3:03 Feb 6th, 2012 | 72 notes
For the time being, in the US our corporate and governmental system backed surprisingly by the Supreme Court has become a plutocracy, designed to prolong, protect and intensify the wealth and influence of those who already have the wealth and influence. What the Occupy movement indicates is that a growing number of people have begun to recognize this in spite of the efficiency of capital’s propaganda machines. Forty years of no pay increase in the US after inflation for the average hour worked should, after all, have that effect. The propaganda is good but not that good.
“People now see it is a system for the rich only,” Jeremy Grantham, Financial Times
10:04 Nov 20th, 2011 | 8 notes
Seriously? The thing that has gone wrong in western societies is that, in contradiction to the most fundamental of capitalist principles, power and privilege have become significantly easier to keep than they are to acquire. So winners end up winning not because they are best but because they won in the past. Smith warned against this, but we seem to have forgotten.
atimoshenko, FT commenter
9:30 Nov 9th, 2011 | 5 notes
While markets are ways of exchanging goods through the medium of money - historically, ways for those with a surplus of grain to acquire candles and vice versa… - capitalism is first and foremost the art of using money to get more money… Normally, the easiest way to do this is by establishing some kind of formal or de facto monopoly. For this reason, capitalists, whether merchant princes, financiers, or industrialists, invariably try to ally themselves with political authorities to limit the freedom of the market, so as to make it easier for them to do so.
David Graeber, Debt: The First 5,000 Years