: I would argue that the people who took over managing the factories became the capitalists in everything but name.
Please see this post and this post...
: : Worker's standards of living, on the other hand, have dropped since the 1970s. Source: Business Week, 1 September 1997, pp. 66-67.
: I would argue that point. What do they define as standards of living? Does this include many of the new technologies available to them? Are they working from a bare necessity standpoint, as in just counting necessities (food, shelter, clothing)? Or do they take into account luxuries?
Wages are below 1970 standards (in real dollars); ditto family income (even though more women are working!); income gaps between rich and poor is wider than ever; home ownership is at 1980 levels; auto ownership has dropped in the last five years.
How's that (same article)?