Capitalism

Adam Smith discussed the harms caused by monopolie —>> read more –>>

The earth is burdened by the tsunami of plastic refuse that will never degrade. Government needs to protect us from capitalist enterprises delight in externalizing costs to our detriment and their short-term benefit.

Since corporations have reason not to worry about safety and efficacy, we do need the government to represent us. Common sense and ethics suggest that a company establish the safety and efficacy of products and services BEFORE selling them. In a world better balanced to the needs and interests of the vast majority this would be a required step. Heart stents and tricycles are examples of the failings of our current system.

Corporate concentration of income and wealth are core features of capitalism. From its earliest cheerleaders like Adam Smith, the drive for corporations to get ever larger and in the doing drive their competitors out of the market was noted and warned against. John Oliver provides a thorough and amusing introduction.

The new digital economy is displaying the same drive to concentration, monopolies and oligopolies, that capitalism has always displayed. Facebook, Google, Amazon, Apple, and Microsoft are just a new face of the predatory monopolists of the Rockefeller Standard Oil age.

NYTimes reports that one-time bonuses are the preferred pay strategy vs pay raises.Mysteriously the Times leaves out the role of unions and the long-term fall in unionization rates in the private sector in the US.

These corporate giants are “disrupting” healthcare or so the headlines say. Despite the media flurry we should not expect much. The structure of US healthcare defies little nibbles at the periphery. As noted many times here, we need to look to our developed country competitors for their proven approaches to how to set up a world-class healthcare system at world standard costs.

Shifts to contract work, losses in jobs due to automation and robots, growth in poorly paid occupations, low participation rates, healthcare and retirement tied to full-time jobs, and extremely unequal gains in income for the top 10% characterize jobs in our economy. Something radical needs to be done. Republicans are trickling, Democrats cautious, neither addresses the big changes underway.

A Note on Jobs & Unemployment Original publica —>> read more –>>

Reich’s latest cartoon does a good job of describing the changes in the US economy, weaker on the underlying political campaign by the rich and corporations to restructure the economy to their benefit. Worth the 6 minute viewing time.