00:00Between 1948 and 1979,
00:03your hourly pay moved in perfect lockstep
00:06with your total economic output.
00:09That connection shattered in 1970,
00:12when a legal theory redefined
00:14the entire American corporate profit structure.
00:17Economist Milton Friedman argued
00:20that a company's only social responsibility
00:22is to maximize its investor profits.
00:26This doctrine legally transformed workers
00:29from essential partners
00:30into expensive liabilities
00:32on the corporate balance sheet.
00:35While your collective productivity climbed 60%,
00:38your real hourly pay grew only 17-meter percent.
00:43The massive surplus value you created
00:46was redirected into stock buybacks
00:48and huge executive bonus packages.
00:52Corporations began firing thousands of loyal employees
00:55just to trigger a temporary spike in stock prices.
00:59Efficiency gains no longer by you leisure time
01:02or a higher standard of living in today's economy.
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