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We built machinery, processes, IP, etc using saved and invested capital. That machinery wouldn't be built without the capital. And thus labor would be nearly v
by jxidjhdhdhdhfhf 5y ago
We built machinery, processes, IP, etc using saved and invested capital. That machinery wouldn't be built without the capital. And thus labor would be nearly valueless. The machines and processes also stop functioning when the ownership structure is destroyed as we have recently seen in the Venezuelan oil wells. With capital its very much the virtual (ownership) driving the creation, maintainance and operation of the real (machines, processes, etc).