On this weeks episode of Economic Update, Professor Wolff provides an analysis of “globalization” as a fancy slogan to hide a profit-driven, profit-boosting period (1970-2015) that saw US capitalists move factories abroad. It destroyed so many well-paid factory jobs (especially of white, male Christians) that it produced massive suffering among the affected communities. As their rage built and both Republican and Democratic politicians turned a blind eye to their suffering, right-wing politicians saw an opportunity. Find a candidate really different from the old Republican and Democratic establishments – a Trump – and have him express the rage, anger, and bitterness of those who had lost the American Dream. Trump blamed globalization, foreigners in general, immigrants in particular, liberals, and Democrats: all lumped into “globalists,” a term that changed from celebration to total evil. Conveniently for the leaders of major US corporations – the people who had actually made the decisions to move production abroad and profited from that escaped from Trump’s blame. Now he promises to lead them to more profits by switching back to economic nationalism. But like globalization, it will prove profitable for the same corporations now as it did before. America First will hide the suffering it imposes every bit as much as globalization did. Capitalism is the problem.
Economics Professor Richard D. Wolff and guests discuss the current state of the economy, locally and globally. The program explores alternative ways to organize, markets, and government policies.