Global corporations 2046
Well, we have to educate people that the capitalism as we know it, it no longer good enough for the XXI century. The same was as clbuttical capitalism collapsed in Great Depression and it was reformed to survive, the slightly reformed capitalism we have it today is failing and if we want it to survive we need to continue with new reforms.
Into the new economy we are headed to, the workforce is not scarce anymore. However, all economic theory we have buttume workforce scarcity. Globalization is just a small glimpse we get from the things to came. And our leaders (both business and politic leaders) are failing us as we speak. They prove that if there is a scarcity, then that scarcity is the brain into the heads of business leaders, rich investors and politicians.
To highlight the problems our society is facing let perform an thought experiment (gedankenexperiment):
50 years from now. Autonomous robots are mainstream, are able to perform all goods production tasks today we need human workforce to do it. There are no jobs left for humans since the robots are cheaper.
Not having any jobs, humans won't have any disposable income to buy the things produced by robots. In order to survive they will start to sell the buttets they own (house, cars etc). Due to over supply of land and houses and small demand the prices will fall to the ground. In the end, the owners of the robotic factories are going to own everything on the planet while the rest of the population will not own anything.
Indian firm to create 1,000 jobs in Northern Ireland
Tuesday, June 13 12:46:38 (BizWorld) Up to 1,000 new jobs are to be created in Northern Ireland by Indian Business Process Outsourcing (BPO) company ICICI One Source. The...
As of that moment, people have no money to buy anything. The prices for everything are going to fall (over supply, no demand due to no money), reaching the point where the products are cheaper than the energy used to made them. At that moment. the owners will just stop the factories due to lack of demand. But since population have no money left the production is going to be reduced until it satisfy only the needs of the factories owners.
That is. The factory owners will produce only what they need for themself while all the rest of the world is condemned to die by starvation. This it is going to be the future into a globalized free market let on the loose.
Now, let come back 50 years and replace robots with offshore workers in Asia working for their own energy (lower wages they pay there). The situation is similar: workforce scarcity does no longer apply to keep the wages up into an economy on the loose (free market libertarian style). US economy it is going to collapse if we do not take steps to regulate multinational corporations, and change the rules of the economic activity.
NY TIMES CENSORS LETTER CRITICAL OF TOM FRIEDMAN 2050
Yes. My question is what would have been the reaction if they had given big...
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