The North American product grew 3.5% annually in 2018 (it expanded + 5% per year in the second and third quarters of last year), under conditions of full employment (3.7% of unemployment, the lowest in 3 decades), and with an increase of real wages of its 157 million workers of 3.2% per year, the highest in 10 years.
This translates into the world’s most advanced economy (US $ 20.9 billion, 25% of the global GDP), and where inflation has disappeared (+ 1.8% per year), with a productivity that increases 2.5% per year (from the abysmal + 0.2% of 2016), at the moment it is submerged and in full deployment in a new industrial revolution, which is the fourth in the history of capitalism.
The US problem It is not the growth of your economy, which is exceptional. It is the insufficient qualification of its work force, which is the most qualified in the world, in relation to the extraordinary requirements of the new industrial revolution. That is why there is no unemployment, but there are more than 4 million jobs in the industry that are not occupied by the market of workers qualified enough to do so.
It is a lack of a new type that shows American society, an extreme form of social inequality, in an economy where everything revolves around knowledge, and therefore focuses on the qualification of the labor force.
In the last 24 months, the labor force has partially recovered the part of the GDP that it lost in the last decade (it went from 60.2% of the product in 2008 to 56.8% in 2018 / OECD); And what has been done through the increase of real income, crossed by the boom in labor participation (climbed from 60.9% to 63% in this period).
The fall in labor participation in the North American GDP was part of a long-term declining trend, whose peak (63.8%) was reached in 1970; and from there fell almost 10 points, which means that the difference was overturned to capital.
China experienced a similar process of loss of labor force participation in national income (from 60.6% in 1997 to 46% in 2007); and this underlying trend, added to the disparity in growth between the coastal provinces and provinces of the interior, and to the delay of rural incomes with respect to urban ones, produced an “unbalanced, unstable and unsustainable” economic situation (Premier Wen Jiabao / 2007).
As of 2009/2010, the real wages of workers grew by 15% / 20% per year, with a sustained economy of minimum rights of 20% or more in the same period. The result was that labor participation experienced an increase of almost 15 points in the 10 years after 2009 (it went from 46% in 2007 to 60.3% in 2017), while the reduction in poverty accelerated, which will disappear in 2020 (from the 840 million poor people in 1978).
Each new industrial revolution has caused an exceptional increase in social inequality, with an immensely disruptive (revolutionary) effect on the entire socioeconomic structure.
The fourth industrial revolution is a global and decentralized phenomenon, founded exclusively on knowledge, which exponentially increases the number of actors in the economic process. Thus, the 88,000 transnational companies that formed the axis of the third industrial revolution become 60 million in the next 10/15 years, through the large digital platforms.
Not only are they more, but they are different: they require less working capital, and do not face access barriers, while navigating digital flows, which are public, free, and instantaneous.
The new industrial revolution, like the previous three, is symbiotically accompanied by an era of social revolutions, whether induced by the state or exploited from below; and all this in a world of unprecedented prosperity.
The GDP created by the new industrial revolution will reach US $ 3.7 billion in 2025, and will double thereafter every 5 years (Davos). The question is the next social revolution, the epoch of the time. In U.S.A. that social revolution has already begun, and everything indicates that in Fra