[ad_1]
I observed this tweet this morning:
If the UK was a US state, it might be the poorest within the nation: Mississippi wages, with Californian housing costs.
— Peter Jukes (@peterjukes) July 30, 2023
My speculation is fairly simple. Our issues are threefold.
First, we now have at all times based mostly our financial system on extracting worth, not creating it. That’s the legacy of empire, which was based mostly on this logic.
Second, within the absence of anybody else to extract worth from now these in energy search to extract worth from the nation as an entire now, somewhat than take motion to create worth. Therefore our remarkably low funding fee on this nation matched to excessive inequality.
Third, the consequence is the dominance of the monetary providers sector and rental revenue inside our financial system, each of which point out extractive exercise since neither creates added worth of any consequence.
My guess is that some work on OECD GDP datasets may illuminate this, however I doubt I’ve time to try this as we speak. If anybody else has the information although, please let me know.
[ad_2]