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Grm · 07-19-2006, 05:20 AM

I have an old friend who lives in a large comfortable house in the leafy suburbs. He used to belong to the communist party, he even had MI5 on his tail after a visit to East Germany. He taught accountancy and still takes a close interest in economic affairs.
Anyway he is convinced that Capitalism has only had a pyretic victory in dominating the world's economy. This is how his thinking goes; the ultmate goal of capitalism is profit and so costs have to be minimised. How do companies reduce their costs? Well lower wages are usually the easiest way to bigger profits. Now we have a global economy companies are more and more looking to locate their workforce where wages are lowest. The UK already has many of its call centres now in India, manufacturing has almost ceased here. When there is mass unemployment in the West, who is going to buy all those consumer goods? Not the poor workers getting pittance wages in China and the Sub-Continent and if companies can't sell their products what will happen then?
An interesting argument.

07-19-2006, 05:20 AM	#3
Grm Banned Join Date: Nov 2005 Location: The Black Country Posts: 956 Reputation: 1332	I have an old friend who lives in a large comfortable house in the leafy suburbs. He used to belong to the communist party, he even had MI5 on his tail after a visit to East Germany. He taught accountancy and still takes a close interest in economic affairs. Anyway he is convinced that Capitalism has only had a pyretic victory in dominating the world's economy. This is how his thinking goes; the ultmate goal of capitalism is profit and so costs have to be minimised. How do companies reduce their costs? Well lower wages are usually the easiest way to bigger profits. Now we have a global economy companies are more and more looking to locate their workforce where wages are lowest. The UK already has many of its call centres now in India, manufacturing has almost ceased here. When there is mass unemployment in the West, who is going to buy all those consumer goods? Not the poor workers getting pittance wages in China and the Sub-Continent and if companies can't sell their products what will happen then? An interesting argument.