The author's examples do not support his point. Over the time period where he shows that average workers incomes have stagnated is the same time period where the government has increasingly intervened in the market on the basis of socialistic principles. The examples the author gives of the "failures" of capitalism are the result of the government applying Marxian theory to "ease" the failings of capitalism. This does not mean that capitalism is perfect, no system involving humans, or designed by humans, will be.
This is a common argument I see: problem A is evidence that we need more government regulation, even though problem A was caused by bad government regulation in the first place. Problem B is evidence that Marx was right, even though problem B is the result of applying Marx's theories (usually partially).
That is disingenuous to the extreme. Wages stagnation followed crashes caused by deregulation and it is taking increasing longer to recover from recession in the ages of deregulation.
Speaking from the US:
Crashes are not caused by deregulation. Crashes are the natural result of bubbles, which are caused by increasing the money supply too fast. Blame the federal reserve and their low interest rate policy.
Before the federal reserve was created, panics were always sharp, and recovery was always quick. And this was in an environment with almost no regulation compared to today.
Except for the part where the US hit 'peak-socialism' around the time of LBJ's great-society and has been deregulating ever since, but don't let me get in the way of your ignorant ranting with inconvenient facts...
Federal regulation by any measure is significantly higher now than it was under LBJ. Size of the Federal Register? The Federal Register has regularly had over 70,000 pages since the year 2000, never that high before. The Code of Federal Regulations has similarly steadily increased in size since it was first published.
I would like to say I am sorry to get in the way of your ignorance, but I'm not. The Federal government has steadily increased its regulation of the economy of the U.S. for as long as I have
Mathematics is the only science where one never knows what
one is talking about nor whether what is said is true.
-- Russell
His examples do not support his point (Score:3)
This is a common argument I see: problem A is evidence that we need more government regulation, even though problem A was caused by bad government regulation in the first place. Problem B is evidence that Marx was right, even though problem B is the result of applying Marx's theories (usually partially).
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That is disingenuous to the extreme. Wages stagnation followed crashes caused by deregulation and it is taking increasing longer to recover from recession in the ages of deregulation.
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A car analogy? (Score:2)
Before seat belts were mandatory the many who died from crashes died quickly instead of living to suffer long and slow recoveries?
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I would like to say I am sorry to get in the way of your ignorance, but I'm not. The Federal government has steadily increased its regulation of the economy of the U.S. for as long as I have