Capitalism Hits The Fan: The Global Economic Me... -

Wolff identifies the mid-1970s as a seismic shift in American economic history. For over a century prior, American workers' wages had risen alongside their productivity. However, starting in the 1970s, this relationship broke:

: The gap between stagnant wages and rising productivity translated into record-breaking corporate profits. Capitalism Hits the Fan: The Global Economic Me...

: Ironically, the very profits gained by keeping wages low were then lent back to the workers (via credit cards and mortgages) with interest, creating a "house of credit cards" that eventually collapsed in 2008. Why Regulation and Bailouts Fail Wolff identifies the mid-1970s as a seismic shift