A Patron of Economic Update asks: "I am informed that during the era of COVID 19, a small oligopoly of shipping companies have used their market power to increase the cost of shipping by a large factor, of over 10:1. This is starting to cause crises and shortages in other parts of the world economy. My question comes in 3 parts: 1)Is this a real effect (or have I been misinformed) 2) What are the main effects of this crisis in shipping and 3) How is it likely to end?"
This is Professor Richard Wolff's video response. Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/economicupdat.... Ask Prof Wolff is@Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible. _________________________________________________________________________ Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/en/us/shop/richa... “Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.” Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democra... _________________________________________________________________________ Follow Wolff ONLINE: Web: http://www.rdwolff.com Patreon: https://www.patreon.com/economicupdate Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Subscribe to the EU podcast: http://economicupdate.libsyn.com Shop our worker CO-OP made MERCH: https://democracy-at-work-shop.myshop.
