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View Diary: Marx for Dummies 1 (193 comments)

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  •  You could drive out of Dallas on one expressway (3+ / 0-)

    (towards Greenville, IIRC) in the 1980s and pass a huge condo or apartment development that sat there uncompleted. It was part of the S&L fiasco, and I doubt it was the only one.

    Lots of capitalist enterprises go under (something 2 out of 3 business startups fail, I believe). The whole dot-com boom, for example, was an exercise in ignoring "economic viability". So is the mortgage meltdown and related financial instruments. AIG and Bear Stearns may have been the pinnacle of capitalist enterprise, but they weren't economically viable.

    In fact, the Soviet experience is essentially capitalism as well. A certain class of people assembled resources to accomplish something (whether it was 5 year plans for agriculture, making shoes, or populating Siberia). Another name for that is 'capital' or 'capital equipment', and it requires investment - you spend money to acquire machinery, build buildings, whatever, ahead of any return in the form of products or even labor.

    Then another group of people earn their living operating that machinery, utilizing buildings or fields, or whatever again, and that's labor.

    It's probably best summed up by the old cliche: "Under capitalism, man exploits man; under socialism (at least Soviet-style), it's the other way around."

    No matter how cynical you become, it's never enough to keep up - Lily Tomlin

    by badger on Mon Apr 15, 2013 at 09:17:18 PM PDT

    [ Parent ]

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