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Karl Marx had it right. At some point, Capitalism can destroy itself. You cannot keep on shifting income from labor to Capital without having an excess capacity and a lack of aggregate demand. That's what has happened. We thought that markets worked. They're not working. The individual can be rational. The firm, to survive and thrive, can push labor costs more and more down, but labor costs are someone else's income and consumption. That's why it's a self-destructive process.
Originally posted by galactictuan
reply to post by links234
No 'ism' has destroyed systems.
The only thing that's responsible is greed.
Money truly is the root of all evil.
Originally posted by CasiusIgnoranze
Every system is destined to fail if they don't have the right leadership and governance, and Communism isn't necessarily the answer to Capitalism.
And the die hard sheeple who defend capitalism don't like to face the cold hard truth that Multinational Companies routinely enforce child labour and suppress worker's rights in 3rd world countries. Oh yeah, and then theres Monsanto...edit on 15-8-2011 by CasiusIgnoranze because: ..
Originally posted by sageofmonticello
reply to post by NadaCambia
I beg your pardon,
The flaw in your logic is that the people who control the economy through government are not acting in their own self interest.
Of course they are. Everybody in the entire world acts in their self interest, whatever good or bad they are doing.
So your proposal is to give the control to a select few, that act in the select fews self interest. I simply do not see how that leads to prosperity?
There is no historical truth to a free market creating a large underclass. A free market has never existed in its true form. Although the closest representatives of a free market have always produced the largest equality of wealth. That is a historic fact. I would check my definition of a true free market and then check my history if you claim the opposite is historical fact.
You yearn for a notion of equality, so do I. So how can equality best be achieved? That is the question. Through the force of law? through the barrel of a gun? or through unrestricted voluntary cooperation?
A free market, which has never truly existed, and only "sorta" existed for a short time in the USA gives the control of the economy to the masses. Every dollar spent is a vote every single day.
I argue that if you care about the welfare and happiness of your fellow citizens, you would want the least amount of restrictions on them to pursue their dreams. This is what a free market is.
Factories should be owned by the people who work there