Yes, critics of capitalism focus on labor relations, which is where the Marxist labor theory of value comes from. I honestly reject the LTV because it completely eliminates the reward for risk-taking. Why should you create a new thing that may or may not work out if the most you can get from it is the amount of labor you put in? That’s like gambling for a 5% return when you can get a guaranteed 5% return from your bank, it’s irrational.
In capitalism, the price of a good will eventually trend toward the cost to produce it, after a period of outsized returns by being first to market. So innovation is rewarded through higher margins, then competition comes in and creates a race to the bottom until the next innovation comes out.
The main problem being solved here has little to do with capitalism itself, but with cronyism. Capitalists want high margins, and there are two ways to get that:
rent seeking - if a capitalist can get a monopoly, they can control their margins since nobody can undercut them
innovation - continually produce new products with high margins and cash in before anyone undercuts you
The first is way easier than the second since it requires almost no ongoing work, other than maybe sharing profits with a few influential politicians. But that’s not a problem with capitalism, which is a pure dog-eat-dog system. Socialists and others on the far left attack this amalgamation of systems and call the whole thing “capitalism,” when really capitalism is intended to be a completely separate system from the state (unlike socialism, which is most often combined with the state).
R u saying that workers aren’t responsible for employer-sanctioned crimes?
I’m saying the one responsible is the one with the motive.
In most cases, it’s either the capital owner or the executive team that should be taking responsibility for these decisions. They’re the ones cutting funding for safety equipment, replacing materials with cheaper alternatives, etc. Or maybe it’s a middle manager who is trying to look good for a promotion. Whoever made the decision in full knowledge of it being a potential problem is the one at fault, and that’s almost never the worker.
Execs are usually not workers, they’re the ones in control of the capital. Some execs are, but most don’t produce any of the goods, they merely orchestrate it. In other words, in most cases, there needs to be mens rea, mere proof that a criminal act was committed is rarely sufficient (e.g. most courts would acquit if a reasonable person would assume their actions were legal). In a capitalist system, it’s usually the owners of capital that have motive, the workers just want to get through the day and collect their paycheck and saving the company a few dollars by using sub-standard parts has almost no upside to the average worker.
I reject the Marxist LTV too. The theory I have described is the labor theory of property (LTP) that workers in the firm should jointly own the produced outputs and be liable for the used-up inputs. Workers and non-voting preferred shareholders are duly compensated.
The pure application of the tenet of legal responsibility and de facto responsibility matching is to deliberate and intentional joint actions. The actions of workers in production are premeditated and deliberate.
Orchestration is labor here. Execs are workers as far as the labor theory of property is concerned. I agree that regulatory capture is a problem. I have not mentioned the state here tho. Anti-capitalists work with the historical definition of capitalism.
Also, going back to stability, coops provide stable jobs because they take labor force as a fixed factor and during a downturn they prefer cutting pay over cutting some jobs to maintain the pay of others’ jobs
Yes, critics of capitalism focus on labor relations, which is where the Marxist labor theory of value comes from. I honestly reject the LTV because it completely eliminates the reward for risk-taking. Why should you create a new thing that may or may not work out if the most you can get from it is the amount of labor you put in? That’s like gambling for a 5% return when you can get a guaranteed 5% return from your bank, it’s irrational.
In capitalism, the price of a good will eventually trend toward the cost to produce it, after a period of outsized returns by being first to market. So innovation is rewarded through higher margins, then competition comes in and creates a race to the bottom until the next innovation comes out.
The main problem being solved here has little to do with capitalism itself, but with cronyism. Capitalists want high margins, and there are two ways to get that:
The first is way easier than the second since it requires almost no ongoing work, other than maybe sharing profits with a few influential politicians. But that’s not a problem with capitalism, which is a pure dog-eat-dog system. Socialists and others on the far left attack this amalgamation of systems and call the whole thing “capitalism,” when really capitalism is intended to be a completely separate system from the state (unlike socialism, which is most often combined with the state).
I’m saying the one responsible is the one with the motive.
In most cases, it’s either the capital owner or the executive team that should be taking responsibility for these decisions. They’re the ones cutting funding for safety equipment, replacing materials with cheaper alternatives, etc. Or maybe it’s a middle manager who is trying to look good for a promotion. Whoever made the decision in full knowledge of it being a potential problem is the one at fault, and that’s almost never the worker.
Execs are usually not workers, they’re the ones in control of the capital. Some execs are, but most don’t produce any of the goods, they merely orchestrate it. In other words, in most cases, there needs to be mens rea, mere proof that a criminal act was committed is rarely sufficient (e.g. most courts would acquit if a reasonable person would assume their actions were legal). In a capitalist system, it’s usually the owners of capital that have motive, the workers just want to get through the day and collect their paycheck and saving the company a few dollars by using sub-standard parts has almost no upside to the average worker.
I reject the Marxist LTV too. The theory I have described is the labor theory of property (LTP) that workers in the firm should jointly own the produced outputs and be liable for the used-up inputs. Workers and non-voting preferred shareholders are duly compensated.
The pure application of the tenet of legal responsibility and de facto responsibility matching is to deliberate and intentional joint actions. The actions of workers in production are premeditated and deliberate.
@technology
Orchestration is labor here. Execs are workers as far as the labor theory of property is concerned. I agree that regulatory capture is a problem. I have not mentioned the state here tho. Anti-capitalists work with the historical definition of capitalism.
Also, going back to stability, coops provide stable jobs because they take labor force as a fixed factor and during a downturn they prefer cutting pay over cutting some jobs to maintain the pay of others’ jobs
@technology