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The rise in inequality also corresponds to the availability of "cheap" personal credit. The availability of credit also corresponds to a decreased rate of rise
by youdontknowtho 9y ago
The rise in inequality also corresponds to the availability of "cheap" personal credit.
The availability of credit also corresponds to a decreased rate of rise in wages.
It's almost like the two are linked. Stop paying people more and give them loans instead.
- pdfernhout 9y agoThat's exactly what happened. To keep the system working given both rising inequality and rising productivity, the money was loaned to workers instead of provided as salary; see Richard Wolff: http://www.mediaed.org/transcripts/Capitalism-Hits-the-Fan-Transcript.pdf http://www.mediaed.org/transcripts/Capitalism-Hits-the-Fan-T...