The way in which corporate big business has taken over government in the USA to the detriment of the rest of society (I believe that it is even worse in Putin's Russia where organised crime share power with the business oligarchs) ) it is ludicrous to speak these days in terms of the poor business owner.cassowary wrote: ↑Mon Feb 10, 2020 12:52 amThe business owner is the first one to take a hit. The worker gets to keep all the wages they were paid since he started working. The business owner may lose all the capital he invested and profits he made since he started the business. The business owner is the hero of the modern economy because he creates jobs at the risk of all his capital. The worker only risks losing his future income if he gets retrenched when there is a recession.neverfail wrote: ↑Sun Feb 09, 2020 5:49 pm.....and worker/employees generate their profits for them by agreeing to work for the bastards - all the time running the risk that they will lose their means to an livelihood through no fault of their own should the firm that employs them 1) shed labour due to the onset of recession or 2) (worse still) send the firm broke due to mismanagement.
When it came to providing lifelong employment for breadwinners, the Socialist command economies of yore were better at that. No business cycles = no recessions .
So please cease placing businessmen-entrepreneurs high up on a pedestal. Agreed that they have their uses but I refuse to regard them as demi-gods as you habitually seem to.
Without the business owner, the country would be very poor.
I actually agree with your above hypothesis in principle. It is just a pity that it is not relevant to any discussion on the sins of capitalism.