Another assault upon logic to justify capitalism

Douglas Weiskopf writes, "Have any of you read this?" Here's an excerpt: "Capitalism works because, under a specific set of conditions in a well-governed market, capitalists need increasingly productive workers to achieve increasing profits, and workers need access to capital to achieve increasing wages, and in their mutual dependence both find it in their interest to act in ways that deliver good outcomes for themselves and for consumers as well. Capitalism locks everyone in a room together and encourages them to find a way out. This system of mutual dependence between capital and labor, not mere “economic freedom,” is what Adam Smith so ably described. Globalization destroys it, instead urging the owners of mobile capital to forsake the interests of their fellow citizens and search for higher profits through labor arbitrage abroad. A democratic republic’s vast working and middle classes will rightly reject such an arrangement, forcing elites to choose between restoring capitalism by constraining capital or entrenching their own economic prerogatives by subordinating the democratic process. That’s as good a description as any of the precipice at which America now stands." ***** To a certain extent and in so far as propaganda achieves widespread belief in this sort of capital-labor cooperation, the final statement has merit. However, the initial premise that capitalism works is true only in the sense that Ponzi schemes work. (to be cont'd)