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Money Talks from The Economist

Money talks: Just the job

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 28 May 2019

⏱️ 22 minutes

🧾️ Download transcript

Summary

The received wisdom is that work is becoming low-paid and precarious, with jobs lost to automation and the gig economy. The data say otherwise. What does the jobs boom in the rich world mean for the global economy? Also, will Alibaba’s plans to list in Hong Kong start a corporate shift away from Wall Street? And, the role of clearing houses in averting financial crises. Philip Coggan hosts

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Transcript

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0:00.0

Attention at all passengers. You can now book your train tickets on Uber and get 10% back in Uber credits to spend on your next train journey.

0:11.0

So no excuses not to visit your in-laws this Christmas.

0:16.5

Trains now on Uber. T's and sees apply check the Uber app. Hello I'm Philip Kogan, the Bartleby Columnist, and you're listening to Money Talks on Economist

0:35.9

Radio.

0:37.7

On today's show, Will Ali Barber's plans to list in Hong Kong