by John Hayward –
A good deal of the Obama campaign is dedicated to the proposition that “profit” is evil. The quintessential Marxist formulation holds that capitalist profit is the theft of surplus labor value from workers. Obama sometimes modifies Marx to portray excessive profit as theft, while fair and reasonable profits are acceptable.
Of course, he’s the one who gets to decide what constitutes a reasonable profit margin – an entirely arbitrary decision that changes based on the nature of the industry in question, and how it intersects with political agendas. You’ll never see a chart that would bind the Left to a commitment that this industry can make 40 percent profit, while that industry is “greedy” if it shoots for more than 35 percent. [Read more…]