Ask Prof Wolff: Recent Episodes
Democracy at Work - Richard D. Wolff
Ask Prof Wolff video series is a collection of responses to questions from supporters. Submit your own question for Prof. Wolff on Patreon: https://www.patreon.com/democracyatwork/community or visit our website: https://www.democracyatwork.info
In today's "Ask Prof. Wolff Live," the discussion will cover the potential Marxist themes in Shakespeare's works, the distinctions between employee stock ownership programs (ESOP) and work cooperatives, and the concerning practices of investors buying up tangible assets and private equity firms acquiring starter homes. Professor Wolff will then take live questions from the audience on these and other economic and social topics.
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible. _________________________________________________________________________ Want to learn more? Check out this Economic Update segment on BRICS: https://youtu.be/vQuXxfBWRqI _________________________________________________________________________ We are excited to introduce our new Book Donation Program, which distributes free d@w books to libraries, schools, co-ops, prisons, and more. To request books or donate to the program: https://www.democracyatwork.info/book_donation_program __________________________________________________________________________ Check out the 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richard-d-wolff/understanding-marxism/hardcover/product-7zr2y4.html?page=1&pageSize=4 __________________________________________________________________________ Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
“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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork _________________________________________________________________________ Follow Wolff ONLINE: Web: http://www.rdwolff.com Patreon: https://www.patreon.com/democracyatwork Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Daily Motion: https://www.dailymotion.com/democracyatwrk Subscribe to the EU podcast: http://economicupdate.libsyn.com Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/
This week on Ask Prof Wolff Live, we explore anti-inflationary measures implemented by central banks, the rationale behind income caps subject to social security tax, and the potential implications of transitioning from a socialist or communist economy to a wartime footing.
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible. _________________________________________________________________________ Want to learn more? Check out this Economic Update segment on BRICS: https://youtu.be/vQuXxfBWRqI _________________________________________________________________________ We are excited to introduce our new Book Donation Program, which distributes free d@w books to libraries, schools, co-ops, prisons, and more. To request books or donate to the program: https://www.democracyatwork.info/book_donation_program __________________________________________________________________________ Check out the 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richard-d-wolff/understanding-marxism/hardcover/product-7zr2y4.html?page=1&pageSize=4 __________________________________________________________________________ Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
“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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork _________________________________________________________________________ Follow Wolff ONLINE: Web: http://www.rdwolff.com Patreon: https://www.patreon.com/democracyatwork Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Daily Motion: https://www.dailymotion.com/democracyatwrk Subscribe to the EU podcast: http://economicupdate.libsyn.com Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
In this installment, Prof. Wolff discusses the impact on children's autonomy, explores the intersections of class struggle with other forms of oppression, and unravels the intriguing concept of "Scientific Socialism." Following the insightful discussion, Prof. Wolff addresses a range of questions from the audience, providing deeper understanding and perspectives on these critical topics.
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible. _________________________________________________________________________ We are excited to introduce our new Book Donation Program, which distributes free d@w books to libraries, schools, co-ops, prisons, and more. To request books or donate to the program: https://www.democracyatwork.info/book_donation_program __________________________________________________________________________ Check out the 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richard-d-wolff/understanding-marxism/hardcover/product-7zr2y4.html?page=1&pageSize=4
“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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff at http://www.lulu.com/spotlight/democracyatwork _________________________________________________________________________ Follow Wolff ONLINE: Web: http://www.rdwolff.com Patreon: https://www.patreon.com/democracyatwork Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Daily Motion: https://www.dailymotion.com/democracyatwrk Subscribe to the EU podcast: http://economicupdate.libsyn.com Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Stay connected with the latest news from d@w. Join our mailing list today: https://www.democracyatwork.info/sign_up
Join this special iteration of "Ask Prof Wolff" Every Wednesday at 2PM (Eastern) Live on D@W YouTube Page.
Professor Wolff will respond to your questions live!
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/democracyatwo....
