Corporate profits are lower, but this time around companies aren’t responding by laying off workers. This hints at a further power shift from capital to labour.
In the 1970s, one-third of workers were unionised, although back then the US economy was more industrialised than it is today, when just 5 per cent of private sector employees are unionised. For now, white-collar workers have some sway, and that’s destroying capital as office tower valuations are being slashed by staff staying home.
