Since the early 1970s, workers' wage increases came to an end, their benefits and job security shrank, and government supports for average people came under conservative attack. These increasing burdens were justified as absolutely necessary to enable more investment and therefore greater economic growth. A bigger economic pie would then provide more for everyone including workers.
While workers' conditions deteriorated, capitalist surpluses and profits soared and stock markets boomed. Income and wealth were redistributed from poor and middle to the rich. But the promised results never materialized: neither more investment nor greater economic growth.
onsdag, december 29, 2010
Richard D. Wolff om bakgrunden till krisen, i Monthly Review: