Private ownership of capital is the defining feature of most of the world's economies. The conflicts between the owners of capital and the laborers who operate it for them defined two centuries of history. Not for nothing did Karl Marx title his indictment of industrial economies, simply, Capital. Yet the nature of capital changes with time and technology. The world may soon face a new era of conflict between labor and capital, based on a relationship between the two far different from that which animated Marx.
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