Disempowered Unions Explain Economic Crisis
Harold Meyerson, The Washington Post | February 18, 2009
“Misshapen economic codependency of the US and China" lies at the heart of the economic crisis. ++ E. Asian exports are being left to gather dust in US warehouses whilst the US is paralyzed by debt accumulated to compensate for the consumers it lost through offshore labor. ++ The “dysfunctional duo” have more in common than they think, as the impotence of unions in both countries accounts for some of this mess. ++ Unions would have pushed for higher wages, creating spending power in China and avoiding credit dependency in the US.
Tags: | unions |
Chinese economy |
US economy |
US-China relations |
financial crisis |
Economic crisis |