In Mexico factory workers cost maybe $1.25/hr to $2.50/hr. The minimum wage is less than $0.80cents/hr, $5 per day. Same with China. Some studies of Chinese computer assembly workers show the average work week is 56 hours (7 days times 8 hours = 56). The picture is the same all over. U.S. investors (corporations and the wealthiest) now have about $6 trillion invested in foreign companies (BEA (dot) gov.). Cash leaves the U.S.(about $160 billion per year), jobs leave, – the cash and the jobs leave permanently and cheaper goods come back. A very few get some profit out of it. It’s a race to the bottom for the lowest paid workers at the expense of higher paid workers. The formula for high profits. Profits created by workers go to eliminating US worker jobs. Under Trump those “direct foreign investments” have not decreased. The trade deficit has not decreased. There should be a principle about foreign investment, a balance required, with latitude for low income countries that need to export in order to earn capital for advancement. Presently it is an “amoral elephant” in the words on William Tabb. It’s not simply amoral, it’s anti-moral, it is extractive and anti-social.
Money is a religion.
I want to know more about it but nobody can explain how it really works.
As soon as I ask the first why, it all falls apart.
Why do we need your religion?
Like a child, I ask why.
eventually there is the uncomfortable laughter and verbal acknowledgement of the control mechanism from the top and the shoulder shrug of whatcha gonna do about it.
(whats next though?)
I may read about William Tabb; the socialist, economist, and political scientist’s ideas about the amoral elephant some day, when I find his book for free.
Thank you for the name.