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Wages Frozen in Real Terms Since 1971
For today’s article, I will discuss why wages have been frozen since the early 1970s and why work productivity within the middle and working classes worldwide doesn't benefit from the new industries.
This is because the Silicon Age, or the Information Age, which began in the early 1970s, means that productivity is no longer happening on the factory floor, and individual workers who work more efficiently and are more productive don’t get the benefits of their labour.
Instead, due to the information age and the age of technology with computers, the people who work in the tech industry are making the most in terms of wages due to nations in the 1970s onwards transitioning from industrial economies into information economies.
The people who are not highly educated and don’t work within the many tech industries are seeing their living standards decline because developed nations have access to cheap manufactured goods from foreign markets.
Which made domestic markets within the homegrown manufacturing industries decline and become unprofitable due to the cheaper labour costs within foreign nations.
Particularly China over the last 50 years since the 1970s when China started opening up after Richard Nixon, the president of the United States, visited China in 1972, which saw China…
