job polarisation

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pages: 223 words: 10,010

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

"Robert Solow", banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, job polarisation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

., Appendix 1. 108 The Times, 14 October, 1996. 109 Daily Mail, 18 April 1996. 110 In the 12 years from 1997 to 2009 alone, the proportion of the working population employed in managerial and professional occupations—from doctors, accountants, lawyers and software engineers to teachers, personnel officers, public servants and retail managers—rose from 34.7 per cent of the employed population to 43.5 per cent. Over the same period, the proportion working as plant and machine operatives fell from 9.8 per cent to 6.6 per cent. ONS, Labour Force Surveys, first quarter 1997 and 2009. 111 M Goos & A Manning, ‘Lousy and Lovely Jobs: The Rising Polarisation of Work in Britain’, Review of Economics and Statistics, 89, 2007, pp 118-33, figure 1. 112 Since 1999, there has been a slight moderation in this trend with a shift in jobs from the lowest paid decile to the second and third deciles, and a continuing, if slowing shift in jobs from the middle to the very top.

This shows a growth in the number of jobs at the top tail of the distribution—business executives, senior managers, consultants, data processors, software engineers; a smaller rise in the number of low paid jobs in the lower tail—cleaners, hairdressers, shop assistants and call centre workers; and sharp falls in the number of jobs paying middle wages in 1979—machine setters, foundry labourers, plant and rail signal operatives and a range of routine clerical jobs that have become automated.112 In the immediate post-war decades—across mature economies—there used to be more of a continuum in jobs, wages and opportunities with more intermediate, middleskill, middle-paying work that filled the gap between semi-and unskilled blue-collar and higher paying professional jobs. These provided work for a sizeable group once described by Philip Gould, Labour’s chief pollster under Tony Blair, and one of the leading advisers to the New Labour project, as ‘neither privileged nor deprived’.113 Steadily this group has been shrinking in size, eroded by ‘job polarisation’.114 The result is a country increasingly divided between the ‘privileged’ and the deprived’ with a much smaller group who are ‘neither’. The effect of this ‘vanishing middle’ is that, if people are ranked in order of their incomes, the social shape of Britain looks very different than if they are ranked by their nominal class position.


pages: 263 words: 80,594

Stolen: How to Save the World From Financialisation by Grace Blakeley

"Robert Solow", activist fund / activist shareholder / activist investor, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, basic income, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, bitcoin, bond market vigilante , Bretton Woods, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collective bargaining, corporate governance, corporate raider, credit crunch, Credit Default Swap, cryptocurrency, currency peg, David Graeber, debt deflation, decarbonisation, Donald Trump, eurozone crisis, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, fixed income, full employment, G4S, gender pay gap, gig economy, Gini coefficient, global reserve currency, global supply chain, housing crisis, Hyman Minsky, impact investing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), job polarisation, Kenneth Rogoff, Kickstarter, land value tax, light touch regulation, low skilled workers, market clearing, means of production, Modern Monetary Theory, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, payday loans, pensions crisis, Ponzi scheme, Post-Keynesian economics, price mechanism, principal–agent problem, profit motive, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Right to Buy, rising living standards, risk-adjusted returns, road to serfdom, savings glut, secular stagnation, shareholder value, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, the built environment, The Great Moderation, too big to fail, transfer pricing, universal basic income, Winter of Discontent, working-age population, yield curve, zero-sum game

