Many thanks to SWLing Post contributor, Dave (K4SV), who shares the following video:
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It is always stunning to see how many people where crammed in the factories, at least into the 1950s. This had to drive up the prices and drive down the wages. But there were many jobs for less qualified workers.
These days we employ a much smaller workforce that produces much more and complex products. As China and many 3rd world countries have much cheaper and mostly less qualified people, the industrialized countries have lost most of these jobs. That meant de-industrialization and the loss of many lower-qualified jobs in other areas.
The end effect: Without a higher education you have quite bad chances to get a well-paying job. This is tragic in countries where higher education is organized privately and therefore very expensive. But there are states that consider education an important investment into their future.
Other difference: as I remember a few years ago there was an article about the differences between the wages of the average workers and the CEOs at the top 500 (US?) companies in the ’50s and now: that time difference was 4x and now 400x.
As long as the cost of education is born on the beneficiaries the system will work. But today business externalizes costs to the workers (and consumers) this will fail.