Dave JohnsonAs people are squeezed and poorer and poorer they're forced to work for lower and lower wages.
And billionaires get even richer.
It's a circle. The only way to stop it is tax the rich and invest in pubic infrastructure and services.
ScottI am of the opinion that the #nordic model of capitalism, governance, and taxation is the best we have so far. No doubt the American model produces the most #innovation but also extreme #inequality and is therefore not particularly sustainable, especially as the fight for scarce resources will continue to become more extreme.
@mccarthy I'm not sure I agree about the innovation. Unless 50 kinds of toothpaste is innovation.
Anathema Device@mccarthy @dcjohnson ::gags:: :)
Ben Watters@dcjohnson @mccarthy Yep I was going to also say, I disagree about innovation - especially as the US reaches late-stage capitalism. Innovation means very little at this stage - not only is the vast majority of corporate wealth concentrated within a tiny amount of major companies, meaning there's little competition thus no need for innovation - but innovation takes a backseat to already existing wealth. If you already have the backing/resources to get ahead, again no need for innovation.
@Korrbard @dcjohnson
I will admit that I have some built in biases on this topic having spent my entire career in Silicon Valley startups and recently co-founding a tech firm in the logistics space.
I guess I would say that America to date has been the most innovative economy the world has ever seen. Whether or not that will continue certainly can be debated.
@dcjohnson you mean in addition to the bacon toothpaste?
Dr. Lola Politicka@Korrbard @dcjohnson @mccarthy
Innovation in tech tends to generated by small businesses (generally the have-not-so-much folks) who innovate in order to create their own niches. The big businesses prey on them, gobbling up the successful ones & crowding out their competitors.
Giorgio Maone 🚫✊🧅Not to mention that the biggest innovations have been usually funded and/or subsidized by public money in the research stage and then made commercially profitable by the private sector. The role of the State and the Academia here constantly being downplayed by the false capitalistic narrative of the lonely genius inventor / funder / entrepreneur.