So, we need to change global capitalism because all the wonga’s going to profits these days, not wages. The problem with the analysis is that the statement about all the wonga going to profits is simply wrong.
Profits as a share of GDP in almost all western countries are at record highs,……
This just isn’t true. The actual figures are here.
The labour share of income has fallen, yes. That’s because the tax share of income has risen. The profit share isw around and about its long term average for the UK.
Hotton is working from incorrect facts. Thus, of course, his solution is the wrong one.