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Invisible Hand Destroyed Bangladeshi Factory

May 26, 2013

The “invisible hand” that Adam Smith, celebrated Whig economist, said kept the economy producing the right products, in the right amounts, at the right prices, is the same invisible hand that demolished the Bangladeshi sweat shop last month. According to NBCnews.com the death toll is over 1,127 and they are still digging remains (mostly women) from the rubble.

The 10 minutes of indignation in the West have passed and the story has been dropped. However, we were never in a position to boycott the retailers who use these coercive producers, because the same invisible hand that collapsed the factory in Bangladesh is the same invisible hand that compels both parents of children born in the “wealthy”  West to work long hours, just to meet the bills. Of course, there is perhaps 10% of the working population that could shop in ethically-supplied stores, but for the vast majority, the relentless pressure of capitalism compels all of us to stomp on our neighbour to stay ahead one minute more, before we get stomped on in our turn, sooner or later. That’s not just the whine of history’s thickest economist, Karl Marx; no that’s the view of arch capitalist apologist, Max Weber (see The Protestant Ethic and the Spirit of Capitalism).

In the US (but UK and Europe are the same) wages and salaries as a percentage of GDP peaked in 1968. This was in the early stages of women joining the workforce, but before employers realized that what they had to pay women they could take from the men. So that, instead of being a “drudge” at home, looking after her children and taking orders from her jerk husband, she could ditch the kids in care, go to work and take orders from her jerk boss. Total household income has been falling since the Seventies as productivity rose but all the gains were absorbed by the ruling triumvirate, i.e. government (through taxes); employers (through real wage cuts) and the banks (through inflation).

But our masters’ gain has been society’s loss. The feminist revolution may have been financially beneficial to A and B females, but for C1, C2, D and E women, it has given us the broken society. With care outsourced, three generations of children have grown up without constant maternal supervision and assistance. And the poorer you are, the more you need your mother. Is it any wonder the West’s educational standards are falling (see Pisa studies)?

Going hand-in-hand with the capitalists are the usurers, the chargers of interest and owners of counterfeit money. For this reason, few of us can ever save enough to live comfortably in retirement. Whatever economic miracles the last 100 years have produced, the price has been paid by the most vulnerable. Usury and the debt-based money system have destroyed every economy they have been allowed to infect. The only relief is to delay the malignant effects by indebting other, less developed economies. Capitalism is the economic equivalent of the video in Japanese horror/Hollywood remake “The Ring”.

Our economy is in ruins, but few people know it because of the massive exposure to usurers’ propaganda. A factory may have collapsed in Bangladesh, but capitalism’s mortal effects are going to be felt closer to home in future.Image

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From → Chapter 1

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