Monday, August 13, 2018

This Is How Capitalism Works

On Thursday, the US-based logistics and delivery company UPS announced a quarterly dividend payout to shareholders of more than $700 million for the three months to August 2018. The announcement came the very same day as the Teamsters union met in Chicago, Illinois to endorse new contracts for UPS workers that enforce poverty-level wages and introduce major new concessions.

UPS’s dividend payout is an object lesson in the basic functioning of capitalism. Where does this $700 million come from? It did not, after all, arise out of thin air. It is extracted from the labor of hundreds of thousands of workers, in the US and internationally. It is part of the surplus value produced by these workers - the difference between the wages they earn by selling their labor power, barely enough to survive, and the value they add in the process of production and distribution.

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We apparently fought WWII, the Cold War, the Vietnam War, and the War on Terror for the "privilege" of living under the tyranny of the global capitalist system.

Are you happy now? No? Well stick around, eventually they'll drive wages down even further. Is it any wonder they want to take away your guns?

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