Young people lag behind in Canada's economic recovery, with rates of unemployment and underemployment still significantly above pre-recession levels. The danger is that this will have a permanent scarring effect on many youth, with long-term negative implications for both our economy and our society.
It is often forgotten that Canada still has a large “echo baby boom” youth age cohort, with some 4.4 million persons age 15 to 24 now transitioning into the paid work force. They will all be needed in a few years just to replace “baby boomer” retirees, and our economic prospects will be brighter if our future work force gains relevant skills and experience today.
This excellent book on why unions and a strong labour movement are essential building blocks of a sound economy and of a just and democratic society deserves to be widely circulated. It is accessible to individual labour activists who wish to deepen their understanding of the role of unions – both inside and outside the workplace – and should be widely adopted for use in post-secondary labour studies courses and union educational programs.
Data from the 2011 National Household Survey (NHS) which replaced the long- form census indicate that racial status remains a significant factor in shaping advantage and disadvantage in the Canadian job market and in influencing the overall level of poverty and income inequality.
Put bluntly, non-whites do significantly worse than whites, in part because of racial discrimination.
During the ordinary working of capitalism – absent the extraordinary Great Wars and Great Depression of the first half of the twentieth century – inequality, as manifested in the distribution of wealth, rose over time and promises to continue to do so.
As is well-known, the proportion of women who are active in the paid work force has grown very rapidly since the 1970s, transforming the workplace and society as a whole in the process. The rising participation rate of women was a major economic force over the past three decades in that it kept real family incomes afloat despite stagnant, if not falling, male wages.
Posted by Mariana Mazzucato · March 22, 2014 8:00 PM
While we tend to celebrate private entrepreneurship, the state is crucially important in driving and shaping innovation. The question of which economies will thrive and which will lag behind on innovation has a lot to do with sound public policy.
With an economy historically reliant on natural resources and one with high rates of foreign ownership, the role government plays is even more important for Canada.
The fact that income inequality in Canada today is significantly greater than it was 30 years ago is not in serious dispute. But there is much less agreement on the underlying causes.
It is important to look at trends in the “pre-distribution” of income by the market in the form of wages and salaries, and changes in the impact of government taxes and income transfer programs that redistribute market income from the more affluent to the less affluent.