The Revolution Is Late February 21, 2010Posted by Dwight Furrow in Dwight Furrow's Posts, Political Philosophy.
Tags: capitalism, Karl Marx
Unemployment is high, stubbornly high, and many economists, including Administration economists, think the employment situation will not improve quickly.
The New York Times on Sunday had a story about this chronic unemployment, which contains the following quote by Allen Sinai:
“American business is about maximizing shareholder value,” said Allen Sinai, chief global economist at the research firm Decision Economics. “You basically don’t want workers. You hire less, and you try to find capital equipment to replace them.”
Allen Sinai is no left wing academic—he has been for many years a prominent forecaster of economic trends for major corporations and governments.
As Brian Leiter asks:
“One wonders if Mr. Sinai knows the pedigree for this insight about capitalism? Or if he understands the consequence of this logic?”
The idea that capitalism will destroy itself by seeking efficiencies that will ultimately throw the people who buy its products out of work was one of Karl Marx’s main ideas.
Now it is being confirmed by the capitalists themselves.
For political commentary by Dwight Furrow visit: www.revivingliberalism.com