Great Regression
The Great Regression refers to worsening economic conditions affecting lower earning sections of the population in the United States, Western Europe and other
The Great Regression contrasts with the "Great Prosperity" or
Examples
Some of the trends making up the great regression pre-date 1981. Such as stagnating wages for production and non-supervisory workers in the U.S. private sector; real wages for these workers peaked in 1973. Or the divergence in increases of productivity and pay for such workers: these two factors tended to increase in "lock-step" until about 1973, but then diverged sharply, with productivity increasing massively over the following decades, while pay stagnated. The breakdown of Bowley's law, the apparently near fixed proportion of economic output going to workers, is another enduring change which began around the mid 1970s.[3]
Causes
See also
- 2000s commodities boom
- Great Recession
- Great Recession in the United States
- Financial crisis of 2007–08
- Late capitalism
- Savings and loan crisis
- Share repurchase
- Stock market crash
- The Great Stagnation
References
- ^ New York Times. Retrieved September 6, 2011.
During periods when the very rich took home a larger proportion—as between 1918 and 1933, and in the Great Regression from 1981 to the present day—growth slowed, median wages stagnated and we suffered giant downturns. ...
- ^ New York Times. Retrieved September 6, 2011.
Wages, pensions, unemployment insurance, welfare benefits and collective bargaining are under attack in many countries as governments struggle to reduce debts swollen partly by the cost of rescuing banks during the global financial crisis.
- ^ ISBN 9781780747491.
- ^ Sam Pizzigati and Chuck Collins (February 6, 2013). "The Great Regression. The decline of the progressive income tax and the rise of inequality". The Nation.