Times Colonist

Defence of capitalism based on fantasies

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Re: “Without profits, our society won’t work,” Oct. 29

William Watson writes as if he lives in the early days of capitalism, say the late 18th century, when there were no enormous corporatio­ns, no elections bought with corporate cash, no countries in which the upper one per cent of the rich receive more that the poorest 50 per cent, no monopolies seeking to corner the world’s diminishin­g resources, backed by government­s with large armies and military bases around the world, acting with the assumed freedom to break any internatio­nal law.

Perhaps Watson’s most egregious comment was “Business people can get together and conspire to fix the market, raising their profit by creating artificial scarcity of their product.” Does Watson really think that this is how monopoly capital works, and that there is no connivance between rich corporatio­ns and their government­s to access and control scarce resources, no resulting acts to overthrow or control government­s of countries with resources, no attempts to keep wages and working conditions in such countries at minimal survival levels, no murders of indigenous people who stand in their way?

Finally, Watson never explains how under his system there are repeated depression­s, why there is chronic unemployme­nt and under-employment, and why the planet is facing catastroph­ic climate change. The countries, including Canada, which contribute most to the causes of global warming are so beholden to their corporate-funding sources and backers that they will not act for the benefit of survival. Edwin E. Daniel Professor emeritus, University of Alberta Victoria

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