For the past quarter century, capitalism in the advanced economies has moved forward in an impressive but not inclusive fashion. The winners are clear. First, it is industries that trade outside of their own local area, such as pharmaceuticals or software. These innovate and upgrade in order to compete broadly and achieve large scale. They have prospered relative to dispersed industries, such as local banking or healthcare provision, that don’t trade outside their own area. Second, it is workers who are asked to use their creativity to engage in independent judgment and decision making at work. Such workers have high job security and have experienced healthy wage growth. This is in stark comparison to those who are asked to carry out routine intensive, repetitive tasks who not only feel intense wage pressure but also have little or no job security.
Read the full article at the Huffington Post.