Thursday, June 25, 2015

From The End of Capitalism

A fascinating analysis of a fatal contradiction of economic growth: As advanced computer technologies produce more-faster-better profits due to competition, reduced man-hours, cheap wages and foreign trade, it also replaces highly-skilled and mid-to-lower skilled workers. When they lose their jobs and can't afford to buy the products their company makes, the companies can't sell what they produce, and eventually go bankrupt. When unemployment hits all social strata and privatized services no longer are sustainable, where does "economic growth" come from? (The End of Capitalism, by David Harvey)

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.