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Sapient Donkey

(1,568 posts)
26. I never managed to finish reading The Wealth of Nations
Thu Jun 17, 2021, 04:03 PM
Jun 2021

but I have made a few attempts in the past. It's been awhile so I cannot recall the specifics, but I remember thinking how I'm pretty sure of so-called conservative capitalists read some of what he wrote, they would have called him a communist or something. I should go through that and take notes this time.

I find it weird how so many non-wealthy people on the right are so hard headed with a twisted belief that greedy behavior by the wealthy is somehow good for the regular folk. Even if we take government out the equation by focusing on letting the free market do its thing, such as when Walmart employees were protesting for Walmart to raise wages (not asking for a higher government mandated minimum wage, but asking Walmart to) Many on the right were chastising these Walmart employees, calling them lazy or ungrateful, etc.. This was before Walmart made any wage increases, so people were making even lower wages than they are now. I couldn't understand why they would be against people having the value of their labor increase along with the inflation and cost of living increases. Another thing was the criticism from the right of that business owner in Seattle who said he was going to raise his company's minimum wage to $75k/yr or something. The amount of backlash that a private company got for increasing their wages made no sense. Why would they want that to fail?

Oh and then there is this: https://thefederalist.com/2021/06/10/my-chipotle-bowl-just-got-more-expensive-and-its-the-federal-governments-fault/

That twisted mindset leads to a lot of our problems, I think.

I'm ranting. Sorry.

I would say that how well an owner accurately makes that sort of assessment determines whether their Hugh_Lebowski Jun 2021 #1
Capitalism isn't really a system Silent3 Jun 2021 #2
That's a peculiar statement. PETRUS Jun 2021 #30
You're listing a lot of acts of aggression and greed Silent3 Jun 2021 #34
... PETRUS Jun 2021 #35
I am not unfamilar with the historical perspective you're talking about... Silent3 Jun 2021 #36
I agree wholeheartedly with your final paragraph. PETRUS Jun 2021 #40
I guess a bunch of words need qualification Silent3 Jun 2021 #54
Thanks for continuing the conversation. PETRUS Jun 2021 #55
Big Corps with stocks are hogtied to making a profit for the stockholders and taking from the... Brainfodder Jun 2021 #3
but it didn't use to be this way slightlv Jun 2021 #19
Thanks for your thoughtful post. smirkymonkey Jun 2021 #22
I am well aware, that is why I am furious. Brainfodder Jun 2021 #25
Capitalism relies on inventiveness to solve a problem. cachukis Jun 2021 #4
What other economic system functions as well? comradebillyboy Jun 2021 #5
It can't be reformed I_UndergroundPanther Jun 2021 #6
It has to be reformed for it to continue. Adam Smith's analysis cachukis Jun 2021 #8
I never managed to finish reading The Wealth of Nations Sapient Donkey Jun 2021 #26
Appreciate the insight. Didn't finish it either. cachukis Jun 2021 #28
By the way, have you read Sapience by Harari? cachukis Jun 2021 #29
It's about power in ownership. RegularJam Jun 2021 #7
I agree slightlv Jun 2021 #20
The real problem with (under-regulated) capitalism is inevitable concentration of wealth Mysterian Jun 2021 #9
Owners? Who are the owners? MineralMan Jun 2021 #10
The question isn't really about Capitalism per se. Happy Hoosier Jun 2021 #11
Truthfully, customers and the stock market determine what owners make Hoyt Jun 2021 #12
Perhaps it's consumer wisdom versus moneymaker wile. cachukis Jun 2021 #13
I've always thought ymetca Jun 2021 #14
Humans have needs that must be met, or we die. MineralMan Jun 2021 #16
Agreed! ymetca Jun 2021 #18
That's a non-sequitur. PETRUS Jun 2021 #31
Not really Zeitghost Jun 2021 #33
No such centrally controlled system has ever succeeded for long. MineralMan Jun 2021 #38
No, I described commerce. The exchange of something valuable for MineralMan Jun 2021 #37
Huh? PETRUS Jun 2021 #41
All economic systems function on an exchange basis for transactions. MineralMan Jun 2021 #43
I don't require your interest. PETRUS Jun 2021 #44
That's good. MineralMan Jun 2021 #45
Some thoughts. PETRUS Jun 2021 #50
In Norway, it is considered KT2000 Jun 2021 #15
Capitalism can only work if it is tightly regulated to protect labor, consumers and the environment ShazamIam Jun 2021 #17
Capitalism is the balls of nature. Condoms, meh, birth control cachukis Jun 2021 #21
So exploiting others is natural. I disagree when the evidence shows that we advance when we ShazamIam Jun 2021 #23
Not saying I am fond of the capitalism within which we live, cachukis Jun 2021 #24
Owners are the most valuable members of a business. Mosby Jun 2021 #27
There are very few large enterprises that are individually-owned. MineralMan Jun 2021 #39
Employers do not set wages Zeitghost Jun 2021 #32
Republicanism is the problem with Capitalism gulliver Jun 2021 #42
This! peggysue2 Jun 2021 #48
Thank you. betsuni Jun 2021 #51
What would you replace it with? MoonRiver Jun 2021 #46
That is precisely the question, isn't it? MineralMan Jun 2021 #47
Exactly! And I still await the OP's rebut. MoonRiver Jun 2021 #49
Something about a revolution where the workers rally, speaking truth to power, billionaires are betsuni Jun 2021 #52
As a small business (law firm) owner, I think your premise is incorrect. TomSlick Jun 2021 #53
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