Recession is defined by sustained periods of reduced economic activity. Economic activity is primarily driven by consumer spending, so reduced economic activity means consumers are spending less.
Tag: capitalism
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Capitalism is making the pandemic worse
If there’s one thing that’s become clear during the COVID-19 pandemic, it’s that neoliberal economic policies have failed our societies.
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Capitalism didn’t build the modern world
Socialism built the modern world, not capitalism. Anyone who tells you that global poverty is dropping, and it’s because of capitalism doesn’t understand how the real world works.
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How capitalism creates oppression
Capitalism is inherently oppressive. It’s built on the concept of hierarchy.
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Self sufficiency is a myth
You’ve probably heard people extolling the virtues of self-sufficiency, how if we work hard and pull ourselves up from the bootstraps, we can care for ourselves and mitigate the risk of unforeseen circumstances.
On 2 December 2019, Lethbridge-East MLA Nathan Neudorf spoke to the Alberta legislature, saying the seemingly random rant seen below:
To generate profit, a company must make more than it spends. It must pay their workers less money to produce a product than it charges customers who purchase that product. It must pay less for the raw materials to produce a product than it charges customers who purchase that product.
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Capitalism keeps workers poor
When I took my 7-year-old to ballet this past weekend, I noticed quite a few vehicles in the university parking lot that were in various states of disrepair.
Some had cracked windshields. Some had broken grills. Some had duct tape either masking blemishes or holding parts together. Some had patches of rust.
And all this reminded me that we live in a society that doesn’t pay its workers sufficiently.
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Capitalism can’t combat climate change
Capitalism cannot be the vehicle to combat climate change.
Inequality is inherent in capitalism. Of course, in capitalism, power is unevenly distributed, lying in the hands of the few individuals who manage to own businesses and amass capital. But that power inequity breeds inequity in other areas.