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David Graeber Institute (dgi@graeber.social)'s status on Thursday, 27-Feb-2025 00:26:25 JST David Graeber Institute

How has everything gone so wrong in the last few decades? David Graeber gives us a clue as to what has happened!
In conversation about 11 months ago from graeber.social permalink
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1. "Look at the 1950s when there was the expression - What’s good for GM is good for America - which made sense at the time when you consider that GM was taxed at 60–70%. They were producing enormous profits, and most of their profits went to the government, which in turn used that money to build roads, highways and infrastructure for the cars, so it became this virtuous circle. . Fast-forward 50 years, and companies like that are paying no taxes. They’re getting all their money from the financial sector, not from the cars, which are not profitable anymore. Instead, they charge people interest, and use that money to lobby politicians to change the laws that regulate them to be able to extract even more. And that’s basically how the American system works, and that’s why Wall Street and the government become almost indistinguishable. . Government coercive force becomes a means through which profit is extracted, and that’s why suddenly you have this change of how people perceive one another in relation to this system." . - David Graeber
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