This relationship is the foundation for the argument, made … - Jim Stanford

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This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.

Jim Stanford

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About Jim Stanford

Jim Stanford is the resident economist for the Canadian Auto Workers and founder of the Progressive Economics Forum. He holds a Master’s degree in Economics from Cambridge University, and a Ph.D. from the New School for Social Research.

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Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists.

Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.

Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist!

This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for bu… - Jim Stanford

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