Ask Prof Wolff is a @democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/democracyatwork. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
A Patron of Democracy at Work asks: "I wrote an email response to someone who had a lot of strange ideas about Marx and all of the purported evil done in his name. He and others seem to hold Marx personally responsible for the crimes of Pol Pot, Stalin, Mao, et al. I've read a bit by and about Marx and listened to many lectures of those who hold him in high regard. Am I missing something?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Are sanctions, which are detrimental to ordinary citizens, in some cases justified in order to try to pressure a government committing evil (like in the case of South Africa) to cease?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Have you looked into the concept of Collective Capitalism as theorized by G. Means and its influence on Japan (which has the largest Communist Party not in control of the government)? Also, the public private relationship in Singapore's economy seems very different from the Western financial capitalist system. Are these various "Eastern" economic models something that would attract support from American workers rather than socialism? In another way, could concessions from capitalism like guarantees of long-term employment, market controls, social services, etc. be ways that capitalists retain private property rights and stymie socialist progress? For background, it seems like the FDR administration used this approach to prevent a full socialist movement from taking power during the great depression."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Please explain the role of the bond market (US Treasuries) in the failure of capitalism and democracy."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "It seems like you believe capitalists aren't just greedy and evil but in a system requiring them to do what they do. Is this also true of politicians who vote for and carry out incredibly destructive policies to human lives and the environment?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "In view of the French retirement proposals and the argument that fewer active workers are supporting more retired workers, can you address how changing demographics will affect world economies? I don't see that declining birth rates will change. It seems to make the current form of capitalism even more sustainable."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I am writing to seek your insights on the rapidly evolving artificial intelligence (AI) landscape, particularly with regards to its implementation by profit-driven companies. It is evident that AI technology has the potential to bring significant advancements in various sectors. However, there is a growing concern that AI's deployment by corporations focused solely on profit maximization may exacerbate wealth inequality, eliminate jobs, and displace workers. How do you view the current state of AI evolution and its impact on the labor market, especially considering the role of profit-driven companies in shaping AI development?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I am a pediatrician but like everyone in the medical field, we are tired of serving insurance companies and Medicine is not fun anymore. I wish we had public insurance as I don't see how health can go with profit. I am opening a small business. My question is, for us tiny companies: what will the future bring with a possible war with China? Aren't we the biggest losers here? We don't manufacture anything anymore! How can small businesses survive in current times? "
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Please discuss woke economics. I have seen YouTube clips using this term. After viewing a couple clips I concluded this is capitalism claiming to be the answer to the social problems caused by capitalism. Do I have that correct?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "What do you think about the left's view of immigration and why do you think that seems to be the consensus view? Why are most on the left so in support of immigration when it’s clear the working class seem to be rejecting it?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I'd love to hear your thoughts on what a world looks like if the US dollar loses its primacy. What does the "economy" look like in the USA? Will there be a huge collapse?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Are Americans ready for Democracy (at work or anywhere else)? I have been a volunteer in a non-profit for decades. We are a 12 step program and have plenty of participation in our weekly meetings. We are nominally democratic in that we ideally hold a monthly group conscience in which we can make simple decisions like whether to make a donation or purchase supplies or some of both. When such a meeting is announced, members scatter like roaches when the light goes on. They 'don't want to get involved.’ I have heard it is typical in non-profits that 5% do 90% of the work. Is that also true of worker co-ops?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Why, in your opinion, did European countries go along with the USA on sanctions on Russia after the Russian invasion of Ukraine last year? Did European leaders miscalculate negative impacts that these sanctions will have on Europe or counted on some benefits that will be worth the losses? Are any benefits present?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I would like Prof to explain what the meaning of Economic Nationalism is and provide examples of past and present systems."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "How could the education system transform under a worker-cooperative economy? What would schools look like for young children to young adults? How would it compare to a capitalist education system, which at least in some part, is designed to make us into workers for capitalists?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Would you agree that for large monopolistic industries that the entire society depends on for survival, like food, energy, defense, and health care, worker coops would not go far enough? If we're serious about our long-term survival, wouldn't we have to remove the profit motive entirely and give all citizens democratic control over these industries?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I don’t understand how inflation works. How can a 2x4 cost more than it did 10 years ago?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "To what extent does the US Military Industrial Complex factor into the US economy as a whole? It seems like the US is at endless war and, in my opinion, there has to be a significant economic reason for this. Would the US economy take a great hit or maybe fall apart completely if not for the seemingly endless war profiteering?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "How should we answer when people say, 'capitalism is the only way there is, nothing else works.' How do we live without earning and profiting from our working and, in doing this, making ourselves prosperous from our own industry and ideas?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "From a Marxist economic perspective, can you explain how austerity politics and austerity measures eventually lead to over-policing?