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


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#33872 Reply

Ba’al Zevul

OK, perhaps I see what you’re getting at

That’s good enough for me. I was just trying to inject a concept into the discussion, and I am aware that its applicability is infinitely debatable. However. Wages <i>were</i> paid under feudalism. The innovation I’m suggesting was to detach the marginal value accruing to labour, not from the already-earned wage at the end of the week, or even day, but from the future expectation of wages. That is, the worker is now bonded to the bank, if not his employer (to whom his tie is weaker as he is free to leave his job, but not to renege on his debt) As an alternative view, the mediaeval Church demanded a cut of the marginal value in order to guarantee eternal life. A precursor of the now omnipresent insurance industry.

I don’t think the observation that big companies are awash with cash is a huge obstacle to examining my suggestion with care. Ask what they are doing with that cash. And who is handling it, and what they are scraping off that cash as a cut.

I’ll let you get down to it with Loony – it’s been educational so far.