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Wednesday 21 Feb 2018 | 16:10 | SYDNEY
Wednesday 21 Feb 2018 | 16:10 | SYDNEY

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26 November 2010 11:04

The owners and managers of capital always want to keep wages and other costs as low as possible. “But, insofar as they succeed, they create a recurrent problem for themselves. For workers are also consumers and capitalism requires consumers with the purchasing power to buy its products. So there is tension between the need to keep wages low and the need to keep consumption high.” Capitalism has solved this dilemma, MacIntyre says, by bringing future consumption into the present by dramatic extensions of credit.

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