Reply To: (Is this really ) How Capitalism is Killing Itself?


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#33604 Reply

Phil the ex frog

Cronyism: So just to spell the argument out: cronyism and state capitalism are both (if not the same thing) ineviatable under capitalism because a concentration of economic power will lead to a concentration of political power (as the economically powerful purchase the political process to safeguard their privilege etc).

I earned it: Not sure I understand your points. 1. Sure, the investor extracts profit from (or “rips off”) the worker. 2. Sure, if workers can be cut out of profit creation all the better. However, I do see how either of these counter the capitalist perspective that the investor is directing energy into wealth creation activity by making good decisions. I can see arguments to counter this I just wonder what the marxist economist Wolff might say.