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Development economics expert Ha-Joon Chang visits the RSA to dispel the myths and prejudices that have come to dominate our understanding of how the world works.

Elizabeth Warren discusses how the dreams of the middle class american family are being depleted by the dramatic increase in bankruptcies and foreclosures. Warren discusses the role that credit card companies and ballooning interests rates have played in rapidly increasing mortgage rates as well as the how the over consumption myth is clouding our understanding of the average middle class family, who is in fact experiencing a lower standard of living than their parents and still finding themselves one payment away from losing their home. Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School and chaired the Congressional Oversight Panel created to investigate the U.S. banking bailout . This program originally aired in April 2004. it is being re-aired because Professor Warren's predictions of economic disasters and the reasons for them have proven correct, and she is a candidate to head a commission to guard against recurrence. The Massachusetts School of Law also presents information on important current affairs to the general public in television and radio broadcasts, an intellectual journal, conferences, author appearances, blogs and books. For more information visit http://www.mslaw.edu

The madness that is the proposed tax repatriation holiday is continuing and gathering steam. More and more members of congress are coming out of the woodwork, scratching their chins in contemplative consideration as it were, pretending that they've just realized what a great day a corporate tax holiday would be - not that they've taken gazillions of dollars from the firms lobbying for it or anything. The latest convert seems to be Nevada Democrat Shelley Berkley. Berkley's plan is to offer a pseudo-holiday - not the full-fledged happy-ending massage the companies wanted (i.e. a reduction from 35 percent+ to 5.25 percent) but a mere ten-point shave: Representative Shelley Berkley, a Nevada Democrat, is the latest lawmaker to consider legislation allowing multinational companies to send offshore profits to the U.S. at a reduced tax rate. Her proposal, which was confirmed yesterday by Berkley's communications director, David Cherry, would allow companies to return profits to the U.S. at a 25 percent tax rate, 10 percentage points below the maximum statutory rate. Most companies publicly supporting a holiday, such as Duke Energy Corp., have spoken favorably of the 5.25 percent rate that is being offered by Representative Kevin Brady, a Texas Republican. One thing that people must understand about this tax repatriation business is that it's a wholly bipartisan affair. It's not solely the work of evil Republicans. This is a scheme that requires heavies in both parties to help ram the knotty, hard-to-sell legislation through. On the Democratic side, unsurprisingly, the main actor is going to be Chuck Schumer. John Kerry is also involved with this nastiness. Barbara Boxer led the 2004 effort and the failed 2009 campaign to get a holiday, and is rumored to be lurking somewhere in this business. Note that Cisco, a California corporate heavyweight and one of the companies lobbying most ravenously for this tax holiday, has been a consistent lifelong contributor

Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics.

Congress, a number of states, and even some cities will raise or consider raising minimum wages this year. Meanwhile, the economy is suffering what may prove to be the fourth consecutive year of a geographically widespread labor market slump, with most states facing uncertain economic situations. In this environment, the minimum wage becomes more important than ever, as a weaker labor market is unlikely to provide low-wage workers the bargaining power required to negotiate fair wages for their labor. Despite the necessity of a minimum wage that allows low-wage workers to meet basic needs, there is still strong opposition to minimum wage increases, especially from those who don't view the weak labor market as an imperative to raise minimum wages, but rather as a reason to oppose them. In particular, opponents of state-level minimum wage increases claim that these increases are the cause of weak labor markets, especially in the form of high unemployment rates. That argument, however, rests on the simplistic observation that some of the states with high minimum wages also have high unemployment rates. Without more examination, this observation is as useful in understanding state job markets as noting that joblessness has been on the rise in New York since the last time the Yankees won the World Series. It might be true, but it doesn't mean one is causing the other.

The Occupy Wall Street movement is well into its second week of operation, and is now getting more attention from media as well as from people planning similar actions across the country. This is a promising populist mobilization with a clear message against domination by political and economic elites. Against visions of a bleak and stagnant future, the occupiers assert the optimism that a better world can be made in the streets. They have not resigned themselves to an order where the young are presented with a foreseeable future of some combination of debt, economic dependency, and being paid little to endure constant disrespect, an order that tells the old to accept broken promises and be glad to just keep putting in hours until they can't work anymore. The occupiers have not accepted that living in modern society means shutting up about how it functions. In general, the occupiers see themselves as having more to gain than to lose in creating a new political situation - something that few who run the current system will help deliver. They are not eager for violence, and have shown admirable restraint in the face of attack by police. There may be no single clear agenda, but there is a clear message: that people will have a say in their political and economic lives, regardless of what those in charge want. Occupy Wall Street is a kind of protest that Americans are not accustomed to seeing. There was no permit to protest, and it has been able to keep going on through unofficial understandings between protestors and police. It is not run by professional politicians, astroturfers, or front groups with barely-hidden agendas. Though some organizations and political figures have promoted it, Occupy Wall Street is not driven by any political party or protest organization. It is a kind of protest that shows people have power when they are determined to use it. Occupy Wall Street could be characterized as an example of a new type of mass politics, which has been seen in

'It is now virtually certain a child born in 1979 will not reach 50 years of age before the Arctic is ice-free in the summer. That is a rapid change on a planetary scale, with far-reaching consequences that scientists are just beginning to understand.' Stephen Leahy, Inter Press Service

Someone may be taking potshots at Lou Dobbs. It's not that I can't understand the impulse, every time he comes on the tube I want to make like an Iraqi journalist and go all Hush Puppy on his ass. Still, you'll not hear me defending the shooter.

In December, President Obama signed legislation to extend hundreds of billions of dollars in Bush tax cuts, benefiting the wealthiest Americans. Last week, Obama agreed to billions of dollars in cuts that will impose the greatest burden on the poorest Americans. And now, virtually everyone in Washington believes, the President is about to embark on a path that will ultimately lead to some type of reductions in Social Security, Medicare and/or Medicaid benefits under the banner of "reform." Tax cuts for the rich -- budget cuts for the poor -- "reform" of the Democratic Party's signature safety net programs -- a continuation of Bush/Cheney Terrorism policies and a new Middle East war launched without Congressional approval. That's quite a legacy combination for a Democratic President. All of that has led to a spate of negotiation advice from the liberal punditocracy advising the President how he can better defend progressive policy aims -- as though the Obama White House deeply wishes for different results but just can't figure out how to achieve them. Jon Chait, Josh Marshall, and Matt Yglesias all insist that the President is "losing" on these battles because of bad negotiating strategy, and will continue to lose unless it improves. Ezra Klein says "it makes absolutely no sense" that Democrats didn't just raise the debt ceiling in December, when they had the majority and could have done it with no budget cuts. Once it became clear that the White House was not following their recommended action of demanding a "clean" vote on raising the debt ceiling -- thus ensuring there will be another, probably larger round of budget cuts -- Yglesias lamented that the White House had "flunked bargaining 101." Their assumption is that Obama loathes these outcomes but is the victim of his own weak negotiating strategy. I don't understand that assumption at all. Does anyone believe that Obama and his army of veteran Washington advisers are incapable of discovering these tactics on th

If it had been revealed that Jeffrey Immelt once hired an undocumented nanny, or defaulted on his mortgage, he would be forced to resign as head of President Barack Obama's "Council on Jobs and Competitiveness." But the fact that General Electric, where Immelt is CEO, didn't pay taxes on its $14.5 billion profit last year-and indeed is asking for a $3.2 billion tax rebate-has not produced a word of criticism from the president, who in January praised Immelt as a business leader who "understands what it takes for America to compete in the global economy." What it takes, evidently, is shifting profit and jobs abroad: As of last year only 134,000 of GE's total workforce of 304,000 was based in the U.S. and, according to The New York Times, for the past three years 82 percent of the company's profit was sheltered abroad. Thanks to changes in the tax law engineered when another avowedly pro-business Democrat, Bill Clinton, was president, U.S. multinational financial companies can avoid taxes on their international scams. And financial scams are what GE excelled in for decades, when GE Capital, its financial unit, which specialized in credit card, consumer loan and housing mortgage debt, accounted for most of GE's profits. That's right, GE, along with General Motors with its toxic GMAC financial unit, came to look more like an investment bank than a traditional industrial manufacturing giant that once propelled this economy and ultimately it ran into the same sort of difficulties as the Wall Street hustlers. As The New York Times' David Kocieniewski, who broke the GE profit story, put it: "Because its lending division, GE Capital, has provided more than half of the company's profit in some recent years, many Wall Street analysts view G.E. not as a manufacturer but as an unregulated lender that also makes dishwashers and M.R.I. machines." Maximizing corporate profits at the taxpayer's expense is what top CEOs are good at, and after all it

When we study Marx in my graduate social theory course, it never fails that at least one student will say (approximately), "Class struggle didn't escalate in the way Marx expected. In modern capitalist societies class struggle has disappeared. So isn't it clear that Marx was wrong and his ideas are of little value today?" I respond by challenging the premise that class struggle has disappeared. On the contrary, I say that class struggle is going on all the time in every major institution of society. One just has to learn how to recognize it. One needn't embrace the labor theory of value to understand that employers try to increase profits by keeping wages down and getting as much work as possible out of their employees. As the saying goes, every successful capitalist knows what a Marxist knows; they just apply the knowledge differently. Workers' desire for better pay and benefits, safe working conditions, and control over their own time puts them at odds with employers. Class struggle in this sense hasn't gone away. In fact, it's inherent in the relationship between capitalist employer and employee. What varies is how aggressively and overtly each side fights for its interests.

As the New York Times has detailed, "Some of the nation's largest corporations have amassed vast profits outside the country and are pressing Congress and the Obama administration for a tax break to bring the money home." Yet, across America, thousands of teachers are being laid off, programs to help feed needy children have been eliminated, and Medicare is under attack. It's time for us to fight back and tell Congress that corporations need to pay their fair share. The first step? Understanding the complex accounting tricks and loopholes giant corporations use to evade taxes. Here's the video that explains it all:

We are at a pivotal moment in American history, and many Americans watching the deficit talks in Washington are confused, perplexed, angry and frustrated. This country, which has paid its debts from Day 1, must pay its debts. Anyone who says it is not a big deal for this country to default clearly does not understand what he or she is talking about. This is a nation whose faith and credit has been the gold standard of countries throughout the world. Some people simply say we're not going to pay our debt, that there's nothing to really worry about. Those are people who are wishing our economy harm for political reasons, and those are people whose attitudes will have terrible consequences for virtually every working family in this country in terms of higher interest rates, in terms of significant job loss, in terms of making a very unstable global economy even more unstable. Our right-wing friends in the House of Representatives have given us an option. What they have said is end Medicare as we know it and force elderly people, many of whom don't have the money, to pay substantially more for their health care. So when you're 70 under their plan and you get sick and you don't have a whole lot of income, we don't know what happens to you. They forget to tell us that if their plan was passed you're going to have to pay a heck of a lot more for the prescription drugs you're getting today. They we're going to throw millions of kids off health insurance. If your mom or dad is in a nursing home and that nursing home bill is paid significantly by Medicaid and Medicaid isn't paying anymore, they forgot to tell us what happens to your mom or dad in that nursing home. What happens? And what happens today if you are unemployed and you're not able to get unemployment extension? What happens if you are a middle-class family desperately trying to send their kids to college and you make savage cuts to Pell grants and you can't go to college? What does it mean for the nation if we

Martin Luther King - A Time to Break Silence Starting in 1965, King began to express doubts about the United States' role in the Vietnam War. In an April 4, 1967, appearance at the New York City Riverside Church - exactly one year before his death - King delivered Beyond Vietnam: A Time to Break Silence. In the speech he spoke strongly against the U.S.'s role in the war, insisting that the U.S. was in Vietnam "to occupy it as an American colony" and calling the U.S. government "the greatest purveyor of violence in the world today." "Now, it should be incandescently clear that no one who has any concern for the integrity and life of America today can ignore the present war. If America's soul becomes totally poisoned, part of the autopsy must read: Vietnam. It can never be saved so long as it destroys the deepest hopes of men the world over. So it is that those of us who are yet determined that America will be are led down the path of protest and dissent, working for the health of our land." "At this point I should make it clear that while I have tried in these last few minutes to give a voice to the voiceless in Vietnam and to understand the arguments of those who are called "enemy," I am as deeply concerned about our own troops there as anything else. For it occurs to me that what we are submitting them to in Vietnam is not simply the brutalizing process that goes on in any war where armies face each other and seek to destroy. We are adding cynicism to the process of death, for they must know after a short period there that none of the things we claim to be fighting for are really involved. Before long they must know that their government has sent them into a struggle among Vietnamese, and the more sophisticated surely realize that we are on the side of the wealthy, and the secure, while we create a hell for the poor." Martin Luther King, Jr. (January 15, 1929 -- April 4, 1968), was one of the main leaders of the American civil rights movement. A Baptist minist

Judging from the skittishness of both markets and "consensus expectations," the United States' economic prospects are confusing. One day, the country is on the brink of a double-dip recession; the next, it is on the verge of a turbo-charged recovery, powered by resilient consumers and US multinationals starting to deploy, at long last, their massive cash reserves. In the process, markets take investors on a wild rollercoaster ride, with the European crisis (riddled with even more confusion and volatility) serving to aggravate their queasiness. This situation is both understandable and increasingly unsettling for America's well-being and that of the global economy. It reflects the impact of fundamental (and historic) economic and financial re-alignments, insufficient policy responses, and system-wide rigidities that frustrate structural change. As a result, there are now legitimate questions about the underlying functioning of the US economy and, therefore, its evolution in the months and years ahead.

There are two kinds of people at present: those who know in a vague way that the 1930s was a bad time, and those who have studied the detail and understand the economics of why it went bad.

Call it the austerity death trap. Under these circumstances, the harder a country works to cut its debt, the worse the ratio becomes - because the economy shrinks even faster. Greece is already in the trap. Spain and Italy are perilously close. Even Britain, France, and Germany are tip-toeing up to it. And now us. Deficit hawks have to understand: The first step must be to revive growth and jobs. That way, revenues increase and the debt/GDP ratio drops. Only then - when the economy is back on track - do you start cutting.

Just a few months ago, I wrote a piece for Adbusters that started with a conversation I'd had with an Egyptian activist friend named Dina: All these years," she said, "we've been organizing marches, rallies… And if only 45 people show up, you're depressed, if you get 300, you're happy. Then one day, 200,000 people show up. And you're incredulous: on some level, even though you didn't realize it, you'd given up thinking that you could actually win. As the Occupy Wall Street movement spreads across America, and even the world, I am suddenly beginning to understand a little of how she felt.