SHARING THE WEALTH CL - Tapa dura

Ethan Kapstein documents how the new international economic order has torn huge holes in the social welfare net, putting workers and the economy itself at risk. The Bretton Woods system, established in 1944, set the rules of international economic cooperation for the middle of the twentieth century. As Ethan Kapstein convincingly demonstrates, its founding premises were that cooperation led to greater wealth and--importantly--that those gains would be shared equitably. The closing decades of the century have seen cooperation strengthened through the growth of trading blocs and multinational firms. But nations eager to remain competitive in the new world economy have at the same time beggared their laborers, tearing away crucial pieces of the social safety net. The predictable result, Kapstein argues forcefully, goes far beyond the alarming trends in income inequality already observed. Turning common wisdom on its head, Kapstein demonstrates that programs to ensure the health and prosperity of workers, far from expensively undermining growth, actually promote and sustain growth over the long run. Bolstering his argument with historical lessons about the dangers of dissatisfied labor, Kapstein drives home a new view of labor's share in the world economy.

Ethan Kapstein documents how the international economic order has torn huge holes in the welfare system, putting workers and the economy itself at risk. The founding premise of the post-World War II international economic agreements were that they would lead to greater wealth and that those gains would be shared equitably. The closing decades of the 20th century have seen co-operation strengthened through the growth of trading blocs and multinational firms. But nations eager to remain competitive in the new world economy have at the same time beggared their labourers, tearing away crucial pieces of the social safety net. The predictable result, Kapstein argues goes far beyond the alarming trends in income inequality already observed. Turning common wisdom on its head, Kapstein demonstrates that programmes to ensure the health and prosperity of workers, far from expensively undermining growth, actually promote and sustain growth over the long run. Bolstering his argument with historical lessons about the dangers of a dissatisfied workforce, he drives home a new view of labour's share in the world economy.