When The Government Allowed the Capitalists to Care

In the 9/2/12 New York Times, Hedrick Smith wrote When Capitalists Cared. The article centered on Henry Ford's bold move to pay workers $5 a day, a high sum well above the market rates at the time, as an example of social justice missing from today's corporate leaders. .  Smith's refrains against a widening income gap have been often repeated, but rarely clarified, and remain largely inaccurate and misleading.  Like Paul Krugman in The Conscience of a Liberal, Smith believes that if we just return to the period of union growth and high tax rates, and just ignore all other economic and historical factors,  we can repeat the economic growth of a bygone era.  Hedrick and other critics of capitalism ignore many examples of high paying jobs in the corporate world today. The largest steel  company in America today is no longer US Steel, Bethlehem, LTV, or Republic -- all of whom were unionized manufacturing leviathans  who are either gone, acquired by foreign...(Read Full Post)