Economic Update with Richard D. Wolff — The Idea of Revolution (May 23, 2016)

Episode Overview

This episode dives deep into the theme of revolution, both in economic realities and as an organizing concept. The first half features Richard Wolff’s weekly economic analysis, covering recent events including prison labor strikes in Alabama, the continued Greek economic crisis, trade deals like TTIP/TPP, the consequences of free trade and outsourcing, and issues of taxation regarding wealthy educational institutions like Yale. In the second half, Wolff is joined by veteran organizers Joan Berezin and Kip Waldo for a rich discussion on the necessity, practicality, and organizing realities of revolution in the United States today.

Key Discussion Points & Insights

1. Economic News & Analysis (00:00–31:40)

• Alabama Prison Strike & Modern Slavery (00:50–08:20)

  • Prisoners in Alabama strike, drawing attention to slave-like conditions that persist due to the 13th Amendment’s exception allowing involuntary servitude as punishment for crime.
  • Wolff highlights the long legacy of post-slavery exploitation targeting African Americans, especially in the South.
    • Quote: “If slavery is bad for the people outside of prison, guess what? It ain’t so great inside either.” (02:45, Richard Wolff)

• Greek Bailout Theater Exposed (08:21–20:42)

  • Greece’s third bailout is really about paying off European banks, not helping Greek society.
  • Wolff describes prior bailouts as political theater: money flowed through the Greek state to French and German banks, bailing out their own financial institutions while pretending to aid Greece.
    • Quote: “You could appear to be helping the Greeks and that would keep your own people from being angry at the second bailout of the rich in their own country.” (14:50, Richard Wolff)
  • Now, with banks stabilized, EU governments balk at providing aid that might actually help Greeks, fueling political tensions and right-wing ascendancy across Europe.

• Trade Deals — TTIP, TPP & Leaked Truths (20:43–24:05)

  • Leaked documents reveal U.S. negotiators’ disregard for labor and environmental standards in trans-Atlantic and Pacific trade pacts, despite public claims.
  • Wolff stresses that the real stakeholders — the working class and environment — are excluded from these negotiations.
    • Quote: “If you’re not there... in all the horse trading, yours is the horse that gets lost.” (23:50, Richard Wolff)

• Free Trade, Outsourcing & Systemic Crisis (24:06–31:10)

  • Decades of relocating American jobs abroad for profit have left social destruction, hollowed cities, increased global emissions, and eroded workers’ purchasing power.
  • Assertions that political promises to ‘bring jobs back’ are empty without system change.
    • Quote: “This is a fundamental systemic problem that needs a change of system if it is to be solved.” (30:45, Richard Wolff)

• Yale University’s Tax Exemption & Urban Inequity (31:10–31:40)

  • Exposes the outdated rationale for Yale’s tax exemption. The city of New Haven, one of America’s poorest, bears heavy tax burdens while wealthy Yale pays none.
    • Quote: “This is called reverse Robin Hood. It’s stealing from the poor in order to give even more to the rich than they already have.” (31:10, Richard Wolff)

2. The Idea of Revolution: Interview with Joan Berezin & Kip Waldo (31:41–56:08)

• Why Revolution, Not Just Reform? (31:48–36:49)

  • Revolution is posited as a necessity due to capitalism’s systemic exploitation and escalating crises (economic and environmental).
  • Kip Waldo: “We’re not trying to just shorten the whip… what we’re saying is there is a possibility for us to reclaim that.” (32:03, Kip Waldo)
  • Emphasis on the working class’s capacity for self-activity and democratic decision-making.

• Building Revolutionary Consciousness in Practice (37:16–41:56)

  • Joan Berezin recounts organizing welfare recipients in the 1960s — a group dismissed as powerless — who embraced revolutionary ideas after education and discussion.
    • Quote: “Ordinary people, as Howard Zinn used to say, could do extraordinary things and... minds could be changed... more quickly than I could have imagined.” (37:23, Joan Berezin)
  • Modern organizing involves workplace newsletters that connect daily grievances to larger systemic critique, and collective events to revive labor movement traditions.

