I can't remeraber where I found this but I think it puts our current situation in perspective:
Capitalism died in 1980 when Reagan was elected. Our economic system is now Corporatism, which does not follow the laws of Capitalism. Corporatism seeks to control supply, control demand, conspire to fix prices, eliminate economic competition, reduce wages, and undermine democratic institutions with bribery. Back when Capitalism existed, vendors of gooRAB and services competed with each other to offer the highest possible quality at the lowest possible price to attract customers.
In a Corporate Economy, global corporations conspire to reduce supply, lower quality, manipulate demand, reduce the field of competitors to a small band of conspirators, reduce wages, and increase price. Corporations skillfully raise prices during a crisis: a freeze in Florida, political instability in Libya, etc. They are not the naive players that Adam Smith imagined.
Conservatism is the enemy of and the destroyer of capitalism. Conservatives have no plans to pay down the debt. Their plan is to cut taxes on the wealthy while they reduce spending – holding the National Debt at its current high level forever so they can forever blame “Liberals” for it and always use it as an excuse for government inaction.
What Corporatism is doing to us is this: Corporations are learning that it is more profitable to overwork existing employees without raising salaries than it is to hire new ones. The presence of a large unemployed class motivates workers to accept any kind of abuse to keep their jobs and it keeps wages low. The Liberal successes of the past – the living wage, the 40 hour week, the 8 hour day, workplace safety, laws against sexual harassment, etc. - are being dismantled by global corporations and their Republican handmaidens in Congress.
Capitalism died in 1980 when Reagan was elected. Our economic system is now Corporatism, which does not follow the laws of Capitalism. Corporatism seeks to control supply, control demand, conspire to fix prices, eliminate economic competition, reduce wages, and undermine democratic institutions with bribery. Back when Capitalism existed, vendors of gooRAB and services competed with each other to offer the highest possible quality at the lowest possible price to attract customers.
In a Corporate Economy, global corporations conspire to reduce supply, lower quality, manipulate demand, reduce the field of competitors to a small band of conspirators, reduce wages, and increase price. Corporations skillfully raise prices during a crisis: a freeze in Florida, political instability in Libya, etc. They are not the naive players that Adam Smith imagined.
Conservatism is the enemy of and the destroyer of capitalism. Conservatives have no plans to pay down the debt. Their plan is to cut taxes on the wealthy while they reduce spending – holding the National Debt at its current high level forever so they can forever blame “Liberals” for it and always use it as an excuse for government inaction.
What Corporatism is doing to us is this: Corporations are learning that it is more profitable to overwork existing employees without raising salaries than it is to hire new ones. The presence of a large unemployed class motivates workers to accept any kind of abuse to keep their jobs and it keeps wages low. The Liberal successes of the past – the living wage, the 40 hour week, the 8 hour day, workplace safety, laws against sexual harassment, etc. - are being dismantled by global corporations and their Republican handmaidens in Congress.