Globalisation began what should be called the Great Convergence, creating a globalising labour market in which wages in emerging market economies slowly converge with wages in rich economies, generating a steady drop in real wages across Europe.

If I care for an elderly relative without payment, it is not work, is not counted in national income, and, as it is not labour, is not counted as work. Should my neighbour pay me to do precisely the same tasks, it would contribute to economic growth.

Twentieth-century welfare state capitalism was historically unique in that national income was split between wages and profits, labour and capital.

Guy Standing Quotes