…is from a 2012 article titled “Profit is Theft” by Tim Hjersted. In it he makes a solid (albeit very casual) case for why profit is theft. Often we hear right-libertarians who argue that “taxation is theft.” Yet seldom do hear the argument that profit is theft.
Just to make sure this is totally clear, let’s say a worker does 8 hours of work to produce $160 in value for the company. If everyone was paid the full value of their work this person would get paid $160. Instead, this worker is paid $8 an hour and receives $64, while the other $96 goes to the owners. When this wealth extraction occurs day after day after day, it’s no wonder we see the rich getting richer while the poor stays poor. The working class is getting robbed by the very nature of the wage-based employee/owner system.
–M
The Max Blog 