Ancient thread but it's so juicy
There is nothing wrong with a modicum of wealth, honestly obtained. When wealth is obtained by exploiting workers, consumers and societies, then it very much is obscene.
SO YOU and the 'proletariat committee of the people' get to decide exactly how much wealthl is OK and when it becomes "obscene". The only thing obscene is YOUR disgusting attempt to FORCE YOUR normative values to others. I sincerely want everyone to be obscenely wealthy, and capitalism has gotten us darned close. I suggest you compare YOUR status vs the avg person in the middle ages or in China and try again.
Your obsessive focus on fantastical "exploitation" of workers is nonsense like most of Marxism. There can be no exploitation except by force.
The predations of the Dickensian industrialists and Robber Barrons are well documented in history, and I feel no need to retype them here as they are well understood.
Rubbish thinking. Dickens wrote FICTION, and you swallow it wholesale as if fact! The "Robber Baron"(sp) notion is a popular fantasy that no economic thinker takes seriously. No serious person thinks that we are economically worse off for the existence of Schwab, Carnegie & Rockefeller - that's pure progressive-ish class-hatred that leads to massivelly negative outcomes.
https://www.youtube.com/watch?v=dmzZ8lCLhlk
The thing your philosophy ignores is that no lawful free-market transaction can execute without increasing net social value. Even in un-free markets - no Chinese laborer works at an Apple slave-labor factor EXCEPT that it is better than all other alternatives.(unless by actual force).
Maybe you had better make your plea of "social justice" against the hunger in your belly, and your biological preference to be warm and dry that "exploits" you forcing you to slave-labor planting and tending crops and building dwellings.
Your clownish attempt to claim that someone making money by giving even greater value to others is very anti-social thinking.
The junk bond kings destroyed jobs by destroying the companies that provided them and pocketed the "value" extracted in the process.
And Milken -the "junk bond king" was sentenced to prison. We both agree that CRIMEs are wrong - move along to your over generalizations wrt free markets.
A side effect of attempting to compete with companies under the gun of the "corporate raiders" drove down wages in OTHER companies and forced them into shedding jobs as well.
FAIL! Corporate raiders are merely ppl who bring corporate management & workers back to reality. They can't exist except that the assets they buy (companies) have greater value under alternative management. YOU obviously believe that waiting until a company is bankrupt then firing everyone is best. The Corporate raider and the eventual stock customers believe that making the companies more efficient and market response is best.
You and your socialist-idiot kin are perfectly free to up-bid the prices of inefficient companies to prevent this - but you don't - WHY IS THAT ? The obvious reason is that you socialist types are greedy and 'exploitative' too, and further that your money isn't where your mouth is. You TALK about the problem but are unwilling to INVEST in your proposed solution of propping up losing ventures.
Wal Mart's long history of wage/hour violations, sexual and other discrimination, anti-union activities, and their key role in the end of several industries in the US (such as textiles) is also well documented.
Uhhh - so is WalMart in net more or less guilty of lawful violations than Mom&Pop shops ? I'sd wager that WalMart is pretty clean. Show evidence or shut-up. WRT "anti-Union' activities", these are generally lawful and not a crime and not a problem. Unions deserve no special exemption from anti-trust law; they are labor monopolies and therefore create market inefficiency that harms everyone.
[/QUOTE]Of course I have no doubt that you have a distorted notion of what impoverishes means in any context. I'll wager that you'll try to insist on the Luddite fallacy.[/QUOTE]
Why shouldn't I express that YOU are proposing the Luddite fallacy ? You are proposing measures that interfere with markets and make production and society generally less efficient - just like idiotic, short-sighted Luddites. Your special pleading that I might make argument X does not mean that argument X doesn't severely challenge your case.
If it takes away the value of a worker's wage, or denies him the full value of his labor, it impoverishes him.
If it took anything away from the workers wage - then the worker OBVIOUSLY would take his talents elsewhere. The worker gets full value and is always (in a free market) able to vend his talents for the greatest wage.
And I will freely state (because it is true) that some technology destroys jobs and impoverishes not just workers directly, but also those who depend on the trade and custom of those workers for THEIR living.
And I will clearly state (because it is true) that you are an economic ignoramus incapable of addressing the most fundamental econ issues. Your argument fails to even address any believable point. No rational person believes that lower prices or better features for an item benefits no one - and in fact is a general benefit to society. Get a clue.
When a company, for example, brings in tech that lets one worker do the job of two, then fires half it's workforce and keeps it's prices the same, it exploits both workers AND consumers. Half it's workers no longer have jobs, and consumers are paying too much for the goods produced.
So for example YOU are in favor of using not farming with tractors nor fishing with nets b/c since this eliminates jobs - - right Luddite ? How is anyone paying "too much" when they
freely choose to exchange cash for goods ???? Your thinking is all emotional and in fact anti-rational.
Perhaps you fail to understand fundamentals:
1/ ALL free market exchanges are voluntary.
2/ No rational actor VOLUNTARILY exchange A for B except that they believe that the value of B is greater than the value of A (values are subjective, therefore both parties expect gain).
3/ Net expected value therefore increases by all free-market exchanges
Labor/Wage is just another free-market exchange (time for work product exchange). No one works at a jobA if they expect better value from jobB. Exploitation is a nonsense concept in free markets. No one employs workerA if they believe workerB can produce better value. People generally exchange work-effort at market prices and this makes optimal use of the labor resource. It's an efficiency that results from free-market exchanges.
That's why anyone who knows how the economy REALLY works (a catagory of persons that pretty much by definition excludes Libertarians) snorts when people tout "productivity gains", because said gains seldom if ever benefit workers or consumers.
Your slur against Libertarians is an ah-hom fallacy they belies your inability to muster a serious counter-argument.
Workers are suppliers of services, and of course in a free market these service providers benefit (from higher prices=wages) when the service they provide is of greater value (aka in greater demand).
Come back when you can make an economic argument that isn't dependent on pre-enlightenment concepts. ad-hom fallacies, Luddite-thinking and distortions based on pure emotionalism.