The social contract established in the New Deal and bolstered through the 1970's promised workers a certain return on their invested labor: if you work hard – thereby contributing to economic growth -- you are entitled to job security, improved living standards, and a secure retirement.

The decimation of organized labor, combined with the rise of laissez faire capitalism and a global economy, has changed all that. Although productivity has increased in the U.S. by over 50% since 1980, wages for non-managerial workers have remained flat, and compensation for the lowest-paid workers have even gone down. This has produced levels of wealth inequality not seen since the Gilded Age. As globalization and outsourcing appear only likely to increase, there is profound worker insecurity about wages, job security, retirement, affordable health care, etc.

This need for a revitalized social contract for American workers needs to be considered in conjunction with the needs of workers around the world, many of whom have little or no buffer against the shifting tides of global capitalism.

The Nation Magazine had an interesting forum on this topic, entitled "Taming Global Capitalism Anew," on April 17, 2006. Some of the authors who participated have agreed to post their solution ideas here as well.