Is there one cause of the middle-class collapse that rises above all others? Yes. The International Labor organization produced a remarkable study, (Global Wage Report 2012-13) that sorts out the causes of why wages have remained stagnant while elite incomes have soared. The report compares key causal explanations like declining bargaining power of unions, porous social safety nets, globalization, new technologies and financialization. Guess which one had the biggest impact on the growing split between the one percent and the 99 percent? Financialization!
Posted on: Wed, 24 Jul 2013 21:18:28 +0000
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