> Today, the poorest 20% can still afford smartphones and flat screen TVs, clothes and even vacations.
Well 1940’s being a wartime era would be a bad time to compare to. It’d be best to compare to compare to just before globalization, probably 1960’s, 70’s, or even early 80’s.
Smartphones and flatscreen TVs aren’t necessities. Sure it’s great they’re cheap but they’d be cheap anyway. Only a fairly small fraction of manufacturing costs are due to labor based on leaked iPhone costs I’ve seen that were like 10’s of dollars.
At the same time housing costs have increased massively in the last 2 decades. Worker wages in most fields have not kept apace productivity gains. It’s worse in affluent areas where “free” money has skyrocketed housing prices. Perhaps it’s not related to globalization but it seems partly due to it.
Well 1940’s being a wartime era would be a bad time to compare to. It’d be best to compare to compare to just before globalization, probably 1960’s, 70’s, or even early 80’s.
Smartphones and flatscreen TVs aren’t necessities. Sure it’s great they’re cheap but they’d be cheap anyway. Only a fairly small fraction of manufacturing costs are due to labor based on leaked iPhone costs I’ve seen that were like 10’s of dollars.
At the same time housing costs have increased massively in the last 2 decades. Worker wages in most fields have not kept apace productivity gains. It’s worse in affluent areas where “free” money has skyrocketed housing prices. Perhaps it’s not related to globalization but it seems partly due to it.