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United States: The rise of bagel capitalism

By Harry Targ

February 27, 2010 -- Diary of a Heartland Radical -- A long time ago Karl Marx theorised that in capitalist societies the class of people that own and control the means of production -- the machines, the factories, the workers -- constituted an economic ruling class. The only thing that workers owned was their ability to do work. The workers would sell their ability to do work for a wage. The capitalists would hire workers, work them hard, and sell the goods and services produced. The capitalists would sell the products and/or services for more than the workers would get paid. They would keep the difference and that is where profit came from.

Over time, Marx said, the number of capitalists would get smaller and smaller and what they owned and controlled would get bigger and bigger. Marx’s predictions pretty much have come to pass with a few hundred corporations and banks controlling about one-third of all that is produced on the face of the globe.

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