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What Killed the Middle Class?
IainB:
Trying to understand the evolution of British politics that led to the recent "Brexit", I was watching some YouTube videos about UKIP and the role of James Goldsmith in pushing for a referendum on EU membership.
One of them was rather interesting - a US Senate hearing where Goldsmith had been invited to speak, and he mentions a lot of stuff relevant to the reduction of labour demand and incomes:
Senate Commerce Committee on GATT: 03.08.95 - YouTube
He doesn't use the term "arbitrage" for labour, but he describes it quite well, and how it has a pernicious effect on a nation's economy and tends to increase poverty.
It's caused by the blind pursuit of corporate profits. Goldsmith was (he's deceased now) an ardent capitalist too. One very smart and responsible businessman.
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