Pluralistic: Podcasting "Capitalists Hate Capitalism" (18 Apr 2024)

Today’s links Podcasting “Capitalists Hate Capitalism”: “Competition is for┬álosers.” Hey look at this: Delights to delectate. This day in history: 2004, 2009, 2014, 2019, 2023 Upcoming appearances: Where to find me. Recent appearances: Where I’ve been. Latest books: You keep readin’ em, I’ll keep writin’ ’em. Upcoming books: Like I said, I’ll keep writin’ ’em. Colophon: All the rest. Podcasting “Capitalists Hate Capitalism” (permalink) This week on my podcast, I read “Capitalists Hate Capitalism,” my latest column for Locus Magazine: What do I mean by “capitalists hate capitalism?” It all comes down to the difference between “profits” and “rents.” A capitalist takes capital (money, or the things you can buy with it) and combines it with employees’ labor, and generates profits (the capitalist’s share) and wages (the workers’ share). Rents, meanwhile, come from owning an asset that capitalists need to generate profits. For example, a landlord who rents a storefront to a coffee shop extracts rent from the capitalist who owns the coffee shop. Meanwhile, the capitalist who owns the cafe extracts profits from the baristas’ labor. Capitalists’ founding philosophers like Adam Smith hated rents. Worse: rents were the most important source of income at the time of capitalism’s founding. Feudal lords owned great swathes of land, and there were armies of serfs who were bound to that land – it was illegal for them to leave it. The serfs owed rent to lords, and so they worked the land in order grow crops and raise livestock that they…Pluralistic: Podcasting "Capitalists Hate Capitalism" (18 Apr 2024)

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