The quote discusses how globalisation, technological advancements, and flexible labor markets have led to a significant shift in income distribution. Essentially, it suggests that these factors are increasingly favoring those who own financial assets or control intellectual property rights, while leaving real wages for workers largely unchanged.
At a deeper level, the statement highlights broader economic trends where wealth accumulation is becoming more concentrated among owners of capital rather than being distributed to labor through higher wages. This phenomenon can lead to increased inequality as profits from investments and proprietary technologies surpass wage growth. The quote also touches upon the concept of "rentiers," individuals who benefit financially without actively contributing to production, further emphasizing the gap between those who control resources and those who rely on their income for living.
Guy Standing is a British economist known for his work on labor rights, social policy, and the rise of what he calls the "precariat," referring to the growing class of people experiencing precarious employment conditions. His insights often focus on how economic policies can disproportionately affect lower-income workers, leading to societal challenges such as inequality and reduced social mobility.
