Economic Update: Government Bailouts, Corporate Takeovers and Unemployment

Monday, 21 May 2012 14:04 By Richard D Wolff, Economic Update / Truthout | Radio Segment
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Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis.  This weeks show provides updates on the impact of subprime mortgage abuses and their impact on racial and ethnic minorities, on Japan's nationalization of the Tepco Corp., and the mixed results of the bailouts of GM and Chrysler. Major discussions include:  (1) Why government takeovers of private enterprise are rarely "socialistic" and mostly pro-capitalist, and (2) the basic causes and cures for unemployment in capitalist economies. The radio segment concludes with responses to comments on the decision-making process of workers' self-directed enterprises and about claims of recovery in the housing market.

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Richard D Wolff

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City. He also teaches classes regularly at the Brecht Forum in Manhattan. Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). His work is available at and at

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