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Actually there is a reason for the increase recently, globalisation and the internet. While a top exec in the 1960 might be serving a few million customers, may
by cloutchaser 4y ago
Actually there is a reason for the increase recently, globalisation and the internet. While a top exec in the 1960 might be serving a few million customers, maybe tens of millions, now it is in the billions (also population has increased).
By the way, do you support the corporate raiders of the 1980s who were also extremely annoyed at how much execs got paid and fired them and reduced their pay? And they actually did it by putting their money where their mouth was and became shareholders in these companies, at great personal risk to themselves.
- Apocryphon 4y agoWhy hasn't worker pay arisen proportionally, since if they're working for multinationals they are similarly serving millions to billions? > And they actually did it by putting their money where their mouth was and became shareholders in these companies, at great personal risk to themselves. Judging by the steady growth in exec comp in Figure A of the second link, it doesn't seem like their efforts were very successful.
- cloutchaser 4y ago> Why hasn't worker pay arisen proportionally, since if they're working for multinationals they are similarly serving millions to billions? They have. In China and other assembly countries. And there’s your ultimate answer for what the actual problem is here. For Americans. Pretty good deal elsewhere.
- Apocryphon 4y agoA decade or so ago, maybe. It would appear that China is speedrunning the American postwar boom-to-bust experience. https://www.axios.com/2023/01/24/workforce-china-population-decline-economy-impacts https://www.axios.com/2023/01/24/workforce-china-population-... https://www.nytimes.com/interactive/2023/01/24/world/asia/china-unfinished-apartments.html https://www.nytimes.com/interactive/2023/01/24/world/asia/ch... https://www.cnn.com/2023/01/09/business/china-covid-tests-factory-protests-intl-hnk/index.html https://www.cnn.com/2023/01/09/business/china-covid-tests-fa...