The Day Of The Lord

Many Proposed Remedies

Many are the proposed remedies of the 21st Century for both producers and workers, shifting from over-expansion and over-consumption, to downsizing and reduced purchasing.

Workers are trapped. Reducing the work force leaves them either jobless or bearing the load of those fired. Unions have worked vigorously and successfully for the workers’ betterment, but the century concluded with unions greatly weakened, and many company executives over-compensated and unconstrained by law.

One proposed solution is that certain industries should become the property of the people—operated by the government. In the twentieth century weakened railroads became the property of the government in order to insure their survival. More recently, U.S. financial institutions are being rescued with trillions of tax-payer dollars—with obligations to the government.

The masses of people should really share more evenly in the profits and blessings of the technological boom. However, manipulation of financial markets—overvalued stocks, sub-prime mortgages, overextended credit and insurance—has contributed to one of the most extensive financial crises the world has ever seen. Why so extensive? Globalization has inter-linked financial markets and means of production across the world. Collapsing financial markets on one side of the world generate crisis issues on the other side. The steel industry in China, Russia and the US has felt the brunt of a worldwide economic slowdown. Multi-national corporate giants which owe allegiance to no country operate virtually outside of the law. They claim protection from one jurisdiction while abusing the laws of another. Workers employed by the multinationals or conglomerates have little defense against such giants.

If the "Golden Rule" were implemented, relief could be expected soon. "Do to others what you would want them to do to you." If the rich would cooperate to benefit the masses, the people might make reasonable demands. But fear of competition among corporations can limit the generosity of its managers. If the wealthy who have sympathy for the laborers shorten hours and increase wages, their competitors would undersell them. Financial disaster would follow, first to them and then quickly to their employees. The iron law of supply and demand works together with man's fundamental selfishness, to rule the day.

With globalization, some labor markets are willing to work longer hours for less pay. The lifestyle in the West is supported by cheap labor in the East providing less costly products, even as employment options in the West are thus reduced. It is remarkable, and fortunate, that such strains have been absorbed by society through many decades, but this state of things cannot go on indefinitely.