Economic Update with Richard D. Wolff
Episode: Marxism's Contribution
Date: January 25, 2018
Overview
In this episode, host Richard D. Wolff dedicates the first half to pressing economic news: bold climate action by New York City, the resurgence of consumer debt in the U.S., Greece's enduring austerity crisis, the collapse of the UK outsourcing giant Carillion, and the politics of advertising in capitalism. The second half features a deep interview with Marxist scholar Bertell Ollman, who unpacks the core contributions of Marxism, focusing on its holistic method, the concept of alienation, and its relevance to understanding and changing contemporary society.
Key Discussion Points & Insights
Segment 1: Economic Updates
1. NYC Takes on Big Oil & Divestment (00:10 - 06:35)
- NYC sues five major oil companies (BP, Chevron, ConocoPhillips, ExxonMobil, Shell) for damages related to climate change.
- The city announces $5 billion divestment from fossil fuel companies in pension funds.
- Richard D. Wolff quotes NYC Mayor Bill de Blasio:
“New York City is standing up for future generations by becoming the first major US City to divest our pension funds from fossil fuels. At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their