The New Economy of Fealty
Since the late twentieth century, most employment growth has come in services, particularly personal services – a pattern that looks like a reversal of a previous historical trend. Indeed, the element of personal dependence that many of the new service jobs imply is a throwback to the preindustrial world.
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PRINCETON – Since the 2008 financial crisis, most industrial economies have avoided anything like the collapse that occurred during the Great Depression of the 1930’s. But, despite large-scale fiscal and monetary stimulus, they are not experiencing any dramatic economic rebound. Moreover, the pre-crisis trend of rising income and wealth inequality is continuing (in marked contrast to the post-Great Depression period, in which inequality declined). And survey data show a rapid decline in people’s satisfaction and confidence about the future.