The hidden crime of capitalism


Michael Roberts Blog

A recent estimate was made of the economic cost of varied human action globally. The annual economic burden of smoking on health services, shortened life expectancy and illness was found to be the greatest at $2.1trn a year, closely followed by the losses from wars and armed violence around the world and by obesity.

Global economic burdens

These burdens are not just from ‘human action’ but really come from the crimes and waste of capitalism: tobacco companies promoting cigarette smoking, wars provoked by imperialism and nationalism; food companies selling ‘affordable’ junk food with high concentrations of sugar, salt and fats – and of course global warming and climate change.

But one economic burden not recorded in this list is the waste from economic recessions and depressions. The loss of jobs, incomes and assets like homes is no small beer. And the longer the slump, the greater the loss.  This is a hidden crime…

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