But as China’s development enters a new era of slower growth and the country battles “involution” – a downward spiral in the economy that means people have to work longer hours for less pay – many of those internal migrants are giving up on their big city dreams.
More hours for less pay is also known as a depression. A recession is when some lose their jobs etc, a depression is when things really do get worse for all. Not accurately, not exactly, but around and about at least.
Note that UK wages have around and about flatlined this past 15 years. Not actively fallen for more working hours….
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We must also remember that China, underneath the glitz is still a command economy.
In fact it is the nearest thing to a functioning Mussolini style Fascist state that we have. All companies work for and in conjunction with the State. Xi allows these companies a bit more flexibility in what to produce.
Thus the idea of longer hours for less pay is part and parcel of the overall system. We should not be surprised when it happens. Bet the Chinese workers were, though.
‘I have, generously, written to Xi, politely offering him some pointers as to how he may improve matters in China, drawn from my own mastery of economics, physics, chemistry, mathematics, rocket science, brain surgery, phrenology and my own personal but fully costs theory of Nibiru. To date, Xi has not responded – a tragedy for the people of that nation, but etc etc’
Candidly.
More hours for less pay is also known as a depression
That’s what’s happening in Britain tho. Staff cut to the bone / offshored to Calcutta (which is worse than a man down) / and the competency crisis means an ever smaller cohort of younger Boomers and Gen X are carrying everyone else on their creaking shoulders. And everyone’s a lot poorer than 5 years ago because inflation and tax increases beat the shit out of pay rises.
Been “doing more with less” for so long it’s now the corporate equivalent of a ship’s crew boiling leather satchels for soup.
Next up: cannibalism.
Let’s not be hyperbolic Steve.
There’s plenty of soap out there.
Otto – in a red wine sauce with shallots and mushrooms served with either rice or potatoes.
Next up: cannibalism.
Muslims tend to be high fat…
>flatlined this past 15 years. Not actively fallen for more working hours….
Is that in terms of GBP or flatline in relation to some inflation metric?
“Recession is when your neighbor gets laid off. Depression is when you get laid off.”
Succession is when you get laid.