Chapter Seven The Way Forward 1 This account draws on: Piketty (2013); Hudson, P. and Tribe, K. (2017) The Contradictions of Capital in the Twenty-First Century, London: Agenda; Harvey, D. (2014) “Afterthoughts on Piketty’s Capital”, http://davidharvey.org/2014/05/afterthoughts-pikettys-capital/; Mandel (1976; 1981); Harvey (2018). 2 This account draws on: Marx (1894); Mandel (1981) 3 See, e.g., Autor, D. and Dord, D. (2012) “The Growth of Low Skill Service Jobs and the Polarisation of the US Labour Market”, MIT Department of Economics. 4 This account draws on: Mazzucato, M. (2011) The Entrepreneurial State: Debunking Public vs Private Sector Myths, London: Anthem; Mazzucato, M. (2015) “The Market Creating State”, RSA Journal, vol. 2. 5 Srnicek N. and Williams A. (2016) Inventing the Future: Postcapitalism and a World Without Work, London: Verso. 6 Eagleton, O. (2017) “Criminalising Anti-Austerity in Ireland”, Jacobin, 21 April. 7 This account draws on: Baker, A. (2013) “The New Political Economy of the Macroprudential Ideational Shift”, New Political Economy, vol. 18. https://www.tandfonline.com/doi/abs/10.1080/13563467.2012.662952; Galati, G. and Moessner, R. (2011) “Macroprudential Policy — A Literature Review”, BIS Working Paper 337; Blanchard, O., Rajan, R., Rogoff and Summers (2016); Bank of England (2009) “The Role of Macroprudential Policy: A Discussion Paper” http://www.bankofengland.co.uk/publications/other/financialstability/roleofmacroprudentialpolicy091121.pdf; Kregel, J. (2014) “Minsky and Dynamic Macroprudential Regulation”, Levy Economics Institute Public Policy Brief No. 131. 8 This account draws on: Blakeley (2018a) 9 Haldane, A. (2012) “The Dog and the Frisbee”, speech given at the Federal Reserve Bank of Kansas City’s 36th economic policy symposium, 31 August. 10 IPPR (2018) 11 See, e.g., Stirling, A. (2018) “Just About Managing Demand: Reforming the UK’s Macroeconomic Policy Framework”, IPPR. 12 See, e.g., Roberts, C. and Lawrence, M. (2018) “Our Common Wealth: A Citizens’ Wealth Fund for the UK”, IPPR. 13 See, e.g., Murphy, R. (2017) Dirty Secrets: How Tax Havens Destroy the Economy, London: Verso ACKNOWLEDGEMENTS Writing a book is hard.


pages: 393 words: 91,257

The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin

Admiral Zheng, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, clean water, creative destruction, deindustrialization, demographic transition, don't be evil, Donald Trump, edge city, Elon Musk, European colonialism, financial independence, Francis Fukuyama: the end of history, gig economy, Gini coefficient, Google bus, guest worker program, Hans Rosling, Herbert Marcuse, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, job polarisation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Nate Silver, new economy, New Urbanism, Occupy movement, Parag Khanna, Peter Thiel, Plutocrats, plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Sam Altman, San Francisco homelessness, Satyajit Das, sharing economy, Silicon Valley, smart cities, Steve Jobs, Stewart Brand, superstar cities, The Death and Life of Great American Cities, The future is already here, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, We are the 99%, Wolfgang Streeck, women in the workforce, working-age population, Y Combinator

article5795. 40 Alan Berube, “Middle-skilled workers still making up for lost ground on earnings,” Brookings, October 19, 2016, https://www.brookings.edu/blog/the-avenue/2016/10/19/middle-skilled-workers-still-making-up-for-lost-ground-on-earnings/; Tavia Grant, “The continuing decline of the ‘middle-skill’ worker,” Globe and Mail, June 3, 2013, https://www.theglobeandmail.com/report-on-business/economy/jobs/the-continuing-decline-of-the-middle-skill-worker/article12303799/. 41 Enrique Fernandez-Macias, “Job Polarisation in Europe: Are Mid-Skilled Jobs Disappearing?” Social Europe, July 30, 2015, https://www.socialeurope.eu/job-polarisation-in-europe-are-mid-skilled-jobs-disappearing; Margo Hoftijzer and Lucas Gortazar, Skills and Europe’s Labor Market, World Bank Report on the European Union, World Bank Group, 2018, http://pubdocs. worldbank.org/en/115971529687983521/EU-GU-Skills-and-Labor-Markets-final-5-29-2018.pdf; Christophe Guilluy, Twilight of the Elites: Prosperity, the Periphery, and the Future of France, trans.


