What Would a Labor-Centered Economy Look Like?

oftwominds - Charles Hugh Smith:

How about moving the power to create money from the apex of the pyramid down to its lowest level?

Let's spend a moment deconstructing the word "capitalism." Note it contains the word Capital. So far so good. Obviously the key concept here is capital.

So what is "capital"? It turns out there are multiple kinds of capital. The most familiar kinds are tangible: cash, orchards, factories, water rights, tools, and so on.

Then there's credit. If you have unlimited credit at very low rates of interest, you can buy all the tangible capital you want, as long as it produces enough income to cover the costs of production and the interest you owe on the borrowed money you used to buy the factories, orchards, etc.

Cont.....