Paystub from a US coal miner in 1942. Ends up owing his employer $1.84 ($35.76 in 2023) at the end of the pay period.
Paystub from a US coal miner in 1942. Ends up owing his employer $1.84 ($35.76 in 2023) at the end of the pay period.
What do we call this? Early stage capitalism? What the Western world is on track to return to? Forshadow capitalism?
This is when miners were paid in company currency and lived in company houses and shopped at a company store.
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I mean, if that’s late stage capitalism what do we have 80 years later? Later stage capitalism? Are people paying the company store like this today?
Directly visible and throwing you into debt? No.
But the surplus value you create and that you do not get goes somewhere, and that is not only funding your bosses business but also his yacht :^)
Instead of them paying you in company currency and owning the stores that accept that currency, they (the rich oligarchy) pay you in regular currency but own basically every store.
It's a mining town scaled all the way up, and we're in it.
You better start believing in cyberpunk dystopias.
You're in one.
Due to inelasticity of demand and artificially limited supply, the things we need to live will always cost all of the money that you can make, and there will never be enough of them for everyone to buy.
Also, they have no incentive to make it available for everyone because limiting supply is how they profit.
Worse, central bank issued digital money. https://www.reuters.com/technology/limited-support-central-bank-digital-currencies-global-investment-industry-2023-07-26/
Not behaving? Can’t buy or sell anymore. Reached your carbon limit for this month? Can’t pay for that steak anymore, buy some soy beans instead.
soy beans are good though
Soy beans are delicious!