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11 The writer is a development and technology policy consultant. ONE of the first concepts taught in economics is the circular flow of income: workers sell their labour to producers and receive income in return, which then flows back to producers in return for finished goods and services. This foundation sustains the modern economy. But the quest for higher profits accelerates the breakdown of this relationship between capital and labour. In its worship of the bottom-line, capitalism aims to drive labour costs ever lower through technological progress.
Joblessness and increasing inequality erode purchasing power and break down […]
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