Price of Labor under Capitalism

The general price of labor under capitalism is not set by any particular businessman, but by the free-market. It is competition between businesses for labor that pushes wages up; it is competition between laborers that pushes wages down. (To reduce this competition between laborers unions use the power of government to create closed “union shops” […]

The general price of labor under capitalism is not set by any particular businessman, but by the free-market.

It is competition between businesses for labor that pushes wages up; it is competition between laborers that pushes wages down.

(To reduce this competition between laborers unions use the power of government to create closed “union shops” which physically prevent non-union members from competing with them, by banning non-union members from working in the unionized field).

Capitalism FAQ

Intellectually “chew” the ideas brought up in the tour by exploring the Capitalism FAQ (Frequently Asked Questions).

 

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