3 ms·
The narrative about capital providing opportunity for many is largely a myth IMHO. While this may have been true when companies reinvested in their products and
by defterGoose 7y ago
The narrative about capital providing opportunity for many is largely a myth IMHO. While this may have been true when companies reinvested in their products and people, in the age of stock buybacks and leveraged takeovers, capital seems to serve more as simply a tool for accumulation; permanently removing value from the economy for the benefit of a very few.
- lifty 7y agoThat's why I don't like to call the current system capitalism. I find Varoufakis' description more apt: socialism for the rich and capitalism for the poor. Or put in another way, privatised gains and socialised losses.
- jmilloy 7y agoI think I understand what "socialism for the rich" is supposed to mean, but I don't understand how it relates to socialism. > Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and workers' self-management of enterprises. [wikipedia]
- lossolo 7y agoOr put in another way = socialised losses