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I, as a socialist myself, agree with the socioeconomic model that you advocate, with worker-owned cooperatives substituting today's private businesses. However, making the actual changes, reforms and, if you like, revolution, would also bring an end to stocks, stock-based companies, and the stock market. I can't get my head around how we actually get rid of the capitalist stock markets without letting the state take over with force or having the capitalists cause big damages to the economy as an act of revenge. What should we do with the stock market?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Based on the content that I consume, my expectation is that factions of the 1% like BlackRock intend to own all family housing in America and rent it to us. The prices of homes going down paired with higher interest rates makes the game even more favorable for those who can buy these properties in one payment. My question is, how will these parasites intercept houses from young people who are expecting to inherit their parent's home? Is there a mechanism for them to do that?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "As we see billions once more go to Ukraine, as we have seen trillions upon trillions go to wars since WWII, isn't it correct to say that Military-Keynesianism is fascism? Technocratic fascism? If so, why? And if not, why not? A Boeing factory in every state, not to mention other military contractors that pay off the coin-operated politicians signifies fascist to me."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Can there be another segment about surplus and economic sinks? If capital has to increase all the time, why is there a surplus? And if there is a surplus, why can't we spend it on social programs like health care and infrastructure?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "The war of ideas is real and, as often as I can, I engage with opposing ideas. From my perspective, I find that socialistic approaches to most social/economic issues check the box of many of the purported ideals of my more/less conservative neighbors, however, I cannot pierce the armor of their preconceptions. I'm tired of blaming their propaganda consumption. I want to affect their actions, not blame their cause. How can we overcome this deterrence? The cold hard merit of my arguments is not enough to overcome their insulation. Is there a better tactic for day-to-day arguments than relying on the merit of my arguments to bear fruit?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Is capitalism a religion? Has it become the established religion of the United States?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Are any complex systems eternally homeostatic? Cyclic behavior is a euphemism for millions of people will lose their jobs and homes, quit school, etc. I don't think that anyone imagines an economic system sans fluctuations. That would be truly Utopian. Or dystopian rather because fluctuations can be rightly considered a healthy feature of complex systems. But my overall impression in listening to professor Wolff is that these instabilities are borne in no small measure from the fundamental tensions that constitute the employer/ employee relationship."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Hello, I am an officially retired person, although I continue to work on projects in the arts, in part to supplement Social Security and in part as a labor of love. I often feel that I am somewhat excluded from the critical effort I see here to remake our work lives. What role can seniors play? We do, after all, possess lifetimes of experience."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "I was wondering if there has ever been a political party that focuses primarily on the formation, maintenance and sustenance of worker co-ops? My understanding is that worker co-ops are all inclusive by design and would include folks that have been marginalized by society (i.e. people of color, women, gay folks, etc). Would it be useful to develop a political party in the U.S. whose primary focus would be on worker co-ops?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "One issue I hope Prof. Wolff might address is a comparative analysis of the role of for-profit vs. non-profit corporations. For example, in the recent shows on inflation, he notes that raising prices by the employer is motivated by profit maximization. This dynamic can't play an obvious role for a non-profit, but they could raise prices to maximize the salaries of high-ranking corporate employees. But do they? Alternatively, would we be better off with more non-profits? The big picture here would be invaluable."
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "You’re known as an advocate of worker cooperatives. However, back in the 19th century, Friedrich Engels (as well as Eduard Bernstein, the father of Democratic Socialism) was very skeptical of worker cooperatives because of the power the workers at a company could still have over the general public to whom they were not responsible to, meaning they could still, for example, create a monopoly, jack up prices, and engage in protectionist tactics. Instead, Engels and Bernstein preferred consumer cooperatives, in which the public that patronized the business would be the ones to own it and the business would be responsible to them, thereby giving the public a say in the running of the company as well as the workers. What do you think about the advantages and disadvantages of the two systems and why do you think worker cooperatives are the superior arrangement?"
This is Professor Richard Wolff's response.
To submit your own question for Prof. Wolff, join Democracy at Work on Patreon at www.patreon.com/democracyatwork
A Patron of Democracy at Work asks: "Can you please address the previous and current systemic collusion/connivance between the union leadership [of possibly every labor union] and the corporate management? And not just the fairly recent scandal of UAW/FCA regarding eroding solidarity and diminished worker benefits. Although, the technical question was how the US DOJ found evidence for it and management motives behind it, this might help make the case to democratize the enterprise."
A Patron of Democracy at Work asks: "Hello Professor Wolff, here in Germany, gas prices are very high due to the sanctions policy with Russia. It is typical of a market economy that the gas that has become scarce is priced higher in order to alleviate the shortage. In this way, the scarce gas is distributed to the rich who can make monetary inquiries. How should allocation of goods (let's say gas/oil to take today's shortage) work in a socialist mode of production?"
A Patron of Democracy at Work asks: "Dear Prof. Wolff, can you explain the value of a National Infrastructure Bank?"
A Patron of Democracy at Work asks: "Greetings Prof Wolff, my question is one of ethics. How does a collective remain competitive in a dog-eat-dog capitalist environment when the expectation is that a worker-owned enterprise would be presumed to follow the law? I'm not saying all privately-held enterprises are corrupt but it follows that if a given firm were to cut corners, all other competitors would have to follow suit to continue to exist. And what of deregulation? Are there examples whereby ethical principles are an existential threat to coops under capitalism?"
An audience member of Ask Prof Wolff LIVE asks: "Can you discuss the concept of labor markets and how they influence collective bargaining power?"
Prof Wolff answered this question during a live Ask Prof Wolff event.
