This course provides a working foundation in the core concepts of Marxian economic theory – necessary and surplus labor, labor power, surplus value, exploitation, capital accumulation, distributions of the surplus, capitalist crises, and the differences between capitalist and other class structures. In addition, these core concepts will be systematically used to understand current social problems (including political and cultural as well as economic problems).
Updates on Labor Day's meaning, Amazon's workplace horrors, Dunkin Donuts' CEO against $ 15/hr, and how capitalism undermines recycling. Response to questions on shifting US federal tax burdens and on state's role in capitalist economies. Major discussion of criticism of capitalism and directions for a better system.
On July 23rd, at 6:00 p.m. there was a rally outside Victoria city hall held by Divest Victoria, which is a group that has been asking the city of Victoria to seek ways to invest municipal funds in a socially and ecologically responsible manner. At 7:00 p.m., the rally entered city hall to witness a debate and a vote on a motion put forward by Mayor Lisa Helps, councillor Jeremy Loveday, and councillor Ben Isitt to take the first steps in Divesting from fossil fuels.
Prof. Wolff talks about this and the divestment movement on Climate Jam.
PODCAST: Is Capitalism Broken?
Prof. Wolff discusses with Jerry Robinson the dark side of capitalism on Follow The Money Daily podcast.
Updates on China's currency moves, UK'S Corbyn like US Sanders, adjuncts unionize, Pepsi and Coke offer self-serving health advice, Rand Paul's misunderstanding of economics. We answer questions about what happened to US real wages from 1974 to 2014. We analyze why no consensus about global warming, what are toxic effects of rising inequality, and role of psychologists in advertising.
Updates on Sawant victory, fines for defective products, slowing wages, Puerto Rico as the US Greece, economics of refugee tragedies, and crooked banks' fall guys. Response to listener questions on worker self-management. Major discussions of Germany' economic strength today and how and why political economy of capitalism is basically irrational.
Updates on Coke vs Pepsi war, price gouging on cancer drugs, Corwyn good for UK Labor Party, and new Pope's strong anti-capitalist speeches. We respond to listeners' questions on guaranteed basic income and on why public employees are not an economic negative. Major attention is given to supporting countries that refuse to pay certain govt debts and especially to Greece in a review of is dramatic recent struggles.