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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJack Welch, the CEO of GE, is dead.
I heard the hosts of Morning Joe speaking of what a wonderful man Welch was, and as I listened, I was reminded of what Welch said about moving his factories. And here it is:
Globalization has made Welchs barge a reality. However, in doing so it has made capital mobility rather than country comparative advantage the engine of trade. And with that change, free trade increasingly trades jobs and promotes downward wage equalization.
https://economistsview.typepad.com/economistsview/2007/10/thomas-palley-j.html
Welch was the prototypical free trading capitalist. He valued his wealth over all else, including the workers who created that wealth. And he was serious when he spoke about literally moving his factories to anywhere that offered lower wages and fewer regulations for predatory capitalists just like him.
In this new reality, a reality created by predatory capitalists like him, workers are seen as less than human.
In this new reality, a reality created by predatory capitalists like him, workers are seen as no better than machines that can be discarded.
In this new reality, a reality created by predatory capitalists like him, workers are seen as not having any real input into how predatory capitalists ruin their lives.
Welch, and people like him, people like Jeff Bezos, and the Walton family, are a huge part of the problem, and a reminder of why capitalists need to be strictly regulated.
dalton99a
(81,450 posts)guillaumeb
(42,641 posts)He was a sociopath. But the US corporate media loves people like him. Could it be because he owned part of that same media?
Celerity
(43,306 posts)question everything
(47,470 posts)Employment data right before the 2012 elections?
And of course, the following month they kept rising.
gratuitous
(82,849 posts)Luke 12 verse 20
I watched NBC Nightly News last night, and they had a segment on Jack Welch. Nauseating in its hagiography, soft-focus remembrance of this latter-day robber baron who stole billions from millions, ruining or setting back countless lives for his own self-aggrandizement.
guillaumeb
(42,641 posts)Not a surprise, considering that the US corporate media is owned by the rich.