this post was submitted on 01 Feb 2024
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That is indeed was how capitalism worked before Jack Welch changed business culture to be all about shareholder value. Before him companies focused on employees. They bragged about how many employees they had. They bragged about not laying off any employees in the Great Depression.
And the biggest economic problem we have is too much investment. Companies are now competing to get investment dollars instead of competing to make good products to make revenue. Too many resources are devoted to marketing and hoarding data because being a data-driven company will attract more investment from billionaires that are hoarding wealth. Productivity numbers have been rising as it always has since the industrial revolution. But productivity is being devoted towards activities which only serve to attract investment but doesn't provide any real world value. Because of this, quality life has been decreasing even while productivity is increasing.
The rich have too much money and it's hurting capitalism.