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Robert Reich's Supercapitalism (book review)
- 53260 reads
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My representative, Michelle Bachmann (R-MN) has failed to schedule one public meeting with her constituents since she has been elected. What I can't figure out is why anyone would vote for her in the first place. From what I can see, she has only one agenda-hers.
and read the answer before you vote. ;)
Wage arbitrage is the practice of creating a reduction of wages. This generally occurs through increasing the number of workers to create a market glut, thereby reducing the value of skills in the open marketplace.
In professions of the highly skilled (requiring eductional training) this occurs through displacing US workers by increasing the number of workers available for these jobs via the visa process. In the US, the H1-B visa is the normal means for this practice. Most of these visas go to computer science professionals. The amount of experience and skill sets are not considered for this visa, and US workers are not considered before jobs are offered to foreign nationals. This is why Bill Gates and other members of the Information Technology Association of America (ITAA) which includes the major US tech companies and India outsourcing compancies, have made massive contributions to US senators and representatives to continually introduce H-1B attachments to "must-pass" legislation which try to stuff it through under the radar.
For professions of limited skills (requiring no educational training) this occurs through the importation or illegal entry of legal or illegal workers. This is why the US Chamber of Commerce supports amnesty -- and why US senators and representatives who have received campaign contributions from entities profiting from reduced US citizen wages actively support illegal amnesty.
Follow the money.
The Hard Truth Of Immigration: NO SOCIETY HAS A BOUNDLESS CAPACITY TO ACCEPT NEWCOMERS, ESPECIALLY WHEN MANY OF THEM ARE POOR OR UNSKILLED WORKERS
Newsweek, June, 2005 by Robert J. Samuelson
http://www.newsweek.com/id/50081
"The stakes are simple: will immigration continue to foster national pride and strength or will it cause more and more weakness and anger?"
My guess is that with robertdfeinman and others leading the charge on weakness and fomenting anger in others, who have been directly affected -- such as being displaced by a foreign worker on a visa for example, immigration will continue to be a hot button issue in the presidential campaigning. Samuelson's article, and this is by someone who favors immigration mind you, suggests that right now (the article was written in 2005 so it is WAY overdue) the country needs to take a breather from the levels of immigration we've had over the past decade or so.
We can't keep up this pace of unregulated immigration. Period.
Considering your opinions. We go into immigration, wage arbitrage extensively because myself, I'm a H-1B activist and that is for American Professionals that I am an activist. Well versed in labor economics and illegal immigration does indeed repress wages, it's econ 101.
So does H-1B. This is a fundamental element in labor economics, immigration and migration. Not only that, one of the reasons I started this blog, beyond wanting to discuss more in depth overall economics is to get away from precisely the sort of spin you just linked to. Even Paul Krugman will tell you illegal immigration represses wages, any sudden influxes in a labor supply will do that.
I have no idea what either of you are talking about. If you have issues with immigration then what has that to do with my distinction between those who have to work and those who don't? Do you deny that some people are motivated by xenophobia? I listed that as only one of the ways people are kept from understanding where their class interests lie.
As for statistics, of what use are they without a framework to make sense of them?
If you want to discuss immigration (which I doubt will be rational with someone who calls himself LouDobbsDem) then here's my take on the subject, complete with lots of stats and graphs.
Immigration facts debunked
I also have a problem with people who are unwilling to put their name on their opinions.
Firstly please try to write detailed economics posts. We're trying to focus on policy and actual facts in the economic policy, statistical sphere.
Secondly I have to agree that claiming xenophobia is some reason that focus in the middle class, national interest, working America's interests is pure spin coming from the public relations campaign of those who have a vested interest in stopping any tightening of immigration law.
I write specifically on these issues, especially H-1B, global labor arbitrage, outsourcing and we really want to stick to the statistics, the facts, labor economics.
Hopefully people will focus their writings accordingly.
Great post! Do you know why the stock market rallied today considering just how much in debt the US is?
That's a special interest claim to say anyone who wants a controlled immigration policy is a racist.
Name calling people who work for a living and know exactly what's going on in their home towns on jobs I thought wasn't going to happen over here.
When I first heard those railing out those conspiracy theories I thought "what a bunch of kooks" but the more I read the watch the more I think, well, maybe not.
Midtowng, this is an exceptional post! I'm rereading it, finding new info on each reread. I did smell a rat on the Dubai Citigroup investment but now you're pointing out unusual profits in comparison to domestic investors.
I hope this post gets a lot of readers!
I was oblivious to SWF until this read and it also does appear generally Paulson is doing the bait n switch, opposite of apppearances so far.
Click this link for more and the actual 218 page plan from Treasury Secretary Paulson's plan.
yes, the spin from these people keeps on coming. That NFAP study is truly a work of fiction and the statistics are pure make believe.
If you want to cross post your blog, you can actually put a link up at the top to say it's from your blog and repost it for more readership. And your blog should be read, good citizen journalism.
I have more details in the user guide. Welcome to EP!
Wake up is right. I'm fairly discouraged about the blogs for they used to be a place of citizen discourage to try to obtain real policy change, yet these days it seems more interested in promoting some candidate, regardless of their policy positions and even promote multinational corporate agenda items.
What happened to representing the American people? I guess it doesn't pay.
China but overall it looks like China will exceed the United States economically in a few years.
Bank of China has been affected by the subprime, how much? It mentions $80 Billion and yesterday they dumped some of it.
But overall they are sitting pretty.
Did you see McMillion's China report in the studies section?
It's dated (3COM deal was blocked) but overall accurate and in depth.
This is a real economic indicator because our GDP is 70% of people shopping.
I find that so sad and seemingly our government just looks at people as consumers instead of citizens and producers.
......'You don't know jack' to all the Paretoians and Smithists, although he actually is right when you read all of him not just the parts Milton Friedman likes, who have been using mathematical tools and a model of Homo Economicus that any hard science grad student would find laughable...
Only ain't nobody laughin' right now.
Are they?
This is the money quote:
Social scientists have shown in literally hundreds of studies done with sample populations from the Yanamano indians of the Amazon Basin to investment bankers in London's 'The City' that if your 'split' of the take in any activity between two parties goes below 30% you will not 'play the game'.....period.
Further from that area of research we also see that the role of trust in a society, how it's structured and actually works among the different relationships that exist in that society , plays a determinative role in the economics of that society. In a graph of trust relationships, near vs. far you find those countries which are the most economically successful clustered together in a region where only immediate family are allowed to impose on the family's economic activity. These happen to be Northern European generally. Countries where the 3rd cousin is allowed to show up at the door and move in if the central family can afford it don't rank highly in GDP etc. I can see I've not done justice to this argument but my central point is this.
The World Bank, WTO and all those who are busily securitising the world's economy are in the position of a man driving down a jungle road, at night, at high speed....
With a frikin' bag over his head and expecting to get to town on time and with money in his pocket.
Shorter form: No one is in charge and it really doesn't matter because those who would be in charge are utterly ignorant of the mechanism of the modern digital marketplace
I could use some real stats for comparing state economies. MI, OH for examples did invest heavily in advanced R&D but due to global labor arbitrage are still hurting, in fact now leading the nation in foreclosures, bankruptcies, unemployment, so while not reinvesting in a state is certainly true, these days I'm thinking it might even more be luck of the draw in terms of which industries a state is home to.
Last weekend was an economic disaster--especially for Bear, Stearns. Somehow I get the feeling that JPM won this with a no bid contract--and that Mr Cayne had a shotgun to his head. The whole thing is too fishy--and too profitable for JPM.
Thanks for this. I had expected the household debt figures to contract significantly in Q4 2007. Interesting that they didn't. At least as of the end of last year, households apparently were NOT reining in spending yet, just re-allocating it to food and gas and away from discretionary spending.
Judd Gregg is a corporate sell-out. He should just be a lobbyist for the Chamber of Commerce or Microsoft; instead of impersonating as a representative of American citizen.
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