> Doug H: "....this sort of analysis misses the revolution in
> manufacturing over the last 20-30 years."
>
> But the key point seems to be that *even with* this "revolution in
> manufacturing" (and is it really a revolution? as systematic
> rationalization and mechanization of the work process is as normal as
> capitalism gets) the biggest and quickest profits in many industries
> were in financial operations, with pre-crash GM a standard example.
> (Maybe it's still the case for GM now, I just don't know.)
This is the problem: You are confusing production with distribution.
A larger share of *profits* goes to the financial sector than in the past. That does not mean a larger share of *productive resources* has been shifted into the financial sector. The chart I posted shows that that has not happened -- if anything the opposite has happened.
An analogy: CEOs have captured a larger share of national income in the past 30 years. That does not mean CEOs make up a larger share of the work force than they did 30 years ago.
SA