What a splendid era this was going to be, with one remaining superpower spreading capitalism and liberal democracy around the world. Instead, democracy and capitalism seem increasingly incompatible. Global capitalism has escaped the bounds of the postwar mixed economy that had reconciled dynamism with security through the regulation of finance, the empowerment of labor, a welfare state, and elements of public ownership. Wealth has crowded out citizenship, producing greater concentration of both income and influence, as well as loss of faith in democracy. The result is an economy of extreme inequality and instability, organized less for the many than for the few.
The Fissured Workplace: Why Work Became So Bad For So Many and What Can Be Done to Improve It
by David Weil
Private Equity at Work: When Wall Street Manages Main Street
by Eileen Appelbaum and Rosemary Batt
In mid-May, The New York Times reported on appalling labor conditions in the construction of NYU’s new satellite campus in Abu Dhabi. NYU said it had a commitment from both the government of Abu Dhabi and the contractor, the BK Gulf corporation, that workers would be treated decently. But the …
In 22 percent of America’s homes with mortgages, the debt exceeds the value of the house. Young adults begin economic life saddled with student debt that recently reached a trillion dollars, limiting their purchasing power. Middle-class families use debt as a substitute for wages and salaries that have lagged behind the cost of living. This private debt overhang, far more than the obsessively debated question of public debt, retards the recovery.