We look forward to having more live "Ask" sessions like these! Some will be open to the public, some will be for the generous donors who sustain our work. Some will be with Prof Wolff, and others will feature other d@w hosts! Stay connected with us to hear about the next live event!
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An audience member of Ask Prof Wolff LIVE asks: "If inflation is a result of employers increasing prices to make higher profits, how does the Fed connect the interest rate as a way to directly control inflation?"
Prof Wolff answered this question during a live Ask Prof Wolff event.
We look forward to having more live "Ask" sessions like these! Some will be open to the public, some will be for the generous donors who sustain our work. Some will be with Prof Wolff, and others will feature other d@w hosts! Stay connected with us to hear about the next live event!
The best way to keep in touch with us is by signing up to our email list: https://www.democracyatwork.info/sign_up
An audience member of Ask Prof Wolff LIVE asks: "In a worker cooperative society, what would be the role or major functions of the state?"
Prof Wolff answered this question during a live Ask Prof Wolff event.
We look forward to having more live "Ask" sessions like these! Some will be open to the public, some will be for the generous donors who sustain our work. Some will be with Prof Wolff, and others will feature other d@w hosts! Stay connected with us to hear about the next live event!
The best way to keep in touch with us is by signing up to our email list: https://www.democracyatwork.info/sign_up
An audience member of Ask Prof Wolff LIVE asks: "Fascism is when the state and corporations merge, so why isn’t the system that China has considered fascist? Is it fascist, is it not?"
Prof Wolff answered this question during a live Ask Prof Wolff event.
We look forward to having more live "Ask" sessions like these! Some will be open to the public, some will be for the generous donors who sustain our work. Some will be with Prof Wolff, and others will feature other d@w hosts! Stay connected with us to hear about the next live event!
The best way to keep in touch with us is by signing up to our email list: https://www.democracyatwork.info/sign_up
An audience member of Ask Prof Wolff LIVE asks: "What are the major historical downsides to a deflation? Are price decreases in a specific sector (e.g. fuel if, hypothetically, the shocks to that supply chain end sometime) generally isolated from these?"
Prof Wolff answered this question during a live Ask Prof Wolff event.
We look forward to having more live "Ask" sessions like these! Some will be open to the public, some will be for the generous donors who sustain our work. Some will be with Prof Wolff, and others will feature other d@w hosts! Stay connected with us to hear about the next live event!
The best way to keep in touch with us is by signing up to our email list: https://www.democracyatwork.info/sign_up
A Patron of Democracy at Work asks: "How different would teaching economics be in a world full of coops? What would be the same/different?"
A Patron of Democracy at Work asks: "My question is regarding global south countries that are (1) highly indebted to foreign institutions like the IMF, and World, other countries and are stuck in a debt trap, and (2) are highly dependent on remittances from expat workers, as well as exports to meet their balance of payments problems. Just to meet their debt servicing commitments they end up having to borrow more. How can these countries escape their balance of payments problem? Does either increasing local taxation of working classes or the local elite help? If not, then what would?"
A Patron of Democracy at Work asks: "I listen to a lot of podcasts such as yourself to get a broader perspective. I love the clarity you bring to pretty much any subject you discuss. I would like your take on something I've heard recently, that communism is actually conservative fascism. It was in the context of the MAGA Communism narrative that has been discussed and in some cases pushed by creators such as Jackson Hinkle. Is someone trying to rewrite the meaning of communism? Or, did I miss something along the way?"
A Patron of Democracy at Work asks: "It appears to me that the Fed policies, i.e. rate hikes, are being weaponized against us workers for our meager gains in wage increases via union building and the continuing leverage gained through the pandemic. If both sides continue at this pace what do you foresee as the conclusion?"
A Patron of Democracy at Work asks: "It’s often said as an argument against democracy that Hitler’s Nazi party was democratically elected. Is that true? How should we reconcile a belief in democracy with the fact that sometimes democracy can lead to evil people being elected?"
A Patron of Democracy at Work asks: "Can you comment on the upcoming merger between Kroger and Safeway-Albertsons? I live in Seattle where nearly all of the grocery stores are owned by those two companies. I'm concerned that the merger will create an effective monopoly and that my food costs will go even higher. Thanks!"
A Patron of Democracy at Work asks: "How did you arrive at overdetermination as an ontological and epistemological theory for explaining the world (or at least part of the world)?"
