Macq-ro insights:Income shares,from labour to capital

To the benefit of capital, there has been a 5% decline in the labour share globally since 1980, Fig 2.

We believe the main driver has been technology, facilitated by globalisation with MNCs as the main agents of change. As a consequence, MNCs have been the major beneficiaries.

MNCs are a global macro dimension needing attention. The last thirty years have seen the emergence of global oligopolistic competition. Following waves of M&A activity, the top MNCs now dominate their global markets, entrenching their position by undertaking the vast proportion of R&D in their industries. The result is the control of leading technologies and brands.

Big data studies have captured their dominance, pages 15-16.

A leading MNC has 57-66% of its assets, sales and employees overseas.