James M. Cypher is a professor of development studies, Universidad Autónoma de Zacatecas (México), and the co-author of Mexico’s Economic Dilemma(2010) and The Process of Economic Development2009).
Articles by this author
Monday, July 11, 2011 - 9:55am
Guess Who Didn't Benefit from $2 Trillion Worth of Increased Worker Productivity
In 2009, stock owners, bankers, brokers, hedge-fund wizards, highly paid corporate executives, corporations, and mid-ranking managers pocketed—as either income, benefits, or perks such as corporate jets—an estimated $1.91 trillion that 40 years ago would have collectively gone to non-supervisory and production workers in the form of higher wages and benefits. These are the 88 million workers in the private sector who are closely tied to production processes and/or are not responsible for the supervision, planning, or direction of other workers.