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A fine way to start the morning
May. 22nd, 2011 08:41 amhttp://www.dailykos.com/story/2011/05/22/976743/-Owners-of-the-world,-unite
Analysis of Deng Xiaoping sowed the seeds of China's economic growth, by Mark Sumner at Daily Kos.
It's become popular to view American workers in the decades after World War II as "highly paid." The truth is they were "rightly paid," with incomes that tracked well against the value of the products they produced. This was only possible because of the tight alignment between workers salaries and the price of goods.
Rather than organize an international revolt of workers, Deng generated a conspiracy of business leaders willing to devalue their work force. He showed CEOs that they could become fabulously wealthy if they only reduced their companies to nothing more than nameplates and outlets – brand names for China Inc. He showed them that they could profit from the destruction of their own system. What we took as economic victory was really an invitation to economic suicide, and corporations lined up to jump.
I'm not a political scientist, historian, or economist. Interested on other takes.
Analysis of Deng Xiaoping sowed the seeds of China's economic growth, by Mark Sumner at Daily Kos.
It's become popular to view American workers in the decades after World War II as "highly paid." The truth is they were "rightly paid," with incomes that tracked well against the value of the products they produced. This was only possible because of the tight alignment between workers salaries and the price of goods.
Rather than organize an international revolt of workers, Deng generated a conspiracy of business leaders willing to devalue their work force. He showed CEOs that they could become fabulously wealthy if they only reduced their companies to nothing more than nameplates and outlets – brand names for China Inc. He showed them that they could profit from the destruction of their own system. What we took as economic victory was really an invitation to economic suicide, and corporations lined up to jump.
I'm not a political scientist, historian, or economist. Interested on other takes.
