The social contract in the 21st century

The social contract in the 21st century (McKinsey Global Institute; Feb 2020; 163p)

Seeks “to help business and policy leaders to understand the forces transforming the global economy, based on studies of 22 OECD countries. Work opportunities have increased everywhere, but work security and income growth have declined or expanded unevenly.  As consumers, individuals have benefited from improved access and lower prices for discretionary goods and services, but rising housing prices and higher healthcare and education costs have absorbed 54-107% of income gains in some countries since 2002.  Young people have less secure employment, spend more on meeting basic needs (especially housing), and have just one-third of average adult wealth compared with two-thirds a generation ago.

 

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