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So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong). Firms are cutting jobs because there is not enough final demand. But cutting jobs reduces labor income, increases inequality and reduces final demand.
"A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell
Karl Marx
So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong). Firms are cutting jobs because there is not enough final demand. But cutting jobs reduces labor income, increases inequality and reduces final demand. [/url]
so, demand needs to be increased... how? incentive to people to get rich... greed always works... do not penalize entrepreneurs, innovators, investors into entrepreneurial firms, etc... reduce taxes and handouts...
My mind has gone blank. I wonder if it was always that way.
so, demand needs to be increased... how? incentive to people to get rich... greed always works... do not penalize entrepreneurs, innovators, investors into entrepreneurial firms, etc... reduce taxes and handouts...
Yes, but that has to be true free market. We do not have a free market. We are dominated by corporate monopolies that virtually control government policy.
Energy, transport, water and (almost) food in a monopoly. The people are forced to go to one supplier even if there is a bogus choice.
"A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell
Yes, but that has to be true free market. We do not have a free market. We are dominated by corporate monopolies that virtually control government policy.
Energy, transport, water and (almost) food in a monopoly. The people are forced to go to one supplier even if there is a bogus choice.
Yes, but my big mac is just the way I like it no matter where I am in the world.
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