Interesting view from Mark Carney published in the Telegraph - might be relevant for Corbyn:
The Governor of the Bank of England has warned that massive job losses driven by technology could resuscitate Marxism in the West.
Mark Carney said that the expected automation of millions of blue and white collar jobs, bringing with it weak wage growth for those in work, may lead to the ideas behind Communism winning new fans.
“Marx and Engels may again become relevant” if technology destroys jobs, forces down pay and pushes up inequality as a new elite of highly skilled workers and the owners of high-tech machines reap the rewards of the new era, Mr Carney said.
Productivity soared 150 years ago as the industrial revolution took hold and new technology accelerated manufacturing, yet average wages stagnated for decades as machines meant the jobs created were low-skilled.
Recent years of weak wage growth since the financial crisis could indicate this 19th century experience is being repeated now, Mr Carney said.
“Workers cannot generally move seamlessly from one type of work to another in which they can be as productive, so the benefits, from a worker’s perspective, from the first industrial revolution, which began in latter half of the 18th century, were not felt fully in productivity and wages until the latter half of the 19th century,” Mr Carney told the Canada Growth Summit, noting that this stagnation in pay is known as “the Engels’ Pause”.
“If you substitute platforms for textile mills, machine learning for steam engines, Twitter for the telegraph, you have exactly the same dynamics as existed 150 years ago - when Karl Marx was scribbling the Communist Manifesto," the Governor, who is due to step down next year, said.
Mr Carney said there are also signs of “hollowing out” in the job market as mid-level workers also find computers increasingly able to do specific tasks.
Major law firms, for instance, are investing in artificial intelligence to scan documents to find and analyse key facts among written material - something which is traditionally done by legions of junior lawyers and clerical staff.
Banks are using large volumes of data on customer queries and complaints and feeding it into machines. These can learn the common questions that clients ask, allowing the computers to answer questions directly - removing the need to employ customer service staff.
Services jobs such as driving taxis or lorries could also disappear, as self-driving technology improves.
Mr Carney said the pace of the digital revolution could also mean the new jobs created might not keep pace with the older jobs destroyed, leaving large numbers of workers stuck with skills that do not match the jobs available and so with falling pay.
While a large pool of workers could see their situation worsen, the small number with skills to match the new jobs can expect large pay rises.
On top of that, more profits will go to those who own the machines rather than to workers, increasing inequality further.
“If this world of surplus labour comes to pass, Marx and Engels may again become relevant,” Mr Carney said.
My pump-action drivel gun is smoking hot today!