Polycrisis and Labour Share Apocalypse
In other words, the wealth of the US and much of the rest of the world by way of US markets is riding high on a vision in which the balance between capital and labor is upended in the next half century.
It hasn't happened, but this chartbook link does provide a prediction that its possible:
In the graph below, the BIS becomes the latest authoritative body to calmly contemplate a future, driven by the US-centric AI boom, in which the labour share of income collapses to 20 percent over the next forty years. In other words, the wealth of the US and much of the rest of the world by way of US markets is riding high on a vision in which the balance between capital and labor is upended in the next half century.
Tooze's reflection on the second 250 year period of the US is provocative, and invokes a vision of epochal change.
He brush strokes history and competing global dynamics, the world we know, will not exist as it is.
The conflict between labour and capital will unfold in a landscape of ubiquitous surveillance, automation, machine intelligence and authoritarianism.
https://adamtooze.substack.com/p/chartbook-456-alien-v-predator-or
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