Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
There are surely issues of capital density and industrial structure to keep in mind when thinking about the low returns to labor in much of the world.  But it's also critical to keep in mind that there is also a clear political component.  When the state is overtly hostile to labor's claims on profit, labor will not have much success in dragging profits away from the owners.  That is a political decision as much as anything else, and as bad as Western governments and politics are at the moment, they still look pretty damn socialist in comparison to the politics current in a lot of countries.
by Zwackus on Fri Aug 30th, 2013 at 02:35:50 AM EST
[ Parent ]

Others have rated this comment as follows:


Top Diaries

Occasional Series