Very interesting article from FT on middle class rage at elitism , 1%, yada yada yada. Ever see the movie Elysium? That’s what they are afraid of.
h/t @modestproposal on Twitter for posting
Here’s a summary from Karl Marx on failure of Capitalism:
1. Inevitability of monopolies, which eliminate competition and gouge consumers and works.
2. Lack of centralized planning, which results in overproduction of some good and underproduction of others, encouraging economic crises such as inflation, slumps, depressions.
3. Demands for labor-saving machinery, which force unemployment and a more hostile proletariat.
4. Employers will tend to maximize profits by reducing labor expenses, thus creating a situation where workers will not have enough income to buy the goods produced, creating the contradiction of causing profits to fall.
5. Control of the state by the wealthy, the effect of which is passage of laws favoring themselves.
Redistribution or war or Elysium. Welcome your thoughts!