Monday, Mar 04, 2013
Tax? That's not for us...
Corporate profits have soared, in the last decade especially, particularly because of three things: Globalization has pushed down the cost of labor available to multinational corporations; technology has allowed companies to make more with fewer workers, in general; and Big Finance has gobbled up the economy, as the banks' share of total corporate profits has tripled to about one-third since the middle of the last century, according to Evan Soltas.
No wonder the gap between the top one per cent and the rest in widening, year on year. What happened to Maggie Thatcher's "trickle down effect"?
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