[lbo-talk] Krugman's Latest

Wojtek Sokolowski wsokol52 at yahoo.com
Mon Dec 26 11:42:50 PST 2005


--- Charles Brown <cbrown at michiganlegal.org> wrote:


> This ruling class _conscious_ strategy is not just
> to maximize profits
> today, but to do all around social, economic ,
> psychological and physical
> harm to masses of the working class, to weaken them
> in the class struggle.

You seem to imply that the ruling class seeks to harm working class *in addition* to profit seeking. How can you separate the two? Profit maximization by definition means labor remuneration minimization. If one one goes up, the other one must go down, there is no other way.

Because the profits, and with them the power of the ruling class vastly diminished in the 1960s and 1970s as a result of Keynesian policies of balancing the interst of capital and labor, the ruling class decided to restore it profits and class power mainly be jettisoning pro-labor elements of Keyenesianism. They is no other way, unless one belives in the "new economy" and "productivity increase" mythology.

Wojtek

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