Capitalism has worked well in various countries over time; in fact, we can say that it once worked quite well in America. But those days are coming to an end and we can conclude that the form of capitalism currently practiced in America is no longer working in the best interests of this country and a large portion of its people.
However, it still works beautifully for those at the top of the income spectrum; the powerful Corporatists who we might say "manage" it and use their power to acquire more and more personal income and wealth. Americans watch with a sense of trepidation as the lion's share of new income generated flows to those at the top, and an increasing number of the American people no longer receive their fair share.
Capitalism; a Love Story, was a hilarious, very cynical portrayal of America's system of capitalism. I thoroughly enjoyed how Michael Moore portrayed the masters of Corporatism. But what was portrayed in that movie is no laughing matter for the many millions of Americans whose quality of life has been greatly diminished over decades because of the way this system has been rigged to work against them.
The beginning of the transformation of the U.S. manufacturing sector from one that utilized the skills of American workers to one now greatly dependent on foreign workers had its roots in the late 1970's and early 1980's when huge corporations such as GE began to move jobs overseas.
GE's CEO Jack Welch strongly argued that corporations owed their primary allegiance to stockholders and not to employees; and that companies needed to seek lower labor costs and maximize their profits wherever such labor was the cheapest. His corporate colleagues quickly embraced that management philosophy.
Mr. Welch showed he had no allegiance to U.S. workers but he still wanted those same workers to be loyal to him and buy the products that GE was producing in other countries. Nothing like being a complete hypocrite is there? That trend in outsourcing jobs continued to escalate in the 1990's and really took off when America made the turn into the 21st Century. America's world class manufacturing system was decimated and has never been the same.
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