> Marx was quite right about a key point - if capitalism is allowed to use competition between workers to drive wages down, buying power drops and the system stalls, or stabilizes with most people just above some minimum survival level. That's where we are now.
You know in heavily regulated France where we don't really do capitalism we are are at the point were most salaries have stabilized at or just above the legal minimum wage (about 1500 bucks a month).
> The US peak was in 1973.
maybe to do with the oil shock and the fact the 1st world could no longer grow on the back of cheap oil?