In a splendid piece of circular reasoning, neoclassical economists justify private ownership of capital on the ground that it is the capitalist who organizes production. This is a non sequitur. The capitalist organizes production precisely because he is a capitalist: he commands his own or borrowed funds that allow him to do so. In an economy consisting of worker cooperatives, teams of workers could organize production with funds borrowed from deposit banks or tax-funded investment banks. More
The post Capitalists are Dispensable, Laborers Are Not appeared first on CounterPunch.org.
This content originally appeared on CounterPunch.org and was authored by M. Shahid Alam.
M. Shahid Alam | Radio Free (2021-12-28T09:58:12+00:00) Capitalists are Dispensable, Laborers Are Not. Retrieved from https://www.radiofree.org/2021/12/28/capitalists-are-dispensable-laborers-are-not/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.