When Capital No Longer Needs Labour
The economic settlement we mistake for capitalism may have depended on something much simpler: capital needed us. For most people, the most valuable economic asset they have ever owned is not a house, a pension or a portfolio of shares. It is their capacity to work. They sell that capacity repeatedly over a lifetime. Its value pays the mortgage, raises the children, funds retirement and turns workers into consumers. Capital owners possess a different kind of asset: ownership of the productive system itself. ...