Lendasat on Nostr: In 1971, money became fiat. Credit expanded, inflating assets, not wages. Firms ...

In 1971, money became fiat. Credit expanded, inflating assets, not wages.

Firms focused on shareholders, not workers.
Easy credit masked stagnant pay.
Globalization and automation cut labor power.

Productivity continued to soar, but gains flowed to capital, not compensation.

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Can someone explain this?

What happened in 1971 that caused productivity and compensation to decouple?