Thursday, February 9, 2012
De-Mystifying Economics - Part 1 (Labor)
What is economics?
How has it become so complicated and where did modern economics originate?
HDD believes that economics needs to be DE-MYSTIFIED in order for the OMOTS to connect the dots between labor, taxes and government takeover by plutocrats and corporate lobbyists.
Modern economics has its roots in colonialism, especially British colonialism when at its peak, the British Empire had control over land, labor and capital from Hong Kong to Ireland and everywhere in between.
At the outset, there had been a book commissioned by those in power and written by one Adam Smith, a Scot and a lawyer. That book titled "The Wealth of Nations" was commissioned by one of the wealthiest nations on the planet, Britain.
Smith's analysis, written in a very dry tone in a tome worthy of a weightlifter, breaks down the factors of production and suggests how each be applied according to their usefulness.
Remember when Smith's book came out in print, 1776, England dominated the seas, had a mutiny in a colony called America and was grappling with how to MANAGE its colonial wealth. Capitalism and its father, Smith, needed a framework within which to understand resources and how better to exploit them.
Smith died one year AFTER the FRENCH REVOLUTION, when monarchy was put under the guillotine and OMOTS began to assert their popular rule, a method of civil disorder that the elite at the time detested and vowed to oppose by any means necessary.
Britain had lost its colony in America, but still exerted huge influence around the world and trafficked in slaves (free labor), controlled the seas and had built up several corporations and banks to fund its ongoing "economic" experiments in unbridled "capitalism" or in essence colonialism!
One of the first "corporation" was the East India Company, incorporated on Dec 31st 1600! It had its own currency, see right, and traded between Britain and China and India.
Full history of the company at link --- http://www.hubert-herald.nl/BhaHEIC.htm
One of its most lucrative traded commodities was OPIUM basically the raw material for HEROIN.
Many other companies formed during the monopolistic reign of the East India Company trafficked in human cargo, packing human beings into ships like sardines.
Britain DOMINATED the slave trade in the early 1800s (see link) below ---
In the 24 year period, 1771 to 1775, 859,100 slaves were trafficked by Britain, up from just 2,000 in 1600, when the East India Company had been chartered by royal decree.
In 1834 the "Slavery Abolition Act" came into law, banning British ships from trafficking in slavery.
Now the colonial British would have to re-arrange their "economic" views on "labor"!
Upon the abolition of slavery, many in the British parliament believed it was necessary to institute another subtler form of slavery and set about doing just that, though long working weeks, crappy wages and DEBT!
Part II on the De-Mystification of Economics will appear this week!
Copyright (c) Banseed Productions 2012