Decline of U.S. Capitalism
At the root of the crisis is the fact that big business sees no profitable outlet for investment in the U.S. As explained earlier, this is due to the contradictions in the system. So GM spawned a financial wing for its operations and subcontracted out aspects of auto production. Other examples can be found of the refusal of big business to invest in new productive machinery in the U.S. Yet investment in new productive machinery is the only activity that can turn around the U.S. economy and create millions more living wage jobs.
The logic of capitalism which led to the de-industrialization of Britain during the second half of the 19th century has now undermined the industrial strength of U.S. capitalism. From being the absolute top-dog economy in 1950, the U.S. economy has been seriously weakened in the last five decades.
In 1965, manufacturing accounted for 53% of the economy. By 1988 this has fallen to 39%, and by 2004 it had sunk to 9%. The Economist (10/1/2005) stated: “For the first time since the industrial revolution, fewer than 10% of American workers are now employed in manufacturing.”
Jobs in manufacturing industry, the core center of living wage jobs since the successful industrial union struggles of the 1930s and 1940s, are becoming extinct as far as most workers are concerned.
(There is more both before and after this snippet.)
(CrossPosted By: Zim.)
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