The Value of Work: Exploring Labor, Layoffs, and Corporate Power

In the latest episode of the EZ Conversations podcast, we had the privilege of hosting Les Leopold, a notable advocate for working-class rights and author of several influential books. From his unique role as a translator of academic ideas to practical applications for working people, Les brings a wealth of experience and insight into labor issues, corporate dynamics, and the socioeconomic impacts of financial practices. This discussion delves into the intricacies of the labor movement, the challenges posed by corporate practices such as stock buybacks, and the enduring power of education and writing.

Introduction: Bridging Academia and the Working Class

Les Leopold has dedicated his career to bridging the gap between high-level academic ideas and their practical implications for working people. His journey, which began in the mid-1970s, saw him designing educational programs to help working people understand the intricacies of the economy. He has co-founded the Labor Institute in New York, which has effectively disseminated educational programs throughout the American trade union movement.

The Therapeutic Joy of Writing

Les candidly shares his transition into writing, initially a daunting task he later found therapeutic, especially in the context of significant personal and professional challenges. Writing has become a source of joy and a means of preventing burnout, a passion that he discovered unexpectedly in his later years.

Working Class Background and Commitment

Les’s commitment to the working class is deeply personal, stemming from his upbringing in a working-class immigrant family. His life’s work is driven by a belief in fairness and justice, and a desire to represent and empower working people in a landscape where corporate and regulatory dynamics often sideline them.

The Impact of Corporate Practices on the Workforce

A significant focus of our discussion was the impact of stock buybacks and corporate practices on the labor force. Les explained how these financial strategies, driven by Wall Street's influence, lead to mass layoffs despite company profitability. These practices prioritize shareholder wealth over the well-being of employees, creating cyclical yet constant job instability.

Stock Buybacks: The Mechanism and Consequences

The conversation illuminated the concept of stock buybacks, where companies repurchase their own shares to artificially inflate stock value—a process that often coincides with layoffs. This strategy benefits shareholders and top executives while undermining job security for everyday workers.

Addressing Labor Rights and Power

Les argues for the necessity of a mass movement to address labor rights and restore power to workers, akin to the strength of unions in the mid-20th century. He discusses the potential role of trade unions and the need for new organizational structures that can effectively represent working-class interests in today’s economy.

A Call to Action: Empowering the Working Class

The discussion concluded with a call to action, urging working-class individuals to organize and advocate for policies that limit the negative impacts of corporate financial practices. Les emphasizes the importance of creating independent organizations that can challenge the status quo and demand fair treatment and job security for workers.

Conclusion: Hope for the Future

Despite the challenges, Les remains hopeful that change is possible. By raising awareness and encouraging collective action, he believes there is potential to create a more equitable future where the contributions and rights of working people are valued and respected.

Les Leopold's work and insights offer a crucial perspective on the intersections of economy, labor, and corporate power. For those interested in learning more and accessing educational resources, Les directs listeners to his website, runawayinequality.org, where materials are available in both English and Spanish.

This episode of EZ Conversations provides a profound exploration into what sustains and challenges working people today, and underscores the need for thoughtful and informed activism in the fight for labor rights.