A Patron of Democracy at Work asks: "Hello, I would like to make a comment in reference to Prof. Wolff’s Economic Update on colonialism, where he mentioned India's freedom from the British via the passive movement of ‘Mahatma’ Gandhi. In reality, it was a combination of resistance against the empire that led to the overthrow of the Brits from India. These resistances included infamous communist/socialists like Bhagat Singh, Subhas Chandra Bose, Mahatma Ayyankali and many more. The most critical of them all was the father of the current Indian Constitution, B.R. Ambedkar, the most highly educated Indian at the time. Mr. Gandhi followed much of B.R. Ambedkar's revolutionary struggles and nonviolent resistance before Gandhi started his movement against the British. He was a lawyer as well who not only fought against the British but also against the Indian ruling classes/elites and beholders of the racist caste system of India, which Mr. Gandhi was an avid supporter of, along with his upper caste followers. Indians still continue to suffer from the very same caste system Mr. Gandhi advocated for and wrote strongly for its preservation, even during the British overthrow. The reason Gandhi is prevalent in the mainstream is because of Nehru’s Indian Congress party and his daughter Indira Gandhi's government pushing propaganda and marketing, such as the famous movie funded by her government called ‘Gandhi,’ that put this racist individual on a pedestal. He was a documented pro-segregationist during his days as a lawyer in South Africa as well. The noticeable commonality between Mr. Gandhi and other resistance fighters during the early 1900s to mid-century like B.R. Ambedkar was that they were all anti-imperialist. However, there are many differences between these two leaders as is well documented in Arundhati Roy's book, ‘The Doctor and the Saint.’"
A Patron of Democracy at Work asks: "I'd like to hear Prof Wolff comment on esteemed colleagues, economists around the world who advocate for the fair distribution of economic wealth and resources as well as the Nobel Prize in Economics going to Ben Bernanke."
A Patron of Democracy at Work asks: "To what extent do we also have to take into account the need to reorganize the composition of jobs within the coop, so as to avoid recreating a controller class, as described by Michael Albert in 'No Bosses'?"
A Patron of Democracy at Work asks: "Does there exist any movement to abolish land-lording? Seems like the existence of landlords is a major part of the problem. Workers are doubly exploited. First, at work where they are not paid what their work is worth, and again, in the home where they are charged more than their dwelling is worth. An alternative could be, in addition to those that own their own homes, cooperatively-owned buildings where the tenants only pay for utilities, maintenance costs, and taxes, and/or a public housing system where housing is operated like a public utility and governed democratically."
A Patron of Democracy at Work asks: "Can this financial system ever get away from the stock market (Wall St. casino)? I'm watching my IRA go further and further down the drain. Is there a better system we can use?"
A Patron of Democracy at Work asks: "With so many types of insurances provided in the capitalist system, such as house, car, business, content insurances, and so on, would a democratic-socialist society need to provide such services through institutions or would the government take care of the unexpected incidents' cost?"
A Patron of Democracy at Work asks: "After we win over capitalism, how do we keep it? Human history tells me highly skilled sociopaths always rise to the top. To not repeat Russia's mistakes, how would we go about it?"
A Patron of Democracy at Work asks: "The focus on economic growth, something you talked about in the September 2022 Global Capitalism lecture, seems misplaced, at least for rich nations. I'm reminded of the Kenneth Boulding quote from the early 1970’s—“Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.” Can you please give your perspective on the obsession with economic growth that is seen almost everywhere? There is a degrowth movement which I believe you have mentioned in a discussion of capitalism. Where would economic growth stand in a socialist perspective?"
A Patron of Democracy at Work asks: "Prof Wolff, now that we've entered a recession here, how would the continued Fed interest rate hikes correlate to supply shortage due to our low production capacity? At what rate would the Fed have to lower demand in order to bring down inflation? Or are we inevitably entering stagflation?"
A Patron of Democracy at Work asks: "In his book "One Nation Under God: How Corporate American Invented Christian America, Kevin Kruse talks about an alliance between American capitalists and conservative religious leaders, going back to the 1930s. This alliance pushes capitalism in churches under a biblical veneer of 'free-market Gospel.’ Capitalists supply the money, and the churches supply the voters as well as a moral gloss on unregulated capitalism, resulting in the enormous political power that we see in the 'Religious Right.’ Do you agree with his ideas? Is this sort of alliance unique to America or does it happen in other capitalist countries?"
A Patron of Democracy at Work asks: "We agree that capitalism is imperfect and that it separates people into the employer and employee classes. However, resources needs to be planned, coordinated and managed otherwise chaos ensues. In many cases, resources are best handled in bulk to attain efficiency and affordability, and that gives rise to the need for concentration of control. Given that people are really not born equal, what system can then best balance all of the above?"
A Patron of Democracy at Work asks: "China is having some problems, specifically with their housing market. What's the reason for this and does this mean China may not surpass the United States in nominal GDP?"
A Patron of Economic Update asks: "Professor Wolff, how can consumers support the push for unions in companies like Starbucks and Amazon?"
