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Agreed, but "tuning" is an understatement. Capitalism worked well when most businesses were local and being a large, successful company meant employing a lot o
by sjwright 7y ago
Agreed, but "tuning" is an understatement.
Capitalism worked well when most businesses were local and being a large, successful company meant employing a lot of people from the same communities as your customers. This proximity is largely responsible for that emergent feedback loop.
Today, many businesses can become exceptionally profitable with relatively few employees. And they can treat those few employees as poorly as the market can bear because 99% of your customers don't live anywhere near them.
And those forces of change are still as strong as ever. Technology and automation is speeding up change in the economy faster than ever before. Maybe there'll always be enough work for full employment, but maybe not—and the pace of change is now far too fast for human capital to keep up.