Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.
Jim StanfordProving that profit is economically and morally justifiable, rather than the result of exploitation, has been a central preoccupation of neoclassical economists.
Jim StanfordThis relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.
Jim StanfordLike a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.
Jim Stanford