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View Diary: Where Adam Smith Was Wrong (121 comments)

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  •  good question! (3+ / 0-)
    Recommended by:
    DRo, Siri, Dinclusin

    What can we do to turn that around?

    •  no idea! (6+ / 0-)

      Thats why I asked! :D

      I'm hoping to trick people smarter than me into having a discussion and inadvertantly furthering my own personal education on the subject. its all part of my evil plan to know the world.

      "There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible." - Henry Ford

      by sixeight120bpm on Wed Jan 11, 2012 at 09:48:35 AM PST

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      •  Wage Equality (5+ / 0-)

        The gap between CEO's and workers is far too large. Back in the 50's and 60's when the US economy was more domestically oriented and successful (well, if you were white), the wage gap between management and union workers was much smaller than today.

        Some pasty white doughy ex-frat boy makes uber-millions for what? These guys are not bold entrepreneurs, they're greedy money vacuums. That's why few begrudge Steve Jobs his money, he created something unique and beautiful that folks want, he made his money not by being a vacuum, but through his creativity. By contrast Mitt Romney and dubya are heartless tools whose money came by accident of birth and connections, and in Romney's case a vulture attitude.


        "Political ends as sad remains will die." - YES 'And You and I' ; -8.88, -9.54

        by US Blues on Wed Jan 11, 2012 at 10:29:43 AM PST

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        •  While true... (0+ / 0-)

          This is a side show and doesn't really matter in terms of solving the larger issue of our competitiveness in the global economy and restoring the middle class.  

          •  Not so. (3+ / 0-)

            It is the main driver in the corporate quest for short-term profits at the expense of the long-term. CEOs aren't striving to earn a fat retirement package 20 years from now, they're instead trying to pump up their stock price to inflate a golden parachute in a year or so.

            "Nothing happens unless first a dream. " ~ Carl Sandburg

            by davewill on Wed Jan 11, 2012 at 12:44:27 PM PST

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            •  Not Not So (0+ / 0-)

              Again, a sideshow.   The drive for quarterly profits to drive up stock prices is itself a sideshow relative to productivity and income issues.  

              You could put whatever artificial constraints on executive compensation in place you want and it would not solve the problem of stagnation of middle class income.

        •  Wage Equality is a good start. Also,... (0+ / 0-)

          ...equality of laboring conditions, including both non-wage worker circumstances (hours, safety, comfort, medical and other benefits) and environmental requirements (non-polluting).

          Either workers must be permitted to move freely across borders to jobs, or closed shop international unions must prevail.

          The alternative is billions of workers across the globe all competing with each other as, each alone in poverty and misery, they race to the bottom.

          A man? A prisoner! A cage? Iron! Did Noriega care? No, sir! Panama!

          by Obama Amabo on Wed Jan 11, 2012 at 11:33:00 AM PST

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          •  Easy to say this (0+ / 0-)

            When you are in the top 1% (global 1%, rich people who make more than $50k/year).

            Living standards in India and China have been rising massively during this decade. It's not $60k like Joe 1%er American factory worker might make, but go ask your average Foxconn worker if they'd rather do that or farm rice paddies like their parents did. I'm sure workers in those areas would take great exception to the suggestion that globalization induces poverty.

            (-5.50,-6.67): Left Libertarian
            Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

            by Sparhawk on Wed Jan 11, 2012 at 03:33:25 PM PST

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      •  Protectionism. (3+ / 0-)

        Added costs to foreign products to make our labor / regulations competative.

        -9.63 -6.92
        Fox News - We Distort, You Deride

        by rick on Wed Jan 11, 2012 at 11:31:12 AM PST

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