Martin Wolf on the Crisis of Democratic Capitalism
The Good Fight
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The Industrial Revolution and the Stability of Democracy
The working classes of the advanced countries achieved a level of prosperity that the serfs and peasants of all could not have even begun to imagine. How is it that technological changes undermine the persistence of that kind of industrial work and class? I think two things happened. First, productivity growth hit manufacturing in a very profound way. The second thing that has happened is an immensely powerful skill bias in new employment.
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