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Read this interesting essay written by DEREK THOMPSON
For centuries, experts have predicted that machines would make workers obsolete. That moment may finally be arriving. Could that be a good thing ?
The end of work is still just a futuristic concept for most of the United States, but it is something like a moment in history for Youngstown, Ohio, one its residents can cite with precision: September 19, 1977.
For much of the 20th century, Youngstown's steel mills delivered such great prosperity that the city was a model of the American dream, boasting a median income and a home ownership rate that were among the nation's highest. But as manufacturing shifted abroad after World War II, Youngstown steel suffered, and on that gray September afternoon in 1977, Youngstown Sheet and Tube announced the shuttering of its Campbell Works mill. Within five years, the city lost 50,000 jobs and $1.3 billion in manufacturing wages. The effect was so severe that a term was coined to describe the fallout: regional depression.
Youngstown was transformed not only by an economic disruption but also by a psychological and cultural breakdown. Depression, spousal abuse, and suicide all became much more prevalent; the caseload of the area's mental-health center tripled within a decade. The city built four prisons in the mid-1990s—a rare growth industry. One of the few downtown construction projects of that period was a museum dedicated to the defunct steel industry.
The future will tell us whether or not this pans out as he envisions. What does SN think will happen ?
Original Submission
(Score: 0) by Anonymous Coward on Friday June 26 2015, @08:34AM
At latest when all resources are used up. Because capitalism depends on continuous growth, and growth depends on the availability of resources.
(Score: 1) by khallow on Friday June 26 2015, @12:50PM
At latest when all resources are used up. Because capitalism depends on continuous growth, and growth depends on the availability of resources.
So right there. we're good for at least half a billion years until the Sun goes nova. Because the only resource for which availability really matters is energy. For everything, you just need more energy, assuming you're not recycling efficiently. And as long as the Sun shines, we have energy.
(Score: 2) by curunir_wolf on Sunday June 28 2015, @03:27PM
At latest when all resources are used up. Because capitalism depends on continuous growth, and growth depends on the availability of resources.
That is incorrect. The current US system (referred to as "capitalism"), which relies on fiat currency, Central Banking and Keynesian economics with a large amount of entitlements paid by borrowing from a central bank, DOES require continuous growth. Capitalism itself is fine with deflation and recessions, it helps to shift the way capital is invested. Deflationary periods also serve to help the poorest in the economy, while inflation continuously serves to accrue benefits only to the banks and owners of large amounts of capital.
I am a crackpot