2. Eliminating Inequalities cybersoc gang drops the N-bomb on page 38 of the PDF #CancelCockshott
C&C wish to present an economic model that they claim can effectively eliminate most inequalities generated by capitalism, of which the relevant principles can be traced back to the origins of classical political economy. They argue for an economic system where prices and compensation are based on time.
Such labour certificates differ from money as they are only obtained through labour and exchanged against the products of labour. Labour certificates don't circulate, are non-transferable, are consumed upon use, and can only be redeemed for a limited time. Deductions are made for communal needs, and production is organized on a directly social basis with intermediate products never assuming the form of commodities.
Labour certificates are generally incompatible with markets as fixed labour-time pricing would conflict with fluctuations in supply and demand.
"Trickle-down economics" does very little to improve the living standard of underpaid citizens. The average value created per hour of labour by British employees in 1987 is £7.50 (not adjusted for inflation) [see table 2.1], and the only group earning more than £300 weekly (total value per week) was the top 25% of male white-collar workers. Therefore, the abolition of exploitation benefits the vast majority of employees over shareholders and property owners. The total value produced would still have to be taxed, and likely at relatively high rates, but such tax rates can be given legitimacy by subjecting them to direct democratic control. Such a system stands in contrast to how private enterprises and oligarchies provide little legitimacy for their own distribution of wealth.
In economics, rent is a metaphor for a monopoly price that can be charged by the owner of a scarce resource. A temporary rise in the market price of scarce labour is a sort of "rent", one which naturally draws more recruits when barriers to entry are low and thus tends to eliminate itself over time. A socialized system of education, training and labour allocation can more easily communicate and resolve labour shortages. Otherwise, barring solutions that deal with a general lack of labour, specific labour shortages in capitalism are oftenPost too long. Click here to view the full text.