Today's date:
 
Spring 1996

Can 19th Century Capitalism Work in 2013?


Lester C. Thurow, professor of management and former dean of the Sloan School at MIT, is oner America's leading economists. His newest book, to be published in March, is entitled The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World (Morrow, 1996).

Cambridge - Everywhere in the wealthy industrial world governments are facing enormous economic pressures. Global competition from equally skilled but lower waged workers in the second and withrd worlds push wages down. A skill-intesive shift in technology is creating a group of low skilled first world citizens who cannot earn first world wages. Expenditures explode as governments attempt to finance the generous pensions and health care that the elderly have come to expect. Tax revenue lags far behind because of the slow growth central banks impose on the economy to fight inflation.

back to index