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Why Have An Economy?

May 3, 2015

“It turns out that the Wall Street bonus pool in 2014 was roughly twice the total annual earnings of all Americans working full time at the federal minimum wage.”  –  Nicholas Christophe, NYT 5-3-15

An economy doesn’t happen by accident, or by special act of somebody’s god. People decide to enter into a relationship with others, for cooperative exchange of things to meet common human needs. The purpose of an economy is, thus, the creation, conservation, an preservation of mutually needed things, for distribution through an exchange between members of that economic community. The main things to be exchanged are goods and services, among people who create and need them.

The purpose of an economy is not to make an individual and/or special group wealthy and powerful, unless he and/or they assert control of the economy and structure it to serve themselves, inevitably at the expense of others, as they gather goods and services into their bank accounts. Thereupon follow monopoly, monarchy, oligarchy, governmental structures such as feudalism or fascism, exploitation, ownership of many people by the few. In that economy, the main thing to do with things is to own them, and the main things to be owned and exchanged (directly or indirectly) are people.

The only requirement with regard to the people owned (directly or indirectly) is that they be kept sufficiently live to be useful, to the extent that their use is needed in order to create and gather wealth (people).

As Jim put it, upon seeing his fugitive slave poster: “I’s rich now, Huckleberry. I’s worth $600.”

From → democracy, economy, racism

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