Quote:
Originally Posted by Caged Great
It seems like the wealth has gotten too concentrated with the top 1%, and it's starting to have a dire effect on the overall health of the global economy.
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There's isn't any doubt that in the tug of war between capital and labour, capital has yanked the rope right out of the hands of labour and is waving it triumphantly. Thomas Picketty has documented the dominance of capital, and its increasing concentration, in his groundbreaking book
Capital in the Twenty-First Century.
Quote:
Originally Posted by Caged Great
Nobody has any money to spend anywhere and nobody to sell to. Without some re-distribution of the wealth, there will continue to be issues.
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Not only is capital concentrating in fewer hands, we are witnesses a steep rise in automation, and a matching decline in the requirements of labour. The drivers of those huge trucks up in Fort Mac who are being replaced by automatic trucks are just the beginning. We're approaching an era when a great portion of adults simply will not be needed by the economy. But as you note, who will buy things if half of the population isn't making money? Hopefully the captains of industry will realize they need customers to sell to.