On one level, they are drowning in what Georg Lukács called "false consciousness": they don't even know they're being exploited! On another level, they are the salt of the earth.
on workers
Marx achieved a psychological synthesis that enabled him to come into his own [...] it enabled him to resolve the problem of his identity. His genius enabled him to sublimate his personal dialectic into a world perspective,
the “Laffer curve” is not a new concept, but it is much cited today. The key point is that globalisation and technological change have together shifted the curve downward, so that for any tax rate the government collects less revenue.
In 1992, when the Treaty of Maastricht created the euro, it was stipulated that member states should ensure that their budget deficits would be less than 3 percent of GDP and that total public debt would remain below 60 percent of GDP.
The “stagfl ation” of the 1970s had convinced governments and people that central banks ought to be independent of political control and target low inflation as their only objective.
