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The ugly face of capitalism

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26 March 2014
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The ugly face of capitalism.


Coles refunds millions of dollars to suppliers over ACCC case on recommendation from former premier Jeff Kennett




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If this company had any integrity at all they would sack the people who made those threats, but I bet they upper management knew all about it it and approved of unethical conduct.
 
Why is this the ugly face of capitalism, not the ugly face of a duopoly or, the ugly face of crooked supermarkets? I don't get it...
 
Why is this the ugly face of capitalism, not the ugly face of a duopoly or, the ugly face of crooked supermarkets? I don't get it...

You could call it those things, but it's a fair bet that the same things go on in other business areas where the desire for profits outweigh ethical considerations, like the Four Corners episode about exploitation in the food industry, or Gina Rinehart paying workers $2 an hour.
 
While I'm happy that Coles received a slap with some wet lettuce, lets not forget the pillaging that the Banks and financial advisers have been doing for years.

It reminds me of an old saying that goes something like they sold their morality and were living well off the proceeds.
 
Capitalism isn't 'broken'. It's working all too well - and we're the worse for it
Exploitation is a feature of capitalism, not a bug. Our economic system is beyond salvage

Capitalism is not broken. It is working all too well, concentrating money in the hands of the few by exploiting the work of the many.

Runaway climate change, war, mass migration, widespread poverty and ever-increasing authoritarianism are the inevitable results of an economic system that rewards corporate actors for their absolute commitment to profit, regardless of the broader consequences.

https://www.theguardian.com/comment...orking-all-too-well-and-were-the-worse-for-it
 

I don’t think there is anything wrong with capitalism, it’s just that the average joe is never taught about it.

The people that thrive in capitalist economies the most are those that make the most of the labour they can contribute into the economy, while also saving and deploying capital wisely.

However, the majority of the population and school system only teaches people to focus on their labour eg get a job, without ever teaching them the importance of becoming investors, or how the capitalist system works.
 
The fact that capital is being concentrated in the hands of a few, is simply the result of the majority refusing to play the game, not that the game is broken.
 
The fact that capital is being concentrated in the hands of a few, is simply the result of the majority refusing to play the game, not that the game is broken.

No I think capitalism is broken because you have businesses like banks competing to make the most profits, not give the lowest prices to their customers.

Although it's hard to prove, I'd be very surprised if corporations like banks, petrol companies and Elco's don't collude on prices with the self serving aim of maximum profits rather than maximum customer service.
 

That pretty well sums it up VC, the other problem is people's lack of self discipline, they can't put off buying something they want it and they want it now.
Afterpay's meteoric rise pays testament to that human weakness.
 

Banks compete with each other all the time, every second ad you see on tv seems to be a bank trying to take customers away from its rivals.

More than anytime in history are banks jumping through hoops to offer customers new and inventive ways to access and manage their money, through apps and things.

I certainly think the suite of products offered by banks today is far superior to what was offered in the 80’s and 90’s and 00’s.

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Sure, there will be misbehavior some times, and that should be punished.

But the system isn’t “broken”, it is functioning extremely well, more products and services are circulating than ever before, and people are working more safely, with more benefits than ever.

Of course like any game, those who never had the rules explained, and just sit there mashing the key pad hoping to get ahead will on balance to less well, but they will still do better than they would have years ago.
 
But the system isn’t “broken”, it is functioning extremely well, more products and services are circulating than ever before, and people are working more safely, with more benefits than ever.

If people are working safer with more benefits , it due to unions not business (unless you count unions as part of the capitalist system, but most "capitalists" would want to see unions out of the equation).

Of course like any game, those who never had the rules explained, and just sit there mashing the key pad hoping to get ahead will on balance to less well, but they will still do better than they would have years ago.

If people can't afford basic services like electricity, how can they afford to buy shares ? Unless they decide to go without children which denies the system future workers and consumers.
 
I'm in favour of capitalism. Im also in favour of checks and balances, whether they be by regulation (gummint) or organisation (unions, guilds etc).

The problems you highlight ate the responsibility of neither, rather, they are the product of political ideology and ignoring pragmatic realities.

Power prices being the primo example.
 
I'm in favour of capitalism.

Generally so am I , as long as the benefits are spread as equally as possible throughout the population.

However, I have no problem with governments owning , wholly or partially, (say) mining companies as part of a sovereign wealth fund. Why take only 30% (if that) of the profits from our resources when the population can get a bigger contribution to their health and education services ?
 
No I think capitalism is broken because you have businesses like banks competing to make the most profits, not give the lowest prices to their customers.

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That why it is a business and not a public service
Of course, and nothing wrong with it
 

Labour is part of the capitalist system, and therefore unions are part of the system too.

However, I do feel unions are part of what is letting down the average Joe, they contribute to the mentality that there is an “us and them”, and that the best way to get ahead is to draw more from the system through higher wages and benefits, rather than playing both sides and being a capital owner as well as worker.

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I don’t know anyone who is a solid worker that can’t afford electricity.

But it goes back to what I always say, you just have to spend less than you earn and invest the difference.

Every single person out there (except perhaps welfare recipients or those will bad health etc), can reduce their spending by 10% and generate savings, it’s really not that hard.

The hardest part is getting the savings habit, when society has only ever taught you the spending habit.
 

I don’t think benefits need to be distributed equally, they need to be distributed fairly.

Eg, a person who saves 30% of their wage, and invests it back into the economy, should eventually be able to be in a better situation than the guy who spends 100% of his pay each week.

It would be unfair to try and rebalance the two people to make them equal, when their contributions were not equal over time.

Ofcourse we need a safety net, and those that get well ahead of the pack should by higher tax rates etc, but trying to drag them back to being equal is simply not fair, or good for the economy.
 
Every single person out there (except perhaps welfare recipients or those will bad health etc), can reduce their spending by 10% and generate savings, it’s really not that hard.

No , it's not hard, I could spend more than I do as could many people.

But what happens to company profits and the share prices of investors when consumers don't spend ?

Don't you want people to buy the products that companies you invest in produce ?

That's why we could be heading for a recession. The current surge in share prices seems to be an anomaly that I don't think will last.
 
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