Global Capitalism: September 2020 Live Economic Update

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The failures mount:
-Failed preparation for COVID-19
-Failed containment of COVID-19
-Failed preparation for 2020 capitalist crash
-Failed containment of crash’s social effects
-Failed scapegoating

The social problems explode:
-Systemic racism
-State and local budget collapse
-Unaffordable housing and eviction

The US election and the way forward:
-historic action of US professional athletes
-fading power of GOP, Dems, and organized labor
-emerging fascism

Prof. Wolff also discusses the following: US election and the way forward: historic action of US professional athletes; fading power of GOP, Dems, and organized labor; emerging fascism.  


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Showing 2 comments

  • Maria mania
    commented 2020-09-25 13:59:23 -0400
    Dear Edward Dodson,

    I share with you a huge admiration for Thomas Paine and Henry George. They were very insightful critics of the economic systems of their time and likewise able and willing to propose radical social changes as solutionsto systemic problems. I think we try now to do the same, especially as our system fails so spectacularly and frightfully
    to protect public health, surely a major task of any and all economic systems. And again we face the utter absurdity and injustice of how we use the land, allow rents to accumulate as private income, and miss all the benefits an alternative system could bring us. Thank you for writing to us.
    In solidarity,

    Richard D. Wolff
  • Edward Dodson
    commented 2020-09-24 17:19:34 -0400 · Flag
    I continue to learn from Richard Wolff’s analyses. The steps being taken in Paris to reduce dependency on the automobile may, if successful, serve as a “best practice” for other urban leaders looking for way to make their cities places where people can live, work and play. Perhaps the residents of Paris will achieve what has so far escaped most of humanity: the right balance between the protection of human rights and property rights. Most important, in my view, is bringing the land back into a commons to be shared by all while continuing to encourage individual enterprise. The most practical means of achieving this is the public capture of the full potential annual rental value of all privately controlled locations.

    As for the state of “capitalism,” the owners of giant enterprises always look to find the lowest cost of production in order to maximize profit margins. What might a nation’s government do? It seems to me that one immediate measure is to impose a tax on gross revenue generated in the country where the sales occur, rather than trying catch up with a firm’s profits as the basis for taxation. To encourage domestic employment, a firm could be given a tax credit against the tax on gross revenue for every person employed full time earning above the minimal wage up to some limit, say, 50 times the minimal wage.

    Edward J. Dodson, Director
    School of Cooperative Individualism
    www.cooperative-individualism.org
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