The Economics Lesson Taught By The Pandemic

A weekly show focusing on the economic dimensions of everyday life and alternative ways to organize our economy and politics, with Prof. Richard D. Wolff.

On this week’s show, Professor Wolff explains that in countries where the government is respected and empowered, such as New Zealand, Taiwan and Cuba, among others, the COVID-19 pandemic has been effectively contained. Alternately, where the government is demonized, disrespected and distrusted, such as in the UK and the US, the pandemic has been devastating.

Prof. Wolff argues that a rational economy includes both private businesses (regulated by the government to different degrees) and state-owned and operated enterprises, depending on which performs best to meet the needs of society. Moreover, besides the question who owns certain enterprises, the way in which they are internally organized (hierarchically or horizontally / worker-owned) is equally important.