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... Münchau thinks it means.

To say: "The wage bill - wages' share of GDP - has fallen in the majority of industrial states since the 1970s. One of the reasons for it is surely globalization, as it brought with it more wage competition."

... is to say that the policies directed to reducing wage share were successful in reducing wage share.

Why the success of a set of policies typically called "globalization" in having the wage share impact they are aimed at would imply that a set of policies aimed at a different outcome would therefore fail ...

... seems most likely from the propaganda of globalization as being something akin to a natural process as opposed to a set of policies aimed at reducing the aggregate wage share of transnational production areas.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Sep 1st, 2013 at 01:26:37 AM EST

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