this post was submitted on 14 Sep 2023
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But it's different when a monopoly/oligopoly does it! Surely... The difference here really is that there is no incentive to decide more coal miners are required, whereas our shitty version of capitalism absolutely pushes for companies to fuck over competitors any way possible. It makes it near impossible for small businesses to stand up to established ones with all the resources.
“Fuck over competitors” or “be more competitive”? Competition is an important feature of capitalism that has lead capitalist countries to the highest standards of living in the world.
What kind of competition though? Competing over how little I pay my workers might temporarily boost the standard of living in my own country if I offshore labor, but it seems to turn the standard of living into a ponzi scheme. Where one needs to continually find a cheaper source of labor to maintain the quality of life.
Employers compete for labourers, so they have to raise wages to attract employers in tight labour markets. Offshoring has been going on for decades but it’s slowing down as developing countries are becoming more wealthy (ie: China)
Right now the UAW is going on strike for those higher wages. CEO of Ford says those wages will bankrupt them. Is he telling the truth?
Not to mention that the whole idea behind the Fed raising interest rates and "cooling off the economy" is to raise unemployment, lower employee bargaining power, and therefore keep wages low.