- "We believe that the crisis may have irreversibly changed the behaviour of companies in OECD countries in two areas:
• policy of self-financing investment, and not depending on external financing; this is due to the problems created by the bank credit crunch and the freeze-up of financial markets in the aftermath of the Lehman bankruptcy, and implies striving for higher profitability, hence distortion of income sharing to the detriment of wage-earners, both by looking for productivity gains and by squeezing wages;
• acceleration of offshoring and hence the deindustrialisation of OECD countries (even in Germany, which is nevertheless less affected than the other countries), through the search for the lowest production costs to improve profitability, and due to the expected widening growth gap between emerging countries and OECD countries."
- "These two trends are very unfavourable to wage-earners' purchasing power: distortion of income sharing in favour of profits, accelerated destruction of industrial jobs, which are more skilled and pay higher wages than the average job."
• policy of self-financing investment, and not depending on external financing; this is due to the problems created by the bank credit crunch and the freeze-up of financial markets in the aftermath of the Lehman bankruptcy, and implies striving for higher profitability, hence distortion of income sharing to the detriment of wage-earners, both by looking for productivity gains and by squeezing wages;
• acceleration of offshoring and hence the deindustrialisation of OECD countries (even in Germany, which is nevertheless less affected than the other countries), through the search for the lowest production costs to improve profitability, and due to the expected widening growth gap between emerging countries and OECD countries."
- "These two trends are very unfavourable to wage-earners' purchasing power: distortion of income sharing in favour of profits, accelerated destruction of industrial jobs, which are more skilled and pay higher wages than the average job."
Natixis Flash Economics 422 20100827
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