• Shifts in Public Consciousness Post-2008 (41:57–47:48)

  • Kip Waldo notes missed opportunities but growing awareness since the crisis of 2008, the rise and limits of Occupy and Black Lives Matter, and the election of Obama.
    • Quote: “With 2008, the idea that we live within the framework of a system, that there is a system... that it was a system of capitalism, a crisis of capitalism...” (43:42, Kip Waldo)
  • Today, there is a “pregnant moment” where real change feels both possible and necessary.

• Are Conditions Ripe for Revolution? (47:49–52:33)

  • Joan Berezin: Institutional trust is eroded; students no longer see education as a sure path to security; political disillusionment is widespread.
    • Quote: “The first set of conditions are overripe in terms of nothing functions... The second half is the much harder one.” (48:55, Joan Berezin)
  • There is a growing demand for alternatives, as evidenced by unexpected mass support for figures like Sanders and Trump, and grassroots socialist organizing among youth.

• Global Examples & (Re)Imagining Socialism (50:48–53:50)

  • France’s mass actions against labor reforms; students and workers collaborating and reviving revolutionary traditions.
  • The term “socialism” itself is being redefined, as formerly leftist parties implement neoliberal policies.
    • Wolff: “You’re revolutionizing what the word socialism means... that’s also usually a sign of big shifts coming.” (52:33, Richard Wolff)

• Is Revolution "on the Agenda" Now? (53:50–55:59)

  • Kip Waldo: Revolution might not be imminent, but creating self-activity, hope, and organizational capacity for change is essential — that in itself is revolutionary.
    • Website plug: speakout-now.org (54:52, Kip Waldo)
  • Joan Berezin shares an inspiring protest sign: “If you’re taking us back to the 19th century, bring back the Paris Commune.” — showing the link between policies and revived revolutionary aspirations.
    • Quote: “Look what’s possible, look at the world we could have if the potential and the creativity of millions of people was unleashed.” (55:30, Joan Berezin)

• Wolff’s Closing Reflection (56:08)

  • Satisfaction at a shift from “just bemoaning the situation” to chronicling collective efforts and organizing.
  • Encourages listeners to get involved, communicate, and utilize resources at democracyatwork.info.

Notable Quotes & Moments

• On Systemic Exploitation:

  • “We’re not trying to just shorten the whip. We think humans should be able to develop their full potential.” (32:00, Kip Waldo)

• On Effective Organizing:

  • “People’s minds could be changed... more quickly than I could have imagined.” (37:23, Joan Berezin)
  • “The solution... is a workplace newsletter... that ties together everyday problems with systemic critique.” (39:50, Joan Berezin)

• On Social Change:

  • “When fundamental terms like [socialism] are overthrown in what they mean, that's also usually a sign of big shifts coming.” (52:33, Richard Wolff)
  • “We have 10 or 20 years to change the world or not have a planet.” (51:56, Joan Berezin)
  • “If you’re taking us back to the 19th century, bring back the Paris Commune.” (55:06, Joan Berezin, recounting a Paris protest sign)

Timestamps for Key Segments

• Alabama Prison Strike: 00:50–08:20
• Greek Bailout Discussion: 08:21–20:42
• TTIP/TPP Leaks: 20:43–24:05
• Offshoring & Systemic Crisis: 24:06–31:10
• Yale Tax Exemption: 31:10–31:40
• Interviews Begin — Revolutionary Organizing: 31:41
• Why Revolution: 31:48–36:49
• Organizing in Practice (Joan): 37:16–41:56
• Is Consciousness Changing?: 41:57–47:48
• Are Conditions Ripe?: 47:49–52:33
• Reimagining the Left & Socialism: 52:33–53:50
• Why Revolution (Summing Up): 53:50–55:59
• Closing remarks: 56:08

Conclusion

This episode is an expansive, clear-eyed look at why system change, not just incremental reform, is back on the agenda for a growing number of organizers and ordinary people. Wolff and his guests make the case that economic and political crises — in the U.S. and globally — require new forms of solidarity, renewed revolutionary traditions, and, above all, hope grounded in collective self-activity and democratic action. The discussion is both sobering and uplifting: while the obstacles are immense, new generations are awakening to the systemic roots of their struggles, and organizing for the possibility of a radically different future.