Capitalism isn't working in USA, says Nobel Prize

2011-04-28 » capitalism, crisis, economy, finance, jobs, miscellanea

Poverty reduction in the Third World has been tremendous, and more is yet to come. Besides, many goods and services are less expensive than they would without globalization. However, global capitalism isn’t working for the middle class in the USA: they are struggling to find or keeps (poorly paid) jobs, while the benefits are mostly being enjoyed by the C-suite.

These would be the conclusions of a paper from Michael Spence, recipient of the Nobel Prize in economic sciences. Chrystia Freeland explains them in detail at Reuters.com.

Gee, did it take a Nobel prize to find that out? I already knew.