How to Fix the Wall Street Mess

March on Wall Street

Demonstration on Wall Street

The richest 400 Americans — that’s right, just four hundred people — own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion — the same amount that they are now demanding we give to them for the “bailout.” Why don’t they just spend the money they made under Bush to bail themselves out? They’d still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that — at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do — spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money? Continue reading

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What Is Exploitation?

The term “exploitation” typically conjures up images of horrendous working conditions, perhaps sweatshops in China or India, or the child labour used by Western clothes manufacturers. We think of people working long hours for little pay in terrible conditions ruthlessly bullied by unscrupulous bosses or gangmasters.

Such “exploitation” is presented to us as exceptional – and contrasted with the “normality” of working life for most people, particularly in countries such as Britain.

Karl Marx had a different understanding of exploitation. Rather than seeing it as exceptional, he argued that exploitation is fundamental to capitalism.

For Marx, exploitation was not just about the level of wages received, or working conditions, but was the very process whereby capitalism creates profit out of the work we do.

In order to understand what Marx meant by exploitation we need to start with his explanation of where profits ultimately come from – the “labour theory of value”. Continue reading