Report
Three trend breaks since the 2008 crisis in the global economy and in the OECD economy: How are they related to each other?
Since the 2008-2009 crisis, there have been three trend breaks in the global economy and in OECD countries’ economy: A significant skewing of income distribution in favour of profits and at the expense of employees; A marked decline in the weight of industry in the economy; A rise in the private sector savings rate. How are these three trend breaks related? The skewing of income distribution in favour of profits and at the expense of employees automatically leads a rise in the private sector savings rate (profits are part of savings while only a small share of wages was saved); The decline in the weight of industry transfers jobs to services, where employees' bargaining power is weaker, which contributes to the skewing of income distribution.
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Natixis
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Patrick Artus
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