Are we entering a new era of wealth redistribution? Or will the imbalances between capital and labour that have characterised the past half century of economic history linger on?It’s a question worth asking, particularly in the US, as inflation bites and midterm elections loom.
A little over three years ago in this column, I argued that we were leaving the era of wealth accumulation that began with the Reagan-Thatcher revolution and moving to a new era in which the balance of power between capital and labour would shift somewhat in the direction of the latter.
Putting aside the UK’s new prime minister Liz Truss, who seems to want to bring back the 1980s, I think we are finally entering the post-neoliberal era, particularly in the US, where the power imbalances are most pronounced.