Labor's share of compensation dropped from 0.63 to just under 0.60. That's not 15%. >>people find it easier to imagine the end of the world than the end of cap

Labor's share of compensation dropped from 0.63 to just under 0.60. That's not 15%. >>people find it easier to imagine the end of the world than the end of capitalism. Because capitalism is literally people being secure to own and exchange what they produce. The end of capitalism would require pervasive government control to deny that right, and of course I'll assume it's Marxism that's motivating these calls, because it almost always is, and the economist who's being fawned over by leftists in the comments under this post is a Marxist. >>The CSMonitor article you linked to cites 3 reasons for the dramatic drop in world poverty, with a move to "more market-based economic systems" about the closest thing they offer to "capitalism". 1. "more market-based economic systems" is 100% "more capitalism". 2. Here are two other sources that echo the widely held conclusion that the spread of market institutions, like private property rights, played a pivotal role in the decline in poverty: https://www.ted.com/talks/paul_romer https://www.ted.com/talks/paul_romer http://www.economist.com/news/leaders/21578665-nearly-1-billion-people-have-been-taken-out-extreme-poverty-20-years-world-should-aim http://www.economist.com/news/leaders/21578665-nearly-1-bill... >>So sure, at some point during the development of a capitalist economy, you will see a stronger correlation between productivity gains and wages. However, that's not the case in the USA since sometime in the late 20th century. That is still the case with the US today: https://www.brookings.edu/opinions/sources-of-real-wage-stagnation/ https://www.brookings.edu/opinions/sources-of-real-wage-stag... If you look at advanced economies, you see Hong Kong and Singapore ranking number 1 and 2 in economic freedom indices, and having social welfare spending as a percentage of GDP far below the OECD average. And they massively closed the gap with the Nordic countries in per capita GDP, while leapfrogging them in quality of life metrics like life expectancy. You see the advanced economies massively increase social welfare spending over the last 60 years: https://ourworldindata.org/grapher/social-spending-oecd-longrun https://ourworldindata.org/grapher/social-spending-oecd-long... And you see both per GDP capita growth and wage growth stagnate over that period. By all indications, capitalism is the best ruleset for facilitating economic growth, and the experience of advanced economies like the US confirms that.