The Progressive

Today we’re talking about wages—specifically, how the widespread suppression of wages is destroying the American economy. Author, professor, and fellow traveler Michael Lind just published a new book titled “Hell to Pay” that argues America is in need of a revolution in the way we think about work and wages. Lind warns that if American worker power isn’t restored to its previous highs, there’ll be hell to pay. (Sounds a bit like “the pitchforks are coming,” doesn’t it?)

Michael Lind is the author of more than a dozen books. He is a columnist for Tablet and has been an editor or staff writer for The New Yorker, Harper’s, The New Republic, and The National Interest. He’s one of the founders of the New America Foundation. He has taught at Harvard and Johns Hopkins and is currently a professor of practice at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin.

Hell to Pay https://www.penguinrandomhouse.com/books/690656/hell-to-pay-by-michael-lind 

“Hell To Pay”: Michael Lind On A True Good Jobs Strategy https://www.forbes.com/sites/michaelbernick/2023/05/16/hell-to-pay-michael-lind-on-a-true-good-jobs-strategy/?sh=c4e0c584d160 

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Industrial Policy (IP) has dominated conversations in economic and political circles thanks to President Biden’s big investments in manufacturing, infrastructure, and working Americans. But according to today’s guest, development economist Isabel Estevez, the conversation around IP is too narrow. IP is not just about manufacturing and clean energy, she argues—smart IP also encompasses policies that improve outcomes for people, like reducing child poverty and cleaning our drinking water.

Isabel Estevez is the Deputy Director of Industrial Policy and Trade at the Roosevelt Institute. She conducts research at the intersection of industrial and trade policy, with a focus on the transformation and decarbonization of heavy industries, such as steel and aluminum.

Twitter: @Isabel_Estevez_

Industrial Transformations https://www.phenomenalworld.org/analysis/industrial-transformations 

The American Industrial Policy Series https://rooseveltinstitute.org/think-tank/climate-and-economic-transformation/the-american-industrial-policy-series 

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

It will come as no surprise to our listeners that countries of the Global South are mired in a foreign debt crisis and that default is directly tied to the lack of monetary sovereignty.

Our friend Ndongo Samba Sylla, a Senegalese development economist, talks to Steve about the situation, how it came to be, and how it can be overcome.

Countries of the Global South usually are tied to debt in a foreign currency for a number of reasons, including balance of payment constraints and the capture of export income by transnational corporations. Some debt was carried over from colonial rule. Ndongo emphasizes that these countries are often trapped in an extractive economic model. Their resources are exploited by foreign companies, leading to a cycle of debt and dependence.

Debt cancellation, while absolutely necessary, is not enough to address the structural issues that perpetuate the crisis. Ndongo mentions ecological debt — the extraction and exploitation of natural resources from the Global South by the Global North. He highlights the need for a fundamental change in the domestic economic model of accumulation to eliminate the role of debt as an instrument of domination.

Ndongo also traces the history of structural adjustments after attempts at reform in the 1970s, beginning with the proposal for a New International Economic Order (NIEO) that challenged the imperialist system. The austerity we witness today arose from the reaction to that agenda.

Ndongo Samba Sylla is a Senegalese development economist. He has previously worked as a technical advisor at the Presidency of the Republic of Senegal, and is Programme Manager at the West Africa office of the Rosa Luxemburg Foundation. He is the co-author of Africa’s Last Colonial Currency: The CFA Franc Story and author of The Fair Trade Scandal.

@nssylla on Twitter

On this week’s Macrodose, James Meadway breaks down: new research in Nature Sustainability examining the prospect of collapsing ecosystems (1.45), and a listener question - what are the alternative models to economic growth, and how can we get there (8.05)?

A massive thank you to all of our existing Patreon subscribers, your support keeps the show running and we are very grateful. If you have the means and enjoy our work, head over to patreon.com/Macrodose and subscribe today.

We want to hear from you! Leave a comment or get in touch at [email protected]

Links:

Read the Nature Sustainability article here: https://www.nature.com/articles/s41893-023-01157-x

Check out Planet B: Everything Must Change here: https://novaramedia.com/category/audio/planet-b/

And grab a copy of Half-Earth Socialism: A Plan to Save the Future from Extinction, Climate Change and Pandemics here: https://www.versobooks.com/en-gb/products/2650-half-earth-socialism

Gender issues in society and particularly feminist economics have gotten a lot of attention in recent times, but what exactly is it? Why is it needed and what is the relation to classical economic theory? Today we are joined by Professor Giandomenica Becchio who is the world leading expert in the history of these ideas. We also talk about how and why certain interesting contributors to economic theory became forgotten, mainly due to race, gender and ideology.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Prize in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advise that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Becchio, G. (2021). A History of Feminist and Gender Economics. Routledge.

This past week the Biden administration launched a new PR offensive, touting its package of economic policies as a reversal of ‘trickle down’ economics the past 40 years. Bidenomics is supposed to be a break from the past 4 decades of Neoliberal economic policies. In today’s show Dr. Rasmus debunks the current ‘Bidenomics’ PR offensive, describing how it is a continuation of classical Neoliberal policy (fiscal, monetary, industrial and external) since Reagan. Rasmus defines the essential features of Neoliberal fiscal, monetary, industrial and trade/external policies and then fills in the details of Biden policies showing they are classic Neoliberal. Rasmus argues the ‘Bidenomics’ PR offensive is also classic neoliberal ideology (ideology defined as conscious misrepresentation of fact and reality in the service of special interests by manipulation of language). Summarized, Bidenomics is the continuation of neoliberal ‘trickle down’. Rasmus concludes with an assessment of the 4 dimensions of neoliberal economic policy future and the growing theme on the left that Neoliberalism is in growing crisis. Rasmus agrees 3 of the 4 areas of Neoliberal policy are facing growing contradictions and crisis, with the exception of neoliberal industrial policy (anti-union, anti-strike, wage-benefit compression, privatization, deregulation) remaining strong under the Biden administration. (For an analysis of evolution of Neoliberal policy from late 1970s until 2020, check out Dr. Rasmus’s book “The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump”, Clarity Press, 2020)

An exhibition in Amsterdam of the Dutch painter Johannes Vermeer's works has been sold out for months. But what's in it for the museum hosting the collection? Adam and Cameron discuss the economics of high art and blockbuster art shows.

Also on the podcast: The economics of professional basketball.

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Access the entire interview on Patreon: https://www.patreon.com/posts/full-audio-rise-84975377

The power of the dollar sustains U.S. imperialism. But rising multipolarity, an overuse of U.S. sanctions, the rise of alternative trading arrangements that sidestep the dollar, and a very obvious crisis of western capitalism have led to panic about a decline in dollar hegemony. What gives the dollar so much power in the first place? What would a world without dollar hegemony look like? What would it mean for those in the imperial core who benefit from this system? How about those in the third world on whose backs dollar hegemony is built? And where does the war in Ukraine fit into it all? 

To discuss this and more, Rania Khalek was joined by Prabhat Patnaik, marxist economist, professor emeritus at JNU, and author of many books including “A Theory of Imperialism” and the more recent “Capital and Imperialism: Theory, History, and the Present,” both co-authored with Utsa Patnaik. 

Prabhat’s piece discussed in this episode:

https://www.newsclick.in/us-sanctions-and-dollars-waning-hegemony

This is just the first half of this episode. The second half is available for Breakthrough News Members only. Become a member at https://www.Patreon.com/BreakthroughNews to access the full episode and other exclusive content.

Eugene McCarraher and Peter Mommsen speak about why Modern capitalism is anything but secular. They discuss Christianity’s compromise with mammon – and the visionaries who have resisted it.

Then they talk about the power of mammon, whether it’s enchanted, and the reason we venerate it.