The Future of Democratic Capitalism: A Discussion with Martin Wolf
New Books in Critical Theory
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The Long-Term Structural Shifts
The industrial working class, a crucial element in the post-war settlement, became much smaller. The demand for people with university degrees increased rapidly relative to those without it. Deregulation of labor markets and elimination of exchange controls all changed economy along with acceptance of Milton Friedman Doctrine about role of company as shareholder value maximization. These things together changed how the capitalist economy operated in a way that favored financial interests,. In 2021, GDP per head is more than 30% lower than it would have been if pre-financial crisis trends had continued.
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