Riding high in a workers’ world

IN THE POPULAR imagination the past four decades were wonderful for the owners of capital and miserable for labour. The rich world’s workers endured competition from trade, relentless technological change, more unequal wages and tepid recoveries from recessions. Investors and companies enjoyed expanding global markets, liberalised finance and low corporate taxes. Even before covid-19, this caricature of broken labour markets was mistaken. Today, as the economy emerges from the pandemic, a reversal of the primacy of capital over labour beckons—and it will come sooner than you think.