Career Calling

December 11, 2014

Capital and the Future of Work

 

Buzzfeed reports on an interview between Goldman Sachs CEO Lloyd Blankfein and Andrew Ross Sorkin of the New York Times. The good news is that Blankfein recognizes the problem of inequality. The bad news is that he implies that it will get worse. He talks about a new economy that will employ labor in “new ways.” From capital’s perspective, that means the best return for investors, which has traditionally result in process improvements, automation, and offshoring. I’m not condemning Blankfein. As a leading investment banker, he is saying what he should. Working people and unions need to walk up to this reality, or the current good news on the job market will be temporary. We need a real workers’ bill of rights that provides realistic security for labor as well as capital.

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