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Event's theme: Andrei+Markevich

UPCOMING EVENTS
Thu, 29 April 2021 | 19:00 — Thu, 29 April 2021 | 20:30 | , Zoom, Youtube (online)

Online lecture by Robert Allen «When Capitalism Works and When it Doesn't»

Capitalism often works as an engine of economic growth, but it doesn’t always generate rising incomes for most people. The history of the leading capitalist economies – the UK and the USA – over the last four centuries divides into four phases. In two of them, capitalism ‘works’ as wages in general rose at the same rate as output per worker, while in the other two periods the gap between high and low wage jobs exploded and the average wage stagnated even though output per worker was increasing. These long cycles are traced back to the interplay between technical change, the labour market, and globalization.