If you want to call it a "theory." Narrative would be a more apt term. Shades of Ralph Waldo Emerson.
On Mon, Mar 31, 2014 at 3:31 PM, Charlie <[email protected]> wrote: > Doug advises higher wages and public spending. He also writes in > historical explanation of how we got here: "go back to the 1970s. > Corporate profitability ... had fallen sharply off its mid-1960s highs. > ... After three decades of seemingly endless prosperity, workers had > developed a terrible attitude problem, slacking off and, quaintly, even > going out on strike." The capitalists hit back hard. > > It reads like the theory that wages squeezed profits, causing the 1973 > recession and subsequent stagflation. Now, after the capitalists have > pushed the pendulum hard to the right, the need is to restore workers' > consumption. The implication is that capitalism has a sweet spot in the > middle, somehow combining adequate exploitation hence healthy profits > with reasonably good times for workers. > > Is this not the implied theory? > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
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