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What About Monopolies?
Believing wages will increase the price of goods is what monopolies want you think.
The 1929 stock market crash confirmed the US economy was in crisis, but it wasn’t the cause of the Great Depression. A Laissez-faire government allowing frivolous bank loans selling the “anyone can be a millionaire” dream, powerful monopolies, and wealth inequality collapsed the economy. Free-market capitalism nearly destroyed the country, but government intervention, reform, and regulation saved it.
Economist John Maynard Keynes and FDR, the “traitor to his class,” identified the issues and implemented the solutions to revive the US. Unfortunately, over the last forty to fifty years, corporate wealth and corrupted politicians weakened FDR’s initiatives. When the Organization of Arab Petroleum Exporting Countries declared an embargo on oil in the 1970s, opportunists used the oil crisis to claim Keynesian Economics had failed and reinstated free-market capitalism.
“The liberty of a democracy is not safe if the people tolerated the growth of private power to a point where it becomes stronger than the democratic state itself. That in its essence is fascism: ownership of government by an individual, by a group, or any controlling private power.” ― Franklin D. Roosevelt
