The Terminal Crises of Global Capitalism
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 2.1K Ratings
🗓️ 17 November 2022
⏱️ 29 minutes
🧾️ Download transcript
Summary
Join d@w for virtual event Marxism For This Moment: A Conversation with Richard Wolff & David Harvey on Friday, November 18th at 1pm ET (New York, UTC-4).
Buy your tickets here: https://www.democracyatwork.info/marxism_for_this_moment_richard_wolff_david_harvey
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In this week's show, Prof. Wolff presents updates on students' solidarity with workers at Smith College; US car industry manipulates supply/demand to inflate prices, profits; Teamsters strike, solidarity defeat Sysco Systems; Starbucks provokes its 250 unionized stores, and why rising wages do not "cause" inflation. In the second half of the show, Wolff interviews Prof. William I. Robinson on global capitalism and its multiple crises he calls "terminal."
Transcript
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| 0:00.0 | Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic |
| 0:16.2 | dimensions of our lives, jobs, debts, incomes, all of that. For us, for our children. I'm your host, |
| 0:24.1 | Richard Wolfe. I want to begin today by shouting out to the students at Smith College in |
| 0:31.5 | Northampton, Massachusetts. They are doing something remarkable that is happening on more and more campuses across the country. |
| 0:41.0 | They are acting in solidarity with workers at the college, the people who do the work, |
| 0:47.0 | provide the meals, fix the buildings, clean the property, all the hard work that goes into, |
| 0:53.5 | but is rarely recognized. |
| 0:55.0 | And Smith College has been doing what so many have, trying to make more money by understaffing, |
| 1:02.0 | overworking, underpaying their workers. You know, it's a sad commentary, but it's a way |
| 1:09.0 | that these kinds of elite schools prepare the |
| 1:13.2 | young men and women that go there for their lives later on in a capitalist system that |
| 1:19.7 | reproduces people at the top who get very nice service and people who do all the work and get |
| 1:26.3 | mistreated. |
| 1:27.3 | But here's a difference. The students aren't sitting by and simply watching or ignoring. |
| 1:33.3 | They're getting out there and they're working with those workers. |
| 1:38.3 | In particular, local SEIU, Local 211, and the solidarity and the commitment of the students and the workers to get a better work program. |
| 1:50.0 | That'll help the students, that'll change the feelings and atmosphere of that university, |
| 1:55.0 | and that will be a mark and a blow against the kind of abusive, rich versus poor exploitation scenario that Smith should |
| 2:06.1 | be ashamed of, but that these students are doing something to change. Hats off to the young |
| 2:13.2 | women, particularly, Smith is a longstanding school that has been focused on educating women, |
| 2:19.9 | and I wanted to recognize the remarkable solidarity they're showing and the difference that |
| 2:25.8 | they're making. |
... |
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