Comment 66228

By Undustrial (registered) - website | Posted July 15, 2011 at 11:26:47 in reply to Comment 66219

I suppose the question is whether wealth (or more importantly, value) is really created by capital and investment, or simply controlled by them.

If value comes, instead, from labour, the environment, or the needs of customers - then the massive amount of wealth "generated" by capitalism is really more of a diversion of value.

Wages, in real terms, are no better for (the poorest) 80% of the population than they were about four decades ago. In that time, productivity per hour worked has nearly doubled. We've seen an explosion in profits and wealth for the richest fraction of society and the economy, but not for the rest. Can anybody venture a guess where these windfall profits came from?

Centralizing wealth means taking it from somewhere, or someone.

"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford

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