Antitrust gave an interesting reply in another post that I think belongs here as well:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=223253&perpage=6&pagenumber=12
Thank you for the well thought out reply. I am very intrigued and supportive of your thoughts. I have a few clarifying questions:
"clear understanding of what wealth is and how it is made" & "a host of others in 19 century America understood were wealth came from and how to create it." & "Creating a high wage economy would lead to the advances that create wealth."
I am not familiar at all with marxism so please educate me. No wonder, socialists have some appeal to the concepts of high wages. By these comments, are you saying that Marxism can't exist without money? Is it part of the capitalist ideas?
Two high wage jobs I can think of off hand: One are Traders on Wall Street. Those wages did cause enormous changes that almost (and may yet) bankrupt the world. Also, computer technology in the year 2000. Unfortunately, once the creative parts were done, bureaucratic reforms and competitive pressures have pushed most of those jobs to more competitive labour regions. I don't understand how these two examples support your arguments.
"Technology is the solution"
I have heard this before. Technology is introduced to solve things but it is only a temporary solution. There is no long term competitive edge in it in my view. When technology focuses on technology, it often fails miserably. Invention and creation is the temporary edge not technology, but there is always a better answer waiting in the wings down the road. Ask RIM and APPL. Invention for invention sake is not sustainable - the world will not beat a path to your door and the best technology doesn't win the economic battles. Just my thoughts.
So would you argue crisis is needed for change? That is something dramatic happens so that high wages are paid to those who can solve it. Then the only hope is that a crisis happens and that we resolve it sucessfully. So we should all relax and wait for our solution to the current financial and democratic problems?
"You're arguing about the financial system which does not create wealth, just financial claims on wealth."
THe traders in the example above, won out like bandits compared to the ordinary folk. Is this what you mean? Is the root of our societal issues the lust for money? What then should be the motivating factor for societies in your view?
"Creating a high wage economy would lead to the advances that create wealth."
I don't understand this concept. Do you suggest that capitalism and money is needed to create wealth? Wages are measured in money aren't they? Labour needs some kind of store and measurement system, doesn't it? Is marxism is a branch of capitalism?
"Since these are massive investment with not an immediate payout the corporate capitalist structure well put there money int default swaps and other non productive, non wealth creating things instead of the long term investment and planning needed for an expanding population."
Who would a marxist say should do the long term planning and investment? How would they do it and how would they measure it if not by money?
Thanks for your replies. I am trying to understand your arguments better.
