(Original post by Burton Bridge)
That's the capitalist version of events that the right wing have pushed on to the working class to make them believe that by looking after the system that benifits them the most, it will benifit us the most. The truth is very different, gap between the richest and poorest grows faster in unregulated capitalist economies
It may do, but the absolute living standards of those at the bottom also increase so overall standards of living increase, but the rate of growth is now sluggish and will remain sluggish.
There is no free lunch here, the world got really small very quickly and our comparative advantage re access to capital and know how has shrunk, the rest of the world can now stand toe to toe and slug it out economically with the developed West and given cheaper labour win the contest, no amount of wishful thinking re wages rates etc will buck that trend, no alternative systems will change this, this will be the 21st century story.
When the UK can produce T Shirts here and sell them into say India on similar price and quality points to those made in India you will have a totally level playing field, until that time those in lower paid work in the UK will struggle against global markets.
The big secret has always been to not do low paid work, to use education to enable higher value added outputs, but with AI now looming even that path is likely to get more difficult.
The reality is the West had a good run and has binged on world output, we will now pay the price for the next 40-60-80-100 odd years until societies around the world are more equal, until then expect slow increases in living standards at the botom of the ladder and some real nasty suffering in the middle of the ladder as that sector (to be gradually replaced by AI) gets squeezed.
These are nor UK issues they are world issues, Brexit merely tilts at the wrong windmill because it is the nearest windmill, Trump is a reflection of similar re the US, in effect, for the West, Winter is coming.