How Capitalism Distributes Power
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 2.1K Ratings
🗓️ 26 March 2024
⏱️ 29 minutes
🧾️ Download transcript
Summary
[EU S14 E12] How Capitalism Distributes Power
Updates on resurging child labor in US, colleges athlete vote to join unions, unionization sweeping not-for-profit charities (hospitals, museums, etc) such as MassMoca in western Massachusetts. Major discussion of how capitalism concentrates power in mass media (including social media), in authoritarian internal structures of corporations, and via donations and other controls exercised over two major political parties and over politicians.
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Transcript
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| 0:00.0 | Welcome, friends, to another edition of Economic Update, a weekly program devoted to the |
| 0:15.9 | economic dimensions of our lives and those of our children. I'm your host, Richard Wolfe. I want to remind you that we |
| 0:24.4 | have a volunteer, Charlie Fabian, who is ready and willing to take suggestions, clippings, ideas you have |
| 0:32.1 | for segments on this program. You have been doing it. We have been going over them, and we have gotten a lot of benefit from |
| 0:39.0 | them. So please continue. Here's his email. Charlie.com.438 at gmail.com. Once again, |
| 0:49.3 | Charlie.com. |
| 0:54.5 | Today's program is going to cover child labor and its resurgence here in the United States, |
| 1:01.1 | the remarkable decision of college athletes to become unionized starting at Dartmouth |
| 1:07.5 | College, no less, and the kind of strikes that are hitting 501C3, charitable |
| 1:15.9 | organizations, museums, art centers, and so on, because that's an enormously important |
| 1:22.6 | phenomena also sweeping the United States. And then in the second half of the program, we're going to be examining the relationship |
| 1:31.7 | between capitalism and capitalists on the one hand and the control and organization |
| 1:37.6 | of political power in the United States and in other countries and see how that shows the importance of the power |
| 1:49.1 | discussions in modern society. Okay, let's jump right in. Child labor is an old problem |
| 1:58.0 | of capitalism. Wherever capitalism has settled in, it has done so by exploiting |
| 2:06.1 | children. In the early days of Britain's capitalism, where modern capitalism really began, |
| 2:13.4 | back in the 17th, 18th century, child labor was common. Much of the literature is about it. |
| 2:21.5 | Those of you that remember the novels of Charles Dickens are full of the labor of children. |
| 2:29.3 | Then, over time, as capitalism spreads to other parts of the world, child labor is almost always |
| 2:37.6 | part of the story. |
| 2:39.8 | To this day, there are child labor violations all over, parts of the world where capitalism |
| 2:48.1 | is relatively new, parts of Asia, Africa, Latin America, in particular. |
... |
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