字幕表 動画を再生する 英語字幕をプリント For 40 years, the U.S. led global economy has produced an enormous improvement in human welfare. Since 1981, the proportion of the world's population living in extreme poverty on less than a $1.90 per day has fallen from 42 percent ,to 10 percent. But in countries with advanced economies, inequality of income and wealth has surged. And nowhere has it surged more than in the U.S. where reliance on free market forces has been strongest. That magnifies rewards for those at the top and leaves most others behind. The trend helps those with higher levels of education and hurts the less educated. It lifts residents of major cities while leaving those in small towns behind. For growing numbers of Americans it's just harder to get ahead. Why is this happened and what are the consequences? Here are five causes. The digital revolution creates enormous wealth for those with the skills and preparation to take advantage. But it eliminates what economists call "middle-skill jobs." Computer software and industrial machines now fill roles from clerical tasks to routine manufacturing that once produced middle class incomes for workers without college degrees. One of those forces is technological progress that has increased the value of an abstract problem solving, interpersonal communication or organizational skills. Things that highly educated workers tend to be very capable of and has simultaneously devalued a lot of cognitively intensive but repetitive tasks in offices and production lines and so kind of hollowed out the set of job activities available to non-college workers and sort of pushed them arguably downward into personal services, food services, cleaning, security, transportation, repair where their skills are more interchangeable with other workers and where there is less of a return to experience over the lifecycle. And so that has contributed downward pressure and wage pressure and economic insecurity for the less educated. So it's really kind of created a great world for the highly educated and a much less economically secure and inviting world for people who don't have high levels of education. Competition from emerging economies like China's combined with reduced trade barriers have further reduced prospects for workers without advanced skills. That's had devastating consequences in sectors such as textiles and furniture and leather goods. The biggest economic story of really of the century and certainly of the last 50 years has been China's rise. China going from a poor and backward country in perpetual political and economic crisis to a frontier manufacturer with pretty well-educated, highly available skilled labor using modern technology. So China marched up the productivity technology frontier between 1980 and the present at a rate almost unseen in history and because it was so vast, because it had so many people, so many resources, so much land, it could become you know a manufacturer for now at this point more than 20 percent of all world manufacturing value added. And that's not just a function. That's not a function of trade deals. That's primarily a function of internal developments in China. The decision to allow free mobility of labour to adopt Western technology and foreign direct investment and to start trading with the world. And that had a big effect on United States even in the 90s. But when China joined in 2001 that further opened the floodgates. And that had a dramatic accelerant effect on the rate at which competition entered the U.S. market for manufactured goods. And the rate of decline of U.S. manufacturing employment as a result of that. Over the course of just seven years about 20 percent of all U.S. manufacturing jobs disappeared. And then they fell it fell by another cumulative eleven percentage points during the Great Recession. So effectively one-in-three manufacturing jobs no longer existed that had existed around 2000. Breakthrough firms such as Apple and Amazon now attract revenue across the world, which produces immense jackpots for the executives who lead them. And for the American cities they call home. You create the innovation and you have the global product market. You're going to have much larger earnings than in a previous generation. There is increasingly divergence and economic growth and economic outcomes across places in the U.S.. And so there are just you know along with these superstar workers and these superstar firms when you have superstar cities in our increasingly winner take all economy. Meanwhile, the share of workers represented by labor unions has dropped by half, shrinking their power. The lowest paid workers have seen the buying power of the minimum wage drop as the government has not increased it to keep pace with inflation. Fewer than 70 percent of men with a high school degree or less are working. The eroded value of the minimum wage in many cases, the decline in unionization, things that have otherwise sort of hurt workers bargaining power in ways that amplified their weakened bargaining power are just coming from these external forces where they were already competing with technology or workers from lower wage countries for example. The shifting power balance has rewarded the wealthiest even more through policies in government and private institutions. From tax changes that increased their income to college admissions procedures that opened doors for their children above others. Actresses Felicity Huffman and Lori Loughlin are headed from the red carpet to federal court. 13 parents and one coach who have pled pleaded guilty. The market incentives inequality creates for hard work and risk taking helps make America's economy dynamic but it also imposes costs. You need some inequality. The problem is when that dynamism at a point in time gives rise to dynasticism such that the next generation doesn't get an equal footing. Such that kids of affluent parents even if there are mediocre talent get to go to the best schools and get access to the you know the most after school investment, the most training and so on. And you know talented kids from less affluent families don't get to go to these schools. They don't get invested in in the same way. And that's a loss for all of us. That's not just a loss for them. That means our society will be less productive. And it fuels the nonstop turmoil in American politics. Voters have thrown out the party in control of the White House or one chamber of Congress in six of the past seven national elections. 2020 promises to be just as contentious. I think we're seeing that loud and clearly in the sort of politics of the past few years. People are increasingly likely to report that they believe the system is rigged against them. This is damaging both for the functioning of our democracy. But I actually think also for the functioning of our economy. We're going to see people in increasing numbers sort of dropping out of our mainstream climb to economic success and so we've got this economic malaise. And now we have this social malaise going along with it. And and it's leaving the political I mean large, loud political cries for completely, I think, upending our capitalist system.