pages: 209 words: 89,619

The Precariat: The New Dangerous Class by Guy Standing

8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, Herbert Marcuse, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, independent contractor, job polarisation, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, Panopticon Jeremy Bentham, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional

H. (2009), ‘Analysing Social Inequality: A Critique of Two Recent Contributions from Economics and Epidemiology’, European Sociological Review, 22 October. Available at http://esr.oxfordjournals.org/content/early/2009/10/22/esr. jcp046.abstract [accessed 2 December 2010]. Goos, M. and Manning, A. (2007), ‘Lousy and Lovely Jobs: The Rising Polarisation of Work in Britain’, Review of Economics and Statistics, 89(1): 118–33. Gorz, A. (1982), Farewell to the Working Class: An Essay on Post-Industrial Socialism, London: Pluto Press. [Original published as Adieux au proletariat, Paris: Galilée, 1980.] Green, H. (2010), The Company Town: The Industrial Edens and Satanic Mills That Shaped the American Economy, New York: Basic Books.


Work in the Future The Automation Revolution-Palgrave MacMillan (2019) by Robert Skidelsky Nan Craig

3D printing, Airbnb, algorithmic trading, Amazon Web Services, anti-work, artificial general intelligence, autonomous vehicles, basic income, business cycle, cloud computing, collective bargaining, correlation does not imply causation, creative destruction, data is the new oil, David Graeber, David Ricardo: comparative advantage, deindustrialization, deskilling, disintermediation, Donald Trump, Erik Brynjolfsson, feminist movement, Frederick Winslow Taylor, future of work, gig economy, global supply chain, income inequality, independent contractor, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, job polarisation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, knowledge economy, Loebner Prize, low skilled workers, Lyft, Mark Zuckerberg, means of production, moral panic, Network effects, new economy, off grid, pattern recognition, post-work, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Steve Jobs, strong AI, technoutopianism, The Chicago School, The Future of Employment, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, Turing test, Uber for X, uber lyft, universal basic income, wealth creators, working poor

The Economic Institutions of Capitalism. New York: Free Press. 7 Attitudes to Work Pierre-Michel Menger My presentation has to do with the attitudes to work in France and Europe, mainly through the channel of the welfarist understanding of work, as it is challenged now by current and increasing job polarisation. There are two opposed characterisations of work. One highlights its instrumental, monetary value, and the other one highlights its expressive, non-monetary value. The duality of semantics articulates that quite well, opposing labour to work, burden to achievement. It is rather easy to define the negative value of work as this set of painful constraints and efforts that hamper free self-disposal.


The Making of a World City: London 1991 to 2021 by Greg Clark

Basel III, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, British Empire, business climate, business cycle, capital controls, carbon footprint, congestion charging, corporate governance, cross-subsidies, deindustrialization, Dissolution of the Soviet Union, East Village, Fall of the Berlin Wall, financial innovation, financial intermediation, global value chain, haute cuisine, housing crisis, industrial cluster, intangible asset, job polarisation, Kickstarter, knowledge economy, knowledge worker, labour market flexibility, low skilled workers, manufacturing employment, Masdar, mass immigration, megacity, New Urbanism, offshore financial centre, Pearl River Delta, place-making, rent control, Robert Gordon, Silicon Valley, smart cities, sovereign wealth fund, trickle-down economics, urban planning, urban renewal, working poor

But social and economic dislocation persists, and contributed to the events of August 2011 when London was seized by rioting in several of its inner and outer suburbs. London has, on the one hand, successfully achieved the largest proportion of highlyskilled workers of any region in the UK. But the feared job polarisation, whereby intermediate-level jobs declined and the percentage of people with a lack of key skills rose, has materialised according to London: World City’s medium-to-worst case scenario. Just as ‘a tale of two cities’ was a unifying theme for new New York City Mayor Bill de Blasio’s winning campaign in 2013, it is also set to define the political debate in London in the years to come.