A Supporter of Democracy at Work asks: "GDP accounts for what we produce, but abjectly fails to take into account what we destroy to produce it, nor does it accept in its estimation the vast value of the natural world, and how this plays out on the numerous beneficial aspects affecting humanity and especially, the environment and climate change. How would the cooperative democratic system deal with this problem?"
A Patron of Economic Update asks: "Hello Professor Wolff, I’m not sure how familiar you are with Canadian economics but things are very bad here. The average home price in 1980 was $47k ($163k adjusted for inflation), in 2000 it was $119k ($190k adjusted for inflation). Between January 2020 and March 2022, the average home price soared from $504,350 to $795,952. The average home price in my town, with a population of 100,000, is $1 million now. My entire generation has been bought out of the housing market. The annual average earnings of full-time employees in Canada is a little more than $54,630. Average hourly wages in Canada have barely budged in 40 years. Now, the Bank of Canada increased interest rates to 8.1%. We’re told this is due to supply chain management issues, bottlenecks. Yet corporations are making record profits. Canada is experiencing neoliberalism on crack. What’s the solution? Do we need more unions? What can be done? Why are they increasing inflation now?"
A Patron of Economic Update asks: "I noticed that in the Merriam-Webster dictionary result on Google Search for the word Marxism it listed antonyms as democracy, self-governance, self-government, self-rule. This seems very off and yet it comes from such a reputable source. Marxism is not by any stretch the opposite of democracy unless it’s hijacked and distorted e.g. Stalin, Mao, etc. Why is the number one dictionary on the number one search engine continuing to say Marxism is the opposite of democracy?"
A Patron of Economic Update asks: "In college many years ago I took a couple introductory courses in economics. There I learned that a free market was a market with perfect competition where buyers and sellers could freely enter the competition. From this definition, it followed that a free market would set the price on a good so that supply equaled demand. And there was enough of a discussion on this definition to conclude that a monopoly or oligopoly could not exist in a free market; moreover it was generally understood that government oversight and regulation was needed to maintain a free market. Today, however a free market has been re-defined as a market without government interference of any sort. My question then is how economics is taught today; it would seem that with this new definition of a free market, just as with perfect competition, any significance of the supply and demand curve intersection would be irrelevant."
A Patron of Economic Update asks: "I’d like to ask a question because it seems to me that whenever a situation occurs where unionized workers try to take over a business from their employers, offering to buy it, the employers would rather shut down than sell to the workers. Is there an economic reason for this? Even small businesses have had this happen where I don’t think they have a general anti-union strategy. Thank you!"
A Patron of Economic Update asks: "Can you imagine that journalist cooperatives could exist, function well, and possibly help us out of some of our current problems? (Maybe such have existed, or do exist, but I just am not aware of them?) We know that the present media system is ethically bankrupt, where corporate or government (or quasi-government) directed agencies distract, manipulate, and lie to us, to suit agendas of an anti-social and powerful class of people. Because of that situation, we also know that we need another way to gather, disseminate, and archive information, which would tend be more truthful and pertinent (as well as interesting and broadly available). I envision co-op news/information cells existing in most communities (or regions), around the planet, publishing digitally, and interconnected in a network. (I see funding, almost necessarily, via a nominal member/subscriber fee, with broader and historical information available for free). What do you think?"
A Patron of Economic Update asks: "I am confused by the 7/12/22 article in the Washington Post: 'Republicans threaten Wall Street over climate positions' by Steven Mufson (https://www.washingtonpost.com/climate-environment/2022/07/12/republicans-threaten-wall-street-over-climate-positions/). Are Republicans really turning on their Wall Street backers? Are the big banks really concerned enough about climate change to do something meaningful at the expense of profits? It doesn't seem likely."
A Patron of Economic Update asks: "My question is about the wage-price freeze concept. If we are to assume that workers would have their wages frozen after decades of stagnated real wage growth and a collapse in purchasing power and we freeze prices how they currently are, then how would workers be able to pay for necessities when such a huge gap in wages and prices exist? Isn’t the problem that wages are so low that we cannot afford rent, buy a week’s worth of food, pay our bills, or stay out of default on student loans (of which I am in real danger of doing)? What would the effect be if we implemented a price freeze but left wages alone?"
A Patron of Economic Update asks: "I recall having heard you say that Karl Marx never really talked much about the State because he wasn't all that interested in the State. People tell me their beef with Karl Marx is that he advocated for use of the State to enforce communism or socialism. When asked where in Marx's writings that he advocated for use of the State, they never cite to Das Kapital (because they've never read it) but always reference the 10 Planks of the Communist Manifesto. How would you respond to those people?"
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?"
A Patron of Economic Update asks: "Workers are organizing and Trade Unionism is on the rise in the UK and around the world. Can you offer an analysis of the present wave of class consciousness and what it means for the workers movement in the period of increasing inflation?"
