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Thread: Has capitalism failed?
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[quote=SETH,332015]COOLSPRINGS WROTE: Seth, the private corps. once are qualified to the public means obtaining insurance coz it's funded by general public and big institution whose funding is from depositors. As a result, faith in Capitalism declines in public corp as you can see from the example of GM whose unioned workers earn 75 usd per hour (including benefits). How can they survive? What I like about some of these threads is that they make me think and do my homework to find out more about things than I originally knew. And this question -"has capitalism failed?" - really made me think. First off, I am not an economist, but I've taken courses in economics and like to think that I am reasonably intelligent (although maybe thats a mistake!). So what you'll get is my opinion, based hopefully on some facts and observations. I think people say "capitalism" without really understanding where it started and where it has come to in the USA. Probably the term "free enterprise" applies at this point, because so much has happened since early capitalism. China is experimenting with free enterprise and is doing very well, I believe. But China's free enterprise if fueled by people working for very low wages, compared to the rest of the world. So, what if all the Chinese workers decided to unionize (assuming they would be allowed to do that). Salaries would rise and China would be less competitive as a result. Important to note: unions are NOT part of capitalism, but grew out of capitalism as a way to get better wages for laborers. (TO BE CONTINUED IN NEXT POST)[/quote]
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