The state of world capitalism: Labor productivity up, real wages down - World Socialist Web Site
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The state of world capitalism: Labor productivity up, real wages down
6 December 2014
The Global Wage Report 2014/15, released Friday by the International Labor Organization, documents the stagnation of wages for workers in most of the advanced industrialized countries, even as productivity continues to rise. The result is an ever-rising share of income raked in by the capitalist class, while the share that workers receive from what they produce continues to shrink.
“Wage growth has slowed to almost zero for the developed economies as a group in the last two years, with actual declines in wages in some,” said Sandra Polaski, the ILO’s Deputy Director-General for Policy. “This has weighed on overall economic performance, leading to sluggish household demand in most of these economies and the increasing risk of deflation in the Eurozone,” she said.
