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Politics, free trade, violence (antipope.org)
5 points by rbanffy on Mar 21, 2010 | hide | past | web | favorite | 3 comments

The Labor Theory of Value, which is the intellectual basis of Marxism, makes no sense.

The claim is that the value of an object is equal to the labor put into it. That means a dell laptop orbiting Jupiter is worth infinitely more than my flat screen TV, because the TV took far fewer hours of labor to produce.

Austrian School economics, on the other hand, argue that value is a subjective construct - and that each person values things differently. That is why trade is so good - people who value A more than B trade with people who value B more than A.

This is not what disturbs me. What disturbs me is the idea that international travel may soon be so difficult as to become impractical.

Site currently overloaded. Google cache:

Here's part of the central point, which Charlie partially bolded in the essay:

...labour wants to migrate where working conditions and pay are best. Capital wants to invest for growth where working conditions and pay are worst.

By penning us (the labour) in, capital can maintain, for a while, the wage imbalances that maximize profit...

I have a similar reaction whenever someone raises praise of "the free market" particularly on a global scale. It doesn't exist.

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