The last time that the pay of the rich— corporate profits and gains on speculative wealth, failed to rise for a few months in a row, a revolution ensued. The revolutionary method, now called neoliberalism, was well under way by the time that Ronald Reagan was elected to the presidency in 1980. It emanated from economic and political power— the establishment, and it relied on discrediting the central institutions of the New Deal, including the very idea of a public purpose, to impose a tyranny of capital. To date, the sentiment that this power has shifted goals, rather than tactics, is belied by the provisional nature of recent reforms.

Source: Capitalism Versus Economic Democracy, Minimum Wage Edition –

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