A Patron of Economic Update asks: "What is the connection between capitalism and the ability for rulers to control women's bodies and the quantity of laborers born (what the business world refers to as 'human capital')?"
A Patron of Economic Update asks: "I would love to hear you talk about degrowth. It's something I've been reading a little about for a few years. I probably (don't remember, exactly) first heard about it from Jason Hickel."
A Patron of Economic Update asks: "How would inflation, cyclic depression and the other harmful capitalistic economic behavior be avoided in the cooperative model?"
A Patron of Economic Update asks: "If pay for workers increases, won't that increase consumption (unless its stolen back through inflation) and, in turn, America's carbon footprint? I'm concerned about sustainability."
A Patron of Economic Update asks: "Christopher Leonard, author of "The Lords of Easy Money" has a piece in the 6/11/22 NYT (https://www.nytimes.com/2022/06/11/opinion/fed-federal-reserve-inflation-democrats.html) that addressed the issue of inflation's cause(s). He danced around your principal point, without actually saying it, namely that capitalism is in its death throes. I would be interested in your comments on his writing."
A Patron of Economic Update asks: "I have always been interested in the idea of what individualism would be like under socialism. Say, for example, some people don’t enjoy working in groups and prefer to work independently through freelance as they then have the time and flexibility to work on their own terms and not have to negotiate and make agreements with a group of people. Will there be options for people to work as sole proprietors/entrepreneurs in a socialist environment?"
A Patron of Economic Update asks: "Dear Prof Wolff, can you please explain the similarities and differences between supply-side and demand-side economics?"
A Patron of Economic Update asks: "Prof. Wolff, do you believe the equality we seek can be brought about by the swift and sudden collapse of corporate fascism, a civil war, or by an evolution in the culture through constant promotion of Marxist/socialist thought? Would the latter be likely to produce the desired change within our lifetime?"
A Patron of Economic Update asks: "Prof Wolff, can you explain the relationship between debt and inflation? Would canceling $1.7 trillion in student debt cause inflation to increase, as is reported in the media, or would canceling it actually cause inflation to decrease?"
A Patron of Economic Update asks: "I have a question regarding Robots and AI. What happens to using the workplace instead of the state when there are no jobs for 80 percent of the people, no place to organize or combine? Without the state as the primary control of a situation, when there are no jobs for most people... where do we go?"
A Patron of Economic Update asks: "The strategy of d@w regarding changing society is, as far as I understand, to build a movement bottom up from cooperatives to network of cooperatives. I live in France and there was an important person, Pierre-Joseph Proudhon, who favored that approach. He was in strong opposition to Marx’s more aggressive approach and had some influence in the ideas of the participants in the adventure of the french commune. It would be interesting to know what your opinion/idea is regarding his philosophy. I mention this because a french left intellectual called Michel Onfray (he is quite popular) is for Proudhon’s bottom up approach and strongly against a centrist approach through the state (Melanchon and the rest of the so called left). Onfray mentioned the workers co-op LIP which seems to have been killed by both left and right. He says that the co-op approach of LIP is strongly in sync with Proudhon."
A Patron of Economic Update asks: "The Australian people have just voted to remove the authoritarian conservative government, which recorded its worst election result in 70 years. The Greens (our main left-of-centre option in Aus) recorded it's highest vote in its 30-year history and will hold the balance of power in the Senate. With the combined third-party vote now roughly equal to either major party, many are now realizing for the first time that there is an alternative to the two-party elite consensus. For many young people this is the first win for the left they have ever experienced and their energy this week is inspiring. I do fear, however, that the elite backlash (particularly given our right-wing media bias) will be severe over the next three years. Many of us here would greatly appreciate your advice on how a movement can withstand that push-back and continue to offer optimism."
A Patron of Economic Update asks: "I see so many young people that are highly qualified and educated and hard working yet they struggle to find work in their respective fields. Could there be a greater underlying economic or systemic issue behind all this and if so, what are some good solutions?"
A Supporter of Democracy at Work asks: "In co-op format, the people who run the business naturally have different skills and contributions to their organization so there would be expectation that each person to be compensated based on his/her work value. How is this issue handled?"
A Patron of Economic Update asks: "Dear Professor Wolff, can you speak about the advisability of cutting gas taxes in Indiana to alleviate the effects of inflation?"
A Supporter of Democracy at Work asks: "The concept of the productive worker being both employer and employee in all areas is brilliant and necessary to overcome the injustice of the potentially dangerous and egregious financial disparity between that of the upper earning and the lower earning citizens. However, not all such businesses will succeed. How is this scenario resolved?"
