S02E03 - The War We Forgot We Lost

Summary

The conversation explores the topic of income inequality and the declining share of labor in the total income of society. Geoff Bertram, an economist, discusses the historical trends and factors that have contributed to this phenomenon, including neoliberal policies and the erosion of labor bargaining power. He also highlights the concentration of wealth and excessive profits in certain sectors of the economy. The conversation touches on the role of propaganda and persuasion in shaping public opinion and the need for policy changes to address inequality. The conversation explores the close relationship between capital and government, the impact of conspiracy theories and misinformation, the need for organized labor, and the potential for change through movements like Te Pāti Māori. The discussion also touches on the importance of institutions, the role of research in shaping policy, and the challenges faced by the working class. Overall, the conversation highlights the need for systemic change to address wealth inequality and empower marginalized communities.

Keywords

Income inequality, labor share, neoliberalism, wealth concentration, excessive profits, propaganda, policy changes, capital, government, conspiracy theories, misinformation, organized labor, Te Pāti Māori, institutions, research, policy, wealth inequality

Takeaways

• Income inequality has been increasing over the past few decades, with the share of labor in the total income of society declining.

• Neoliberal policies and the erosion of labor bargaining power have contributed to this trend.

• Certain sectors of the economy, including banks, supermarkets, and oil companies, are earning excessive profits.

• There is a need for policy changes, such as wealth taxes and fair pay agreements, to address inequality and redistribute wealth.

• Propaganda and persuasion play a role in shaping public opinion and maintaining the status quo. The relationship between capital and government has become so close that governments often prioritize corporate interests over the needs of the general population.

• Conspiracy theories and misinformation can lead to a disconnect from reality and hinder progress in addressing societal issues.

• Organized labor plays a crucial role in advocating for the rights and well-being of the working class, but the decline of unions has made it harder for workers to organize and demand better conditions.

• Movements like Te Pāti Māori have the potential to bring about progressive change and address systemic issues in society.

• Institutions, such as the state and churches, can provide frameworks for organizing and advocating for social change.

• Research and data analysis are important tools for understanding and addressing economic and social issues, but they need to be translated into actionable policies and supported by strong leadership.

Titles

• The Declining Share of Labor in Income

• The Need for Policy Changes to Address Inequality The Importance of Organized Labor

• The Power of Research in Shaping Policy

Sound Bites

• "Income inequality has been increasing over the past few decades."

• "Neoliberal policies have led to a steady worsening of inequality."

• "Corporations are taking a bigger share of the revenue they generate."

• "The connection between capital and government has become so close that governments often prioritize corporate interests over the needs of the general population."

• "Government is inhabited largely by good people who believe they're doing the right thing. They are deluded often in my view about what is the right thing, but they're not secretly deluded."

• "A time is coming when people will organize again. That's what brought us the 20th century."

The Employment Contracts Act 1991 and the labour share of income in New Zealand: an analysis of labour market trends 1939–2023: https://www.tandfonline.com/doi/full/10.1080/00779954.2024.2330894

Edward Bernays, Propaganda: https://archive.org/details/in.ernet.dli.2015.275553