In 1945, as the Second World War ended, the economy of the United States entered the worst economic depression in its history (although 2020 may surpass it). In the first year of this depression, real Gross Domestic Product shrank by 4 percent, and in 1946 real GDP dropped by 20.6 percent. Not only was this…Read More 1946: The Greatest Depression in US History (prior to 2020)
What causes a Recession or Depression? Well, first we have a government and its central bank. For various political reasons, these decide to ‘stimulate the economy’. And they do this in two ways. First, they set interest rates. Interest rates are simple to understand. Here we have a triangle. The bottom line is time, and…Read More What Causes a Recession or Depression
WOLFF: The fear of so-called maximum or full employment seems to go back to your [point on] discipline. In other words, if there’s lots of jobs, if the unemployed is small, then your ability to discipline your workers is reduced because they know they can get another job if you fire them. GOLDBERG. You need…Read More Richard Wolff and Gertrude Goldberg on US unemployment & the idea of full employment
Scholars in the Midd le Ages were committed to the use of logical argument in the pursuit of truth. Today, we’r e going to explor e how they used logical argument in pursuit of the ultimate question… whether God exists. How did they use reason to demonstrate that? Join me today for The Catholic Church:…Read More The Catholic Church – Builder of Civilization, Episode 6: Does God Exist???
Capitalism, socialism and communism. Three words which are perhaps most confusing three words in modern human society. Meanings of all 3 words are inter linked or dependent on each other. To understand these words it’s also necessary to understand the evolution of these words and how the meaning and face of Capitalism, Socialism and Communism…Read More Capitalism Vs. Socialism Vs.Communism explained and the take of Karl Marx on these theories
This is today’s economic update from Richard Wolff for Democracy at Work and for our Patreon community. I want to speak very briefly today about one particular assertion by President Trump in the State of the Union message that subsequently got quite a bit of play, but shouldn’t have because it is a classic misrepresentation…Read More Today’s EU: Trump’s State of the Union
A few years ago the economist Thomas Piketty became a world celebrity with his book Capital In The 21st Century, a book which actually became the best selling economics book of the 21st century, so far. His new book Capital And Ideology is now available in English in the bookshops. Thomas Piketty is here to…Read More Why inequality is the result of unsound policies I Interview with Thomas Piketty
This video is sponsored by Audible. Listen to a free audiobook and 2 Audible Originals with the link in the description. Singapore is not known for its subtlety. From the minute you land and see the world’s tallest indoor waterfall inside the airport, you’re inundated with beautiful, clean, and green architecture. The sight of extraordinary,…Read More Clean, Green, & Unseen: How Singapore sanitized gambling