A Patron of Economic Update asks: "Can you talk about the economics of planned parenthood and abortion? (http://pricetheory.uchicago.edu/levitt/Papers/DonohueLevittTheImpactOfLegalized2001.pdf)"
A Supporter of Democracy at Work asks: "Is there anything the Biden administration can do to decrease the rate of inflation significantly, even though it is worldwide? Is there any approach to price controls that could really work?"
A Patron of Economic Update asks: "How rigged is the stock market against working people? How does the stock market create more inequality?"
A Patron of Economic Update asks: "Do you think that it might be worthwhile disambiguating the differences (and general confusion) among assets, capital, and capitalism as defined by Thomas Picketty in ‘Capitalism in the 21st Century’ vs Marx?"
A Patron of Economic Update asks: "I stumbled upon your video about dialectics about a month ago and I was wondering if you could do more? I appreciate that you made the connection between economy and philosophy."
A Patron of Economic Update asks: "Dear Professor Wolff, could you discuss 'economics' at not-for-profit academic hospitals? How do these hospitals afford the salaries of highly paid administrators (CEOs, Deans, Chairs, etc) who do not contribute to surplus labor (patient care)? Are some of these hospitals using 'nursing shortage' as an excuse to implement austere measures by loading more work on to fewer surplus laborers?"
A Patron of Economic Update asks: "Can Prof Wolff please explain what it means when a country declares bankruptcy? Like in Sri Lanka?"
A Patron of Economic Update asks: "Hello Prof. Wolff, I came across this article that shows there’s a study on 'Re-imagining' Capitalism (https://hewlett.org/newsroom/major-philanthropies-launch-effort-to-establish-multidisciplinary-centers-at-leading-academic-institutions/). Why is the Hewlett Foundation engaging Howard University’s Center for an Equitable and Sustainable Society? Could this be a way of making capitalism favorable to excluded and disfranchised people of color finally, or is it something finessing the issue? With no real commitment to rewrite the ills capitalism has caused to the black community and other minority groups?"
A Patron of Economic Update asks: "I have always been interested in how workers would build personal wealth and assets in a socialist society like how they usually do in capitalism. What would personal investments look like?"
A Patron of Economic Update asks: "Can you be both a Marxist and a market socialist and, if so, how?"
A Patron of Economic Update asks: "I have a question about "public option" businesses. Do you know of any examples of government-funded "public option" businesses, out in the world today or historically, that have competed with privately owned businesses in the market? How did it work out, and did they have any effect on inflation?"
A Patron of Economic Update asks: "Prof. Wolff could you please comment or give your analysis regarding the petrodollar, its impact on global markets, geo-politics and the recent news that the Yuan may soon overtake as the leading world's reserve currency? Most notably I'm interested to know how probable this event is and its impact on the United States economy and domestic politics, etc. What can/should be done about it?"
A Patron of Economic Update asks: "Curious if you have any comment about the 'grand legally binding leftist coalition' announced in Canada recently. It resembles politics we see in Europe but is new for here. Any comments?"
A Patron of Economic Update asks: "I was wondering what Prof. Wolff’s opinion is on this video (youtube.com/watch?v=xguam0TKMw8) in terms of the accuracy and prediction. It's from billionaire Ray Dalio talking about economics and the US decline and the future. I'd love to get your take."
A Patron of Economic Update asks: "My original understanding of your position and approach to creating more worker coops was that it could NOT really be successfully done by any government forcing changes in the internal structure of enterprises. I have heard that during Stalin's time that was tried, but failed. My understanding of your position was that, while the government could help in some ways, any large increase in the number of worker coops would have to occur by people deciding themselves to get together and forming worker coop structured businesses. But some of your recent videos seem to indicate that you are not against having governments mandate and force such changes in internal structuring of enterprises. Please create a video where you make your position on this very clear. I personally am totally against capturing government and having governments force internal structure changes."
Two Patrons of Economic Update ask: "Can you please explain the difference between the government borrowing money (from the corporations/rich/other countries) vs. printing money? What are the differences between government bonds for financing infrastructure projects or public goods, and borrowing money from corporations and billionaires for those same projects and services? What if bonds are bought by rich people and corporations to get the tax write offs?"
A Patron of Economic Update asks: "What are some potential macroeconomic consequences if a significant number of corporations began to experience a profit rate that is near 0 or even less than 0? Thank you!"
A Patron of Economic Update asks: "Hi, Prof Wolff. I work as a pilot in the airline industry. We enjoy great pay, benefits, work rules, etc. compared to other labor in the USA. This is because we have strong unions. There is a company that is doing great financially, has publicized massive growth plans, but is dead-set against meeting pilots’ demands for an industry competitive contract. It almost seems like the behind the scenes leadership (the major share holders) are setting the company up to be sold. Is there anything In the USA specific work groups (or better, all of them combined) can do to hold Big Money owners accountable?"