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skeen7908

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I don't really think it's impossible Geoffrey it has been addressed in the past both by violence and democratic politically driven reform

The pendulum swings back and forth albeit slowly

Thatcher and Reagan started the current shift in the 80s who knows what will happen next to swing it back
 

Geoffrey Firmin

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What concerns me is the approach to Global Warming.

And how a Trump presidency will affect Oz relationship with China and let's not forget the Middle East.

400
 
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Journeyman

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How has globalisation improved the lot of workers in developed countries?

Depends who you consider to be a "worker". Certainly, a lot of people in IT, finance and other such industries have benefitted enormously from globalisation but, as I pointed out, it has adversely affected many people in traditional working-class or lower-skilled jobs.

To be realistic, though, the vast majority of those jobs would have been lost through increasing use of machinery and other technology, regardless of globalisation. Farming and mining, for example, used to be very labour intensive professions but they now require far, far fewer people.
 

Geoffrey Firmin

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Because Clinton did such a ******* great job there.


Iraq 2003 was all the work of King George the second and the neocons which has resulted in the cluster f..k that exists there now.
 

skeen7908

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How has globalisation improved the lot of workers in developed countries?

 


Depends who you consider to be a "worker". Certainly, a lot of people in IT, finance and other such industries have benefitted enormously from globalisation but, as I pointed out, it has adversely affected many people in traditional working-class or lower-skilled jobs. 

To be realistic, though, the vast majority of those jobs would have been lost through increasing use of machinery and other technology, regardless of globalisation. Farming and mining, for example, used to be very labour intensive professions but they now require far, far fewer people. 



Perhaps finance but that is due to the rise of "financialization" rather than globalism as such and I would hesitate to call these people "workers" as that implies they have put out some measurable product

IT well I guess it didn't really exist until the 80s so problematic as well


Your second paragraph is correct.
The issue is that the productivity gains from technology have been harvested by the owners of capital rather than being redistributed by government

This redistribution is of course inevitable particularly as labour becomes more and more worthless
 
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smeggett

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Your second paragraph is correct.
The issue is that the productivity gains from technology have been harvested by the owners of capital rather than being redistributed by government

This redistribution is of course inevitable particularly as labour becomes more and more worthless

From what I've read, if you could flash back to the late 20's and early 30's when mechanized farming was becoming a thing something like 90% of the US workforce was employed in farming and it was going to be the end of the worker. As it happens the new technology of the time created a demand that never existed previously - although these changes are never easy this is what we are now seeing with the current changes in the world economy (transfer of manufacturing and white collar work from first to second or third world countries). What will replace it? I can't say, and I expect no one could have in 1930 either...

As for the redistribution, it goes straight into land value (economic rent) - which directly impacts house pricing. Henry George had a lot to say on this back in the 19th century and the principle hasn't changed since then.
 

skeen7908

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Yes good point

Broad based Land tax would probably be the most progressive economic change that could be easily and realistically implemented in Australia

Of course economics is finally coming around to MMT and increasing government fiscal freedom will be the next major economic inflection point to bring back inflation and wage bargaining power
 

Geoffrey Firmin

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God is dead. Marx is dead. And I'm not feeling well myself now.
 

skeen7908

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Found this which really says it all

Labour's/Wages share of GDP. Small spikes during stock market crashes and financial crises, but otherwise in free fall

wages-GDP5-16a.png
 

am55

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Found this which really says it all

Labour's/Wages share of GDP. Small spikes during stock market crashes and financial crises, but otherwise in free fall

wages-GDP5-16a.png
Could also be that the economy is vastly more productive.

Say your hour of labour pays $5 and produces $10 worth of value. 30 years later (but using the same dollar) it pays $100 and produces $1,000 worth of value. The share has gone from 50% to 10% but you are 20x as rich in absolute terms.

If you want to make the argument that a higher share of value being captured by the capitalist as opposed to the worker is a problem, you need to demonstrate that the value produced has not increased in proportion or more.
 

TheWraith

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Because Clinton did such a ******* great job there.


Like Dubya did any better? He's largely responsible for much of the mess over there and Hillary wasn't even President! Blame for the current state of the Middle East largely lies elsewhere.
 
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Terminator

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@md2010 I went into Mappin & Webb yesterday. The SA said the price increase was largely because of the gbp but also there were (apparently) four previous price increases in the Eurozone which hadn't been psssed on previously. The SA said that the uk is still the cheapest place to buy a Rolex at rrp.

The SA said they have 50 people on their waiting list for a Daytona and are being given about four a year at the moment!
 
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md2010

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Thanks @Terminator
I plan to visit London next year. Maybe pick up a BLNR minus vat. Is BLNR usually in stock?
Based on the waiting list the chance of getting a Daytona is about 12 years
1f612.png
.
 
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