Economic Update with Richard D. Wolff

Episode: Millennials for Revolution

Date: July 19, 2018

Episode Overview

In this episode of Economic Update, economist Richard D. Wolff delves into current economic events, highlighting how systemic issues within capitalism shape both policy outcomes and the lives of working people. The focal point of the show is an interview with Moumita Ahmed, co-founder of Millennials for Revolution (formerly Millennials for Bernie), exploring why so many Millennials are identifying with anti-capitalist ideas and favoring socialist alternatives. The conversation examines generational attitudes, the role of systemic inequality, and the prospects for political change led by younger Americans.

Key Discussion Points and Insights

I. Opening Commentary: Economic Systems, Trade Wars, and Systemic Problems

(00:10 - 15:52)

• Systemic Roots of Economic Problems:

  • Wolff argues that economic issues stem from the structure of capitalism, not from politicians’ or journalists’ actions.
    • "The problems we have, the economic problems we have, stem fundamentally from the particular economic system. We have capitalism." — Wolff (00:20)

• Trade War Example:

  • Trump’s tariffs on Chinese goods led to Chinese retaliation. Due to globalization, German automakers with U.S. plants (Daimler-Benz, VW, BMW) are forced to relocate production to China to avoid tariffs, costing American jobs—especially in areas supportive of Trump.
    • "So guess what? They're cutting back production of BMWs, VWs, Audis, Mercedes here in the United States, moving production to China..." — Wolff (05:28)

• Systemic Nature of Capitalist Alliances:

  • Shifting global alliances (U.S., Europe, Russia, China) are driven by capitalist interests, not by lasting commitments to people.

• Policy Exception – Ireland’s Fossil Fuel Divestment:

  • Wolff notes Ireland’s new law divesting public funds from fossil fuels as a rare example of government acting for the public good rather than capitalist interests.
    • "There's an example of a policy that isn't about working out some deal among the people who run the system. It's an actual real change for most people." — Wolff (09:24)

• No-Poaching Agreements in Fast Food:

  • Washington State Attorney General Bob Ferguson secured agreements from several fast food chains (McDonald's, Arby's, etc.) to end “no-poaching” clauses preventing worker mobility, which is anti-competitive and hurts labor.
    • "They had a deal. No poaching, they called it, from one another's workers... This is what's called a restraint of trade. You can't do that. Either people are free or they're not." — Wolff (11:36)

• “Stunning Crap” – Political Hypocrisy:

  • Wolff critiques Trump for accusing Germany of being “captured” by Russia due to energy imports, while the U.S. is heavily indebted to China.
    • "We are more dependent on them [China] in this way than the Germans are for Russian gas and oil. So who's calling who dependent and captured..." — Wolff (13:58)

• Intellectual Property “Theft” Rhetoric:

  • Wolff debunks claims that China steals U.S. technology, explaining these are negotiated exchanges for market access—practices long used by developing nations.
    • "Nobody stole anything... you have to share your technology, your call. You don't want to do it, don't come." — Wolff (15:24)

II. Interview: Moumita Ahmed, Millennials for Revolution

(15:52 - 28:14)

Background & Organization

• Who Are Millennials for Revolution?
  • Moumita Ahmed explains the group formed from the Bernie Sanders campaign and continued as a political force advocating for progressive change among Millennials (ages 25-34, often with high student debt).
    • "We are a group of millennials who came together during the Bernie Sanders campaign... and decided to continue the political revolution." — Ahmed (16:29)

Millennial Attitudes & Political Identity

• Is This Generation More Progressive?
  • Ahmed cites polling that 42% of Millennials are interested in socialism, and that the generation is both more diverse and more concerned with institutional issues—especially systemic racism, income inequality, and mass incarceration.
    • "A greater percentage of millennials lean progressive... We're incarcerating people of color at higher rates than any other race. So that's something millennials deeply care about." — Ahmed (17:21 & 18:22)

Views on Capitalism

• Millennials' Anticapitalism:

  • Millennials for Revolution and their peers largely reject capitalism, seeing it as fundamentally unsustainable regarding climate change, inequality, and workers’ rights.
    • "As a system, we believe it's unsustainable because of the crises with our environment... CEOs and the bosses more leverage and profit over the workers... Capitalism only perpetuates it further." — Ahmed (19:43)

• Critique of Market Systems:

  • Ahmed stresses how the profit motive has weakened healthcare, wages, and workers’ ability to affect political decisions.

Vision of Socialism

• What Does Socialism Mean to Millennials for Revolution?
  • Socialism is understood as prioritizing the needs and rights of working people, correcting wealth and power imbalances, and genuinely tackling inequality, racism, and climate change.
    • "We see socialism as a mass redistribution of... wealth or power to working class Americans, who we are the majority." — Ahmed (22:36)
    • "It's that Marxist approach of looking at things as like, there is an inequality issue... we need to... make sure that the scales are... equal... to help working class people." — Ahmed (23:05)

Political Action & Recent Developments

• Millennial Political Engagement Post-2016:

  • The group’s response post-election has been to push for more left-wing candidates, even those more progressive than Bernie Sanders, such as Alexandria Ocasio-Cortez.
    • "We are proving the establishment wrong. We are showing them... everything Bernie was saying resonated... Our response is to push people more further to the left, even to the left of Bernie on some issues." — Ahmed (24:44)

• Trump as Symptom, Not Anomaly:

  • Millennials for Revolution view Trump as a logical outcome of late-stage capitalism, rather than an aberration.
    • "We don't see him as the anomaly. We just see him as a symptom of capitalism, of late stage capitalism, essentially." — Ahmed (25:22)

Longevity of Millennial Radicalism

• Is This Just a Phase?
  • Addressing the stereotype that radicalism fades with age, Ahmed insists that, given the failure of establishment politics on issues like inequality and climate change, Millennial progressivism is deepening, not fading.
    • "I think we're going to keep becoming more and more radical as a generation." — Ahmed (27:31)

Notable Quotes & Memorable Moments

• On Tariffs and Capitalist Logic:

  • "The results are determined by the system that works this way." — Wolff (06:40)

• On Restraint of Trade:

  • "Those employers are the people who love to tell you about the virtues of a free market... except if it's my employee looking to get a better deal." — Wolff (12:16)

• On Political Hypocrisy:

  • "So who's calling who dependent and captured depends only on having a press and a public that doesn't know what it ought to know." — Wolff (14:38)

• On Socialism’s Appeal:

  • "We see socialism as just like an approach at ending, you know, tackling certain issues, whether it's income inequality, whether it's racism, whether it's climate change." — Ahmed (22:34)

• On Generational Change and Hope:

  • "With climate change increasingly getting worse and worse, I think more of us are going to be looking towards more radical approach to changing our system." — Ahmed (27:10)

Timestamps for Important Segments

• 00:10 – Introduction; systemic roots of economic difficulties
• 03:40 – Trade war, tariffs, consequences for German car makers and U.S. jobs
• 07:18 – Global capitalist alliances and Irish fossil fuel divestment
• 10:18 – End of “no-poaching” agreements in fast food companies
• 13:20 – “Stunning crap”: U.S. hypocrisy regarding debt dependence on China
• 15:24 – False claims about Chinese intellectual property “theft”
• 15:52 – Start of interview with Moumita Ahmed
• 16:29 – Background on Millennials for Revolution
• 17:21 – Why Millennials are more progressive and focus on systemic racism
• 19:42 – Millennials’ critique of capitalism
• 22:07 – Socialism as a humane, redistributive system
• 24:37 – Millennials’ response to Trump and Bernie post-2016
• 26:39 – Will Millennial radicalism fade with age?
• 27:48 – Closing thanks and end of the interview

Conclusion

This episode situates current economic headlines within the deeper logic of capitalism and explores why a growing segment of young Americans are turning to anti-capitalist, socialist politics—not as a passing trend, but as a sustained reaction to persistent inequality and systemic crises. Wolff’s interview with Ahmed offers both a snapshot of Millennial attitudes and a look at their strategies for transformative change. The tone is informative, spirited, and challenges mainstream economic narratives, echoing the generational urgency voiced by younger activists.