Too Long; Didn't Read
Employees dreams didn’t come true. As <a href="https://hackernoon.com/tagged/stiglitz" target="_blank">Stiglitz</a> writes, […] In the middle of the twentieth century, it came to be believed that ‘a rising tide lifts all boats’: economic growth would bring increasing wealth and higher living standards to all sections of society […] In the ensuing <a href="https://hackernoon.com/tagged/economic" target="_blank">economic</a> and political debate, this ‘rising-tide hypothesis’ evolved into a much more specific idea, according to which regressive economic policies — policies that favour the richer classes — would end up benefiting everyone. Resources given to the rich would inevitably ‘trickle down’ to the rest […] So overall wealth increases, but this does not lead to an increase in the productive capacity of the economy or in the mean marginal productivity or average wage of workers. On the contrary, wages may stagnate or even decrease, because the rise in the share of rents has happened at the expense of wages […] Monetary policies that lead to low interest rates can increase the value of these ‘unproductive’ fixed assets […] The way in which globalisation has been managed has led to lower wages in part because workers’ bargaining power has been eviscerated (<a href="http://evonomics.com/joseph-stiglitz-inequality-unearned-income/" target="_blank">1</a>, <a href="https://www8.gsb.columbia.edu/faculty/jstiglitz/sites/jstiglitz/files/Inequality%20and%20Economic%20Growth.pdf" target="_blank">*</a>).