Containing the Crisis at Home and Abroad
Program #CHON106. Recorded in Chicago, IL on October 18, 1994.The outline of the global economy is dramatically emerging. Capital is more fluid and unregulated than in any time in history. The so-called economic recovery is the most uneven since the end of WWII. Growth rates are moderate, while most new jobs are low-paying and temporary. According to Fortune magazine, the disparity between corporate profits and wages is at a record high. Take, for example, Whirlpool, makers of washers and dryers. It just announced it will be closing two plants and cutting its work force by 8%. It's not that Whirlpool is losing money. It earned a quarter of a billion dollars in the first nine months of 1994 alone. Wall Street enthusiastically responded to the moves by driving up the value of Whirlpool's stock. These economic trends are creating enormous pressures on working people at home and abroad.
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