August 14, 2011

The World's Middle Classes Are Boiling Mad

Thomas Friedman, New York Times

AP Photo

The merger of globalization and I.T. is driving huge productivity gains, especially in recessionary times, where employers are finding it easier, cheaper and more necessary than ever to replace labor with machines, computers, robots and talented foreign workers. It used to be that only cheap foreign manual labor was easily available; now cheap foreign genius is easily available. This explains why corporations are getting richer and middle-skilled workers poorer.

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TAGGED: China, United States, UK, Egypt, Israel

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