A Quote by Guy Standing
Globalisation, technological change, and the move to flexible labour markets has channelled more and more income to rentiers - those owning financial, physical, or so-called intellectual property - while real wages stagnate.
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Globalisation began what should be called the Great Convergence, creating a globalising labour market in which wages in emerging market economies slowly converge with wages in rich economies, generating a steady drop in real wages across Europe.
Successive governments in the U.K. have worked to create a more flexible labour market, which also meant labour insecurity. They allowed wages to drop and non-wage benefits to shrivel, creating worse inequality than statistics reveal.
For the typical Americans, most of their income comes from wages. So, for people making less than $1 million a year, about 70% of their income comes from wages. But for those making more than $1 million, for the top 0.3%, it's the opposite.
Much more should have been achieved by a Labour Government in office and Labour pressure in opposition. Against the dogged resistance to change, we should have pitted a stronger will to change. I conclude that a move to the Left is needed.
Financial globalisation and Islamist globalisation are helping each other out. Those two ideologies want to bring France to its knees.
Private property works like circuitry in electronics, or piping in hydraulics. It conveys wages to the owners of labor power, as well as the various forms of nonwage property income to the owners of capital. In itself, it is no more responsible for maldistribution of purchasing power than the science of bookkeeping is responsible for bankruptcy.
Owning the intellectual property is like owning land: You need to keep investing in it again and again to get a payoff; you can't simply sit back and collect rent.
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
If you want to get wages up in America for middle income Americans, there's only one way I know how to do that in real terms... by having more businesses want to hire more people.
Numerous studies have shown income inequality growing since the late 1970s. Real earnings have fallen for many families, with globalization, the decline of unions and technological innovations eroding workers' wages.
It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder or more efficiently, saving more, investing more, and producing more.
It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour. It is not, accordingly, in the richest countries, but in the most thriving, or in those which are growing rich the fastest, that the wages of labour are highest. England is certainly, in the present times, a much richer country than any part of North America. The wages of labour, however, are much higher in North America than in any part of England.
Under neoliberal governance, workers have seen their wages stagnate and their working conditions and job security become more precarious.
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.
One of the most constant aspects of American life is change - and nowhere is it more evident than in our financial markets.
It's hard to improve our schools. It's hard to redistribute wealth created by the concentration of technological and financial power or to increase middle-class wages. But it might be easier to lower middle-class costs by building more housing.
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