[lbo-talk] capitalist thought

[Eric Beck]

On 12/30/08, Doug Henwood <dhenwood at panix.com> wrote:
> [not sure of the origin of this, but from a reliable source]
>
> In 3M Co.'s quarterly update this month, Chairman and CEO George
> Buckley talked about how the company had closed 16 plants over the
> last year and a half, has been drawing down inventory and cutting
> capital spending.
>
> "Is this healthy?" he said on the call. "All of us acknowledge we're
> collectively making the situation worse, but I think the first
> responsibility we have as leaders of companies is to make sure that we
> ensure the health and survival of our own companies first, not
> necessarily other people's companies, or, for that matter, the whole
> U.S. economy."

Wasn't your conclusion in After the New Economy just the opposite of
this: that layoffs and plant closings actually harmed the cutting-back
company but benefited the the capitalist class as a whole? That is,
carrying out cutbacks created an atmosphere of discipline and fear
that was beneficial to capitalism if not the individual capitalist(s)?