by Summary:
A complement of Thomas Piketty's Capital in the 21st Century. The principal point is that competition is the driver of capitalism as companies strive in the marketplace to achieve efficiency and effectiveness in anticipating and meeting demand. When competition decreases, the engine fails to function as an evolutionary force. This is hardly a new idea. See "What Is Monopoly Capital?" by John Bellamy Foster and "Monopoly Capitalism" by Paul M. Sweezy. But the authors of The Myth of Capitalism document what is happening with it recently. This also affects labor and the labor market: ...T&H write, “When workers have fewer employers to choose from in their line of work, their bargaining power disappears. Corporate giants can squeeze their suppliers, but the main thing companies buy
Topics:
Mike Norman considers the following as important: Denise Hearn, Jonathan Tepper, monopoly capital, myth of capitalism, oligopoly
This could be interesting, too:
A complement of Thomas Piketty's Capital in the 21st Century. The principal point is that competition is the driver of capitalism as companies strive in the marketplace to achieve efficiency and effectiveness in anticipating and meeting demand. When competition decreases, the engine fails to function as an evolutionary force. This is hardly a new idea. See "What Is Monopoly Capital?" by John Bellamy Foster and "Monopoly Capitalism" by Paul M. Sweezy. But the authors of The Myth of Capitalism document what is happening with it recently. This also affects labor and the labor market: ...T&H write, “When workers have fewer employers to choose from in their line of work, their bargaining power disappears. Corporate giants can squeeze their suppliers, but the main thing companies buy
Topics:
Mike Norman considers the following as important: Denise Hearn, Jonathan Tepper, monopoly capital, myth of capitalism, oligopoly
This could be interesting, too:
Mike Norman writes John Bellamy Foster — Absolute Capitalism
Mike Norman writes Jonathan Tepper — Competition Is Dying, and Taking Capitalism With It
Mike Norman writes ProMarket — Editors’ Briefing: This Week in Political Economy (November 11-18)
Mike Norman writes Olivia Solon — Tim Berners-Lee: we must regulate tech firms to prevent ‘weaponised’ web
The principal point is that competition is the driver of capitalism as companies strive in the marketplace to achieve efficiency and effectiveness in anticipating and meeting demand. When competition decreases, the engine fails to function as an evolutionary force. This is hardly a new idea. See "What Is Monopoly Capital?" by John Bellamy Foster and "Monopoly Capitalism" by Paul M. Sweezy. But the authors of The Myth of Capitalism document what is happening with it recently.
This also affects labor and the labor market:
...T&H write, “When workers have fewer employers to choose from in their line of work, their bargaining power disappears. Corporate giants can squeeze their suppliers, but the main thing companies buy is labor, and they have been squeezing workers.” Thus, wages have struggled to keep up with inflation for decades. Benefits are cut, while stock buybacks soar. Unhappy workers in all but 3 states can be shackled to soul-sucking jobs via non-compete clauses. Furthermore, “56% of private sector non-unionized workers are forced into mandatory arbitration and of those, 23% were also denied any access to class-action lawsuits. This means that nearly a quarter of working Americans in the private sector don’t have the basic right to sue their employer.”...