Monday 16 Jul 2018 | 22:27 | SYDNEY
Monday 16 Jul 2018 | 22:27 | SYDNEY

Friday linkage

By

Sam Roggeveen

@SamRoggeveen

26 November 2010 11:04

The owners and managers of capital always want to keep wages and other costs as low as possible. “But, insofar as they succeed, they create a recurrent problem for themselves. For workers are also consumers and capitalism requires consumers with the purchasing power to buy its products. So there is tension between the need to keep wages low and the need to keep consumption high.” Capitalism has solved this dilemma, MacIntyre says, by bringing future consumption into the present by dramatic extensions of credit.