How private equity is destroying the labors of love
“Private capital tends to become concentrated in [a] few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of the smaller ones,” Albert Einstein wrote in 1949 in the Monthly Review in expla
... See moreChris Hedges • Empire of Illusion: The End of Literacy and the Triumph of Spectacle
Determined to unshackle market forces from the heavy hand of the state and the millstone of “tax and spend,” the classes that led this bloc aimed to liberalize and globalize the capitalist economy. What that meant, in reality, was financialization: dismantling barriers to, and protections from, the free movement of capital; deregulating banking and
... See moreNancy Fraser • The Old is Dying and the New Cannot Be Born: From Progressive Neoliberalism to Trump and Beyond
But generally, the move from government provision of housing, food, and jobs programs to this network of semiprivate organizations introduced perverse incentives into life-sustaining institutions. The result has been a wealth transfer of public money to boards of directors staffed largely by local elites that are more likely to be responsive to rea
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