Archive for the 'Economics' Category

09
Dec
08

Definition of Irony…

On its December 8 edition of Morning Edition, NPR ran a piece on the impact of the current economic troubles on Chinese factory workers. The slowing of imports into the US has led to significant dismissal of factory workers in China.

As the US economy slows, laid off workers in our capitalist society are supported by unemployment insurance, clearly a socialist institution. Chinese workers who fall victim to this economic situation, on the other hand, face dismissal without the benefit of government support.

This is interestingly ironic in that the capitalists are taking advantage of a socialist ideal while the communists are faced with a market-driven economic outcome. Clearly, there are no pure economic systems any longer.

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