The real challenge is to transform the economy to become more competitive and productive. Technology is pushing the pace. Internationalization brought the pace of change to Main Street. Companies are caught in a vicious circle, because if everyone's wages are lowered around the world, there isn't going to be anybody to buy their goods and services. So far, workers have felt the brunt of this trend, he says.
Consumers have the short-term benefit of lower prices.
But consumers are also workers, so their ability to buy is being constrained. What companies do about it will be one of the more fascinating things to watch. A hundred years ago, when the industrial age took hold, there were few regulations to protect workers and consumers, he notes. We're jumping back 100 years in terms of our ability to protect consumers and ensure that citizens can hold business and government accountable. Visit these related Globe sites.