“Is that to say we are against Free Trade? No, we are for Free Trade, because by Free Trade all economical laws, with their most astounding contradictions, will act upon a larger scale, upon the territory of the whole earth; and because from the uniting of all these contradictions in a single group, where they will stand face to face, will result the struggle which will itself eventuate in the emancipation of the proletariat.”
Karl Heinrich Marx · Marx-Engels Collected Works, Vol. VI, p. 290
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In a recent post, I pointed out that US corporate profit margins (that’s profits as a share of national income) had reached record levels, 19.4%—the highest recorded in the US since the 1940s! The converse was the case for labour’s share which had fallen to a new low. If we measure the ratio of profits
Labour’s share
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