Debt, for example, is a form of imposed scarcity which puts a person in a position to which they must often submit to labor which may be of a more “exploitative” nature – meaning the reward (usually the wage) is grossly disproportionate to what is needed to keep a healthy standard of living in ones circumstance. In this respect, the debt system facilitates a distinct form of market efficiency as it benefits the employer since the ease of lowering wage rates (cost efficiency) naturally increases as private debt levels increase. The more in debt people are, the more likely they will submit to low wage labor and hence generate more profit for the business owners. In fact, the same logic can be applied to the use of legally unregulated “sweatshop” labor in the third world, which is frequently “exploited” by Western companies. Excessive work hours coupled with notoriously low wages are common - yet these people have literally no choice but to submit as there are no other options for survival in their region, often due to debt resulting from austerity measures. In fact, the regulation of the money supply in total is based on a general scarcity since, as noted before, all money today is made out of debt and this debt-money is sold into the market as a commodity through “loans”, with the mark-up of interest attached to generate a profit for the banks. Scarcity vs. Abundance | TZM Defined Book
Posted on: Wed, 10 Sep 2014 14:37:48 +0000
Trending Topics
Recently Viewed Topics
© 2015