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Not a bad article on Marx ...

 
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kenneal - lagger
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PostPosted: Wed May 09, 2018 1:59 pm    Post subject: Not a bad article on Marx ... Reply with quote

Not a bad article on Marx from the Economist via Medium. Obviously not written from a left wing point of view but interesting all the same. Some flaws which I picked up and commented on thus -
Quote:

Firstly, the article talks as if we still lived under a capitalist system where businesses were allowed to fail and be recycled. Nowadays we live in a Corporatist system where too many businesses, especially financial ones, are too big to fail and are baled out by the taxpayer “to save the economy!” The corporations are able to avoid paying most taxes, putting the burden of taxation onto a middle class that is rapidly becoming impoverished, and are assisted in this by our politicians and civil servants who prostitute themselves to those corporations in the hope of a lucrative position on retirement.

Secondly, although the levels of extreme poverty might be dropping the numbers of people going into ordinary, if there is such a thing, poverty is increasing as fewer and fewer people can afford to buy a house and private rental costs are soaring, removing from people the money to buy the “stuff” which keeps business and the economy going.

Thirdly, unlike the 1950s, when great business leaders like Henry Ford saw that they would make more money if their employees had the money to spend on the products that they manufactured, the idiots running today’s corporations think that they can impoverish their workers to pay themselves ever inflating salaries and keep their businesses profitable. Instead of the myth of trickle down economics we have all that money being invested into property, impoverishing their employees further, and worthless bits of paper in the financial markets.

It’s not a case of roll on the revolution it’s a case of beware the upcoming crash. All those worthless bits of paper will finally be seen to be worthless and all that property will also be worthless when no on has the money to pay the extortionate rents.

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As Steve Keen puts it: “Capital without energy is a statue; labour without energy is a corpse.” Economics ignores this which is why economics is broken.


Last edited by kenneal - lagger on Wed May 09, 2018 5:29 pm; edited 1 time in total
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RenewableCandy



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PostPosted: Wed May 09, 2018 3:18 pm    Post subject: Reply with quote

Nice one Laughing
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emordnilap



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PostPosted: Thu May 10, 2018 2:38 am    Post subject: Reply with quote

bale ≠ bail

Embarassed

Otherwise, yes.
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fuzzy



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PostPosted: Thu May 10, 2018 7:12 am    Post subject: Reply with quote

It's a paywalled story, but I get the gist and agree with what you say. Because of lobbying govts, and govts wishing to be paid more to do less work, there are perverse incentives to business structure to favour;

large, multinational, publicly listed, limited liability etc.

All of these are against social good and against true capitalism.
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kenneal - lagger
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PostPosted: Thu May 10, 2018 9:24 am    Post subject: Reply with quote

emordnilap wrote:
bale ≠ bail

Embarassed

Otherwise, yes.


It's the farmer in me. Sorry.
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PostPosted: Thu May 10, 2018 12:16 pm    Post subject: Reply with quote

kenneal - lagger wrote:
emordnilap wrote:
bale ≠ bail

Embarassed

Otherwise, yes.


It's the farmer in me. Sorry.


Yes, I understand - Irish farmers are always getting a bale out.

Wink
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