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Ford doubling his minimum wage is simply an example of capitalism (not government) raising wages. This is why capitalism is the greatest economic system (by a m

Ford doubling his minimum wage is simply an example of capitalism (not government) raising wages. This is why capitalism is the greatest economic system (by a mile) ever devised.

chrisco255 7y ago
Yeah every time I hear the phrase "late-stage capitalism" I roll my eyes.
ajuc 7y ago
And it's so common we have 1 example from a century ago and we're still talking about it.
- ApolloFortyNine 7y ago
  What are you arguing? That wages haven't risen since?
  - ajuc 7y ago
    That doubling of salaries in 1 year because of some business owner's good will is hardly a representative example of how capitalism works.
    - naasking 7y ago
      "Good will" isn't the reason, that's the point.
  - blueline 7y ago
    wages have absolutely not risen proportional to worker productivity https://www.epi.org/productivity-pay-gap/ https://www.epi.org/productivity-pay-gap/
    - logicchains 7y ago
      An increase in aggregate worker productivity isn't necessarily an increase in the ability of workers; most productivity gains are attributable to capital investment. If you took a productive modern worker back 500 years, they wouldn't be much more productive than the locals of that time, as they'd lack the tooling, machinery, resources, equipment and factories that magnify human productivity today. It hence makes sense that the gains from rises in productivity wouldn't all accrue to workers, as the gains result from the actions of business owners investing in better means of production, not from action on the workers' part.
      - astazangasta 7y ago
        All productivity gain is the result of capital investment. That doesn't mean the benefits should not accrue to workers. Who do you think is provisioning, configuring and using the machines that result in that gain? Shareholders?
- exabrial 7y ago
  There are far more failed socialist regimes
maxxxxx 7y ago
Capitalism can have many forms. It’s worth and necessary to think about how to implement it.

Ford doubling his minimum wage is simply an example of capitalism (not government) raising wages. This is why capitalism is the greatest economic system (by a mile) ever devised.

chrisco255 7y ago

Yeah every time I hear the phrase "late-stage capitalism" I roll my eyes.

ajuc 7y ago

And it's so common we have 1 example from a century ago and we're still talking about it.

ApolloFortyNine 7y ago
What are you arguing? That wages haven't risen since?
- ajuc 7y ago
  That doubling of salaries in 1 year because of some business owner's good will is hardly a representative example of how capitalism works.
  - naasking 7y ago
    "Good will" isn't the reason, that's the point.
- blueline 7y ago
  wages have absolutely not risen proportional to worker productivity https://www.epi.org/productivity-pay-gap/ https://www.epi.org/productivity-pay-gap/
  - logicchains 7y ago
    An increase in aggregate worker productivity isn't necessarily an increase in the ability of workers; most productivity gains are attributable to capital investment. If you took a productive modern worker back 500 years, they wouldn't be much more productive than the locals of that time, as they'd lack the tooling, machinery, resources, equipment and factories that magnify human productivity today. It hence makes sense that the gains from rises in productivity wouldn't all accrue to workers, as the gains result from the actions of business owners investing in better means of production, not from action on the workers' part.
    - astazangasta 7y ago
      All productivity gain is the result of capital investment. That doesn't mean the benefits should not accrue to workers. Who do you think is provisioning, configuring and using the machines that result in that gain? Shareholders?
exabrial 7y ago
There are far more failed socialist regimes

maxxxxx 7y ago

Capitalism can have many forms. It’s worth and necessary to think about how to implement it.