Why Isn't the Globalization of Labor a Boon for Capital?

The video discusses the impact of technology on capital owners and workers, challenging the notion that technology solely benefits capital. It highlights the role of unions in the economy, noting that while they protect certain workers, they can also lead to lower wages for non-union members. The weakening of unions is seen as beneficial for non-union workers. Additionally, the video argues that technology often raises wages by increasing productivity, as seen in the construction industry.

How does the speaker challenge the common belief about technology's impact on capital and labor?

• By suggesting that technology has harmed both capital and labor equally.

• By claiming that technology has no impact on the economy.

• By arguing that technology has not been a boon for capital as expected.

• By stating that technology has only benefited capital owners.

What is the primary role of unions according to the speaker?

• To eliminate labor cartels.

• To increase competition in the economy.

• To reduce wages for all workers.

• To protect certain sectors from competition.

What is one effect of weakening unions mentioned in the transcript?

• It has no effect on the economy.

• It benefits union members.

• It leads to higher wages for all workers.

• It is detrimental to union members but beneficial for non-union workers.

How has technology impacted the construction industry according to the speaker?

• It has decreased productivity.

• It has made construction workers less skilled.

• It has increased productivity and wages.

• It has had no impact on the industry.

What is the speaker's view on the relationship between technology and worker wages?

• Technology often helps increase worker wages.

• Technology only benefits capital owners.

• Technology has no effect on worker wages.

• Technology always reduces worker wages.