Indeed, a few corporations, such as Intel and Cisco, have recorded obscene profits. But beneath all the hype is another story. In the late 80s, a few feet of Tokyo real estate were briefly worth more than all the land in California. When that speculative bubble burst in 1989, huge losses ensued. The Wall Street Journal reported earlier this year that significant portions even of Intel s and Cisco s recent profits have come from speculation rather than sales.
Capitalism is less and less capable of coping with advances in science and technology.
Every struggle to unionize Silicon Valley s workers, raise wages and make quality housing and day care available and affordable is to be supported. But the condition of the working class in Silicon Valley shows that there cannot be real justice and just plain decency without the working class taking power and reorganizing production to meet human needs.