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He hired only who the government allowed him to hire, paid them only the wages the government allowed him to pay and received a "profit" determined by the government. Of course, true profit isn't determined by government.And Ferdinand Porsche hired labor and built what was asked for a profit./—-/ And Hiller put a gun to Ferdinand Porsche’s head and said build me a tank and a Proples Car.The Nazi's may have kept a tight grip on the markets but the system of production was fundamentally capitalist.Firms in Germany weren't genuinely privately owned, moron. Government made all the important business decisions, like what to produce, the price for it, wage rates and who worked for the firm. So-called owners were reduced to little more than glorified managers. So-called ownership is meaningless if it doesn't confer any control.After I sent him this article, Phil Mirowski also sent me this piece by Germà Bell, “AGAINST THE MAINSTREAM ,” from the Economic History Review. This article also has some fascinating findings. From the abstract:
In the mid-1930s, the Nazi regime transferred public ownership to the private sector. In doing so, they went against the mainstream trends in western capitalistic countries, none of which systematically reprivatized firms during the 1930s.
Luckily, Suresh Naidu, the kick-ass economist at Columbia, supplied me with the following graphs.
This first one, which comes from Thomas Piketty’s Captial in the twenty first century, compares the share of national income that went to capital in the US and in Germany between 1929 and 1938. Suresh tells me that the share roughly tracks capital’s rate of return.
ABOUT THE AUTHOR
Corey Robin is the author of The Reactionary Mind: Conservatism from Edmund Burke to Sarah Palinand a contributing editor at Jacobin.
All you socialist douchebags keep trying to ignore that essential fact.