Tag Archives: Capitalism

Promising Books By Ta-Nehisi Coates, Thomas Piketty, And Anne Tyler

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NEHISI COATES (via Wikipedia)

TA-NEHISI COATES (via Wikipedia)

The world is full of troubles, no doubt about it. I cannot sugarcoat the facts to turn bad news into good. I think nearly every great religion holds to a basic premise that good will triumph over evil in the end. What we can do is point out some of the positive thoughts and actions along the way. With luck, the accretion of positive thoughts and actions will lead us in the right direction.

Good books are harbingers of hope and progress. My reading list never lacks for worthy books, and more are published constantly. I’ll never catch up. Here are three that I urgently need to read.

I   “Between The World And Me,” by Ta-Nehisi Coates, is the most recent addition to the reading list, thanks to a review by Carlos Lozada in the Outlook section of Sunday’s Washington Post. Coates is America’s “foremost intellectual,” and also “liberal America’s conscience on race,” according to Lozada. If you’re interested in understanding America’s struggles with “racism, white privilege, institutional violence and structural inequality,” this would appear to be the book to read. The Washington Post book review is here.

II   “Capital In The Twenty-First Century,” by Thomas Piketty, the renowned French economist. It’s a treatise on wealth concentration and distribution over the past 250 years. The author proposes a progressive global tax on wealth, according to Wikipedia. The Economist review in four paragraphs.

III   “A Spool Of Blue Thread,” by Anne Tyler, the Pulitzer Prize-winning novelist. “Blue Thread” is a study of a fictional Baltimore family. I think I can promise that this one will be easier going and more comforting than Piketty’s “Capital,” but it’s sure to be a good read. I’ve read all of Tyler’s previous novels, and they all provide more psychological insight than your average novel. Tyler is one of America’s greatest contemporary novelists. The NPR book review is here.

By coincidence, for my Maryland readers, both Coates and Tyler are Baltimoreans.

I can’t personally recommend books that I haven’t yet read. I’m trusting that all three will live up to their advance press. If anyone here has read one of the books, your thoughts are welcome. If you haven’t read a book this year, your thoughts are still welcome.

(Note: Ta-Nehisi Coates is the correct spelling of the author’s name. I apologize for getting it wrong in the original posting.)

— John Hayden

Factory Girls and Boys

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This post, “Factory Girls and Boys,” documents child labor in the early years of the 20th century. The photos make me extremely angry. Not long ago, I wrote a post titled, “Austerity, The New Slavery.”  More and more, I become convinced that modern capitalism depends for its existence on the exploitation of cheap labor.    “Business ethics” really is an oxymoron. In America alone, we had widespread slavery and child labor, out in the open, in broad daylight! And not in the distant past. American industry has always supported immigration for a steady supply of cheap, expendable labor. The White House and the Capitol were built by slaves, the railroads were built by immigrants, and the industrial sweatshops were operated by women and children. After slavery and child labor were abolished, unions gained a toehold. Minimum wage laws and occupational safety laws were enacted over the objections of business. Not surprising that in the second half of the 20th century, industrialists began to move American factories to any faraway land where labor is cheap, plentiful, and unregulated. Thanks to historian and blogger Donna Seger and photographer Lewis Wickes Hine for opening my eyes.

— John Hayden

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streetsofsalem

I always feel a bit sorry for myself on Labor Day weekend, as it’s back-to-school time and usually I am engaged in a mad dash to get my course syllabi done.  Of course this is ridiculous, as I have the cushiest job ever and most of the summer I’ve been free to do as I liked.  It’s good to remind myself what labor really is, and nothing does that better than the photographs of Lewis Wickes Hine (1874-1940), who transitioned from educator to social activist, all the while armed with a camera.  In 1908 Hine became the official photographer for the National Child Labor Committee (NCLC) and began his life’s work:  documenting child labor across the United States. This was a time when one in six children between the ages of five and ten worked outside the home in “gainful occupation”, and the percentage increases dramatically for children over the…

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American and European Workers in the New Economy

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It’s possible that we’re on the brink of historic collapse. Maybe not the Dark Age that Jane Jacobs suggests in her final book. Maybe the decline and fall of the Roman Empire is not an apt comparison. Maybe it will be more like the decline and fall of the British Empire. Or the breakup of the Soviet Union. Maybe only partial collapse, failure of some systems, here and there.

Is the era of labor-intensive capitalism over in the U.S. and Europe?

You can trace the demise of the factory to decisions made in the 1950s. The actual dismantling of American industry began in the 1970s. By 1982, the process was so advanced that we spoke of the industrial heartland as the “rust belt.”

The remaining labor-intensive parts of American industry were taken apart and exported during the globalization of the 1980s and 1990s. After the manufacturing base was hollowed out to a shell, the next labor-intensive sector to collapse was the construction industry.

Capitalism remains strong. But for the first time, capitalism doesn’t need many workers, at least not in America and Europe. What about the knowledge industry? Won’t that provide jobs? Google is big, but its workforce, not so much. Yes, there will be jobs for the lucky, the talented, the highly educated. But ask a recent college grad how easy it is to find a job.

We have what’s left of retailing. Count the vacant stores at your local mall. Walmart thrives. We have fast food. Many jobs, minimum wage.

The new capitalism is technology-intensive and finance-intensive. And coming soon, computers that “think,” to compete with slow, old-fashioned humans.

As manufacturing jobs slipped away, the financial sector created an illusion of growth and wealth.

The workings of the financial sector are a mystery to me. But the events of the past few years have caused me to view banking and finance with fear and loathing. Based on what little I know, the world financial system — many currencies and fluctuating values, with competing central banks and regulators — is dysfunctional and completely irrational. Finance is a crazy system, more likely to create chaos than order. It’s FUBAR (go ahead, look it up).

The institutions of finance have no soul or conscience to oppose corruption. American banks, corporations and wealthy individuals are awash in money, while average Americans, especially underwater “homeowners,” are awash in debt. For whatever reasons, the wizards of finance refuse to spend or invest.

If high-tech, high-finance, American and European capitalism can profit without much labor input, what happens to the surplus workers?

Economic, political and social systems will have to adapt rapidly, or risk collapse. The European Union looks kind of unstable. In the U.S., some states are financial basket cases. Maybe collapse is happening now.

— John Hayden

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