unions

eric dorkin eric_dorkin at yahoo.com
Thu Aug 15 10:13:21 PDT 2002


--- Doug Henwood <dhenwood at panix.com> wrote:


> It makes no difference whether one buys a share of
> stock 1) in an IPO
> that goes to a venture capitalist to cash out of
> his/her original
> investment, 2) in an IPO that goes to the company to
> buy equipment
> and hire noew staff, 3) from a retiree who uses the
> proceeds to pay
> for basic living expenses, 4) from a retiree who
> uses it to buy an
> SUV, 5) from a worker who uses the money to pay the
> kid's college
> tuition, 6) from a mutual fund manager who uses it
> to buy stock in
> another company (after shaving off 1% as a
> management fee)?
>
I would say this Doug: what is consistent and necessary across the board in all of those transactions is the same "market" for stocks. To the extent that the value of the stock on the "market" is driven by concerns antithetical to the worker (e.g., layoffs = profits), then any particpant providing liquidity to the market is complicit. That does not mean they are all capitalists, but that they all benefit from the subjugation of workers to capital. Just a thought.

eric

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