allowed to choose between technology re-training, paid education for a new career, or early retirement with full benefits.

    A socialized industry is an enterprise or industry that is socially (not privately) owned), democratically controlled, and worker managed.
  • Patrick Tremblay
    commented 2016-12-03 21:05:22 -0500
    “Politicians don’t like to tax, it makes people upset to pay taxes”

    Then how about the USA becomes even more competitive than Saudi Arabia in the energy sector and back it’s currency to energy. That way it could print money to spend and make up for the monetary expansion by producing more energy to power the productive economy. More money chasing more goods. No taxes, no debt and no inflation.

    The USA has 4,000 Billion barrels of shale oil. The USA is also the richest in Thorium. Come on, this is a no brainer.

    Replace the gold standard with an energy standard.
  • Patrick Tremblay
    commented 2016-12-03 20:55:50 -0500
    Can we do better than capitalism ? Yes !
    But capitalism is only the symptom, not the profound cause.
    Attacking capitalism is only barely scratching the thin skin surface.

    How about a REAL REVOLUTION !
    Can we do better than biology ? Can we do better than nature ? Those are the real questions.
    The cure to capitalism is transhumanism.
  • Fern Henley
    commented 2016-12-03 10:49:22 -0500
    Capitalism, is that the same as monetarism? Like Adam Smith that the American colonists didn’t like? Alexander Hamilton devised a system called the American system of productive credit economy that has worked well whenever it’s been used as has now been copied by China and other BRICS to leapfrog into the 21st century. Hamilton had the system embedded in the U.S. constitution and established a national bank. Also the establishment of standards of banking in 1933 by the Glass-Steagall Act further established the American system’s usefulness. This alternative to capitalism, socialism or fascism is often overlooked in Econ 101.
  • Jeremy Wells
    commented 2016-12-01 16:08:32 -0500
    The following comment was made to World Socialist Web Site http://www.wsws.org article posted here:


    Deal to “save” Indiana Carrier plant will cut 1,100 jobs
    By Jerry White
    1 December 2016

    “President-elect Donald Trump and Vice President-elect Mike Pence will appear Thursday at the Carrier heating furnace factory in Indianapolis, Indiana to announce a deal to retain jobs at the facility, which was scheduled to begin downsizing next year and completely close by 2019.’

    Here is my critical comment:

    The ICFI and the SEP parties worldwide, with an anti-capitalist, Marxist perspective of capitalist globalization, understands there is no “fix” possible within a capitalist economy, that simultaneously maximizes corporate profits while providing the working class with decent wages and working conditions, taxes corporations and wealthy individuals for tuition-free public education, socialized health care, that are demanded by workers as part of a universal minimal standard of living for all.

    Therefore, the ICFI and SEP parties internationally, should demand that whenever for-profit local economic enterprises are shut-down, impoverishing workers and families, the pro-worker, socialist demand insists that these enterprises be seized under eminent domain laws, removed from private-ownership, and be socialized. A socialized enterprise or industry, that goes beyond mere nationalization, is socially owned, democratically controlled and worker managed.

    This demand does not “fix” the capitalist economic system but starts to dismantle capitalism. This is but one small step towards building a socialist economy that provides some immediate relief to thousands of workers involved.
  • April Sanchez
    commented 2016-11-27 23:48:52 -0500
    I love to share these programs… Thank you for bringing us Professor Wolff… People need to be reminded what the real issues are…

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