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Anyone else see the 80s as the real turning point? Eyeballing the graphs ‘71 seems a stretch. Friedman, Reagan, Thatcher, were surely much more impactful. In t
by randomsearch 7y ago
Anyone else see the 80s as the real turning point? Eyeballing the graphs ‘71 seems a stretch.
Friedman, Reagan, Thatcher, were surely much more impactful. In the UK, Thatcher was the first PM to have a major impact on the country since the 1940s.
Regressive moves in taxation, privatisation, deregulation, etc are also more appealing to me as an explanation for rocketing inequality etc.
- dwd 7y agoI would consider it a continuation. Thatcher's era saw the breaking of union influence and control over employment in many industries. The few jobs that have seen year on year increases since then were those that managed to retain strong union membership such as teaching and nursing in Australia. Deregulation, market liberalisation and financial globalisation were then factors enabling the offshoring of manufacturing to lower labour cost countries. We've been talking for years now how technology and automation will be the next job destroyers but I think the flood of cheap capital is having a bigger effect. Even shareholders are getting left out due to share buyback schemes that's leaving the means for wealth in fewer hands.