James Manyika

So for those people, it hasn't worked out so well, actually, to the social contract.

And then on the savers side,

People, as savers are, very few people now can afford to save for the future.

One of the things that you see is that the growth of indebtedness in the 21st century so far has gone up for most people, especially middle-wage and low-wage households and people.

Their ability to save for the future has gone down.

What's interesting is it's not just that the levels of indebtedness have gone up,

But it's the fact that the people who are indebtedness look a little bit different.

They look, they're younger.

They're also, in many cases, college educated, which is different than what you might have seen 25 years ago in terms of who was indebted and what do they kind of look like.

And then finally, just to finish, the 21st century in the social contract sense also hasn't worked out very well for women who still earn less than men, for example, and don't quite have the opportunities as much as others, as well as for people of color.

It hasn't.

They still earn a lot less.

Employment rates are still much lower.

Their participation in the economy, as any of these roles, is also much less.

So you get a picture that says,

While the economy has grown and capitalism has been great, so far in a social contract sense, at least, by these measures we've looked at, it hasn't worked out as well for everybody in the advanced economies.

This is a picture that emerges from the 23 OECD countries that we looked at.

And the United States is on the more extreme end of most of the trends I just described.

Yeah, it is true.

So one of the wonderful things about the 21st century is, in fact, close to a billion people have been lifted out of poverty in those roughly 20, 25 years, which is extraordinary.