Global
Inequality has reached excessive levels and globalization is not dead
By David Crane Jul. 17, 2017
If the pace of technological change is accelerating, as many expect, and if we are moving to an even more insecure gig-type economy of freelance workers, then we need to come up with some good answers if we want a more inclusive society.
Protesters pictured at the G20 in Hamburg, Germany. David Crane says inequality has already reached excessive levels, globalization is not dead, technology is advancing rapidly, and the world does not have much time to act. Photograph courtesy of Wikimedia Commons
TORONTO—History tells us that the only way over time to raise individual living standards is through sustained increases in productivity. And for a long time, our incomes did rise as productivity rose, leading to rising living standards. But over the past quarter century, that link has been broken. Workers’ wages are no longer keeping up with productivity gains—a bigger share of the gains are going to shareholders, the owners of capital, while pay increases for workers are much
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