Globalization and technology are often referred to like a monolithic thing. A new study shows they’re very separate. Globalization increases joblessness. Computers increase inequality.
Globalization (in particular, increased trade with China) has opened the doors to more consumers and more cheap workers while labor-saving technology has created more efficient ways to serve those consumers. As a result, the businesses are bigger, but the workers’ share is getting smaller. Fifty years ago, the four most valuable U.S. companies employed an average of 430,000 people with an average market cap of $180 billion. These days, the largest U.S. companies have about 2X the market cap of their 1964 counterparts with one-fourth of the employees.
—Derek Thompson, The Atlantic (Aug. 13, 2013)
'The U.S. has the worst income inequality in the developed world' .. and it’s getting even worse ~ (from here)
Jessica Williams proposes applying New York’s Stop and Frisk policy to Wall Street bankers.
This all day.
"The system was never broken it was built this way"
the sooner you realize this, the sooner you’ll realize what you should really be mad at
this is so amazing
“In a departure from long-established practice, the recently confirmed chairwoman of the Securities and Exchange Commission, Mary Jo White, said this week that defendants would no longer be allowed to settle some cases while ‘neither admitting nor denying’ wrongdoing,” the New York Times reports.
“Ms. White said that most cases would still be settled under the prevailing ‘neither admit nor deny’ standard, which, she said, has been effective at encouraging defendants to settle and speeding relief to victims… The policy change follows years of criticism that the S.E.C. has been too lenient, especially with the large institutions that were at the center of the financial crisis.”
“There’s little doubt that extracting admissions of wrongdoing gives the S.E.C. enormous new leverage, and not just because defendants want to avoid the damage to their reputation that comes with admitting misconduct. Any admission is likely to be seized upon by private litigants in civil lawsuits, including class actions, with potentially devastating financial consequences.”
from Taegan Goddard’s Wonk Wire on rollcall.com.