The hypothesis that we are in stagnation is flawed since it looks only at the lower socioeconomic levels in the developed countries. What happened with globalization is that the lowest socioeconomic levels in other parts of the world were lifted from poverty. So the world as a whole hasn’t stagnated.
Because of the transfer of labor to the developing world, you had stagnation for the lower and middle class in the developed world. You see the same pattern everywhere in the developed world: Japan, Europe, United States, etc... It is only the end of capitalism 1.0 if you look just there.
Automation may eventually destroy jobs but probably more will be in those developing countries. The developed countries have already partly transitioned into service economies (especially anything that is low skilled and can’t be done elsewhere).
Some developed countries seem to have de facto UBI to cope with this stagnation. However some countries have been in a malaise for decades with no real signs of uptick. This would also counter the hypothesis that plain UBI would lead to greater productivity.
I think that there needs to be much greater emphasis on supporting learning and doing (not necessarily in a university setting) to develop the greatest resource (human potential). We just need to keep leveling up.
Because of the transfer of labor to the developing world, you had stagnation for the lower and middle class in the developed world. You see the same pattern everywhere in the developed world: Japan, Europe, United States, etc... It is only the end of capitalism 1.0 if you look just there.
Automation may eventually destroy jobs but probably more will be in those developing countries. The developed countries have already partly transitioned into service economies (especially anything that is low skilled and can’t be done elsewhere).
Some developed countries seem to have de facto UBI to cope with this stagnation. However some countries have been in a malaise for decades with no real signs of uptick. This would also counter the hypothesis that plain UBI would lead to greater productivity.
I think that there needs to be much greater emphasis on supporting learning and doing (not necessarily in a university setting) to develop the greatest resource (human potential). We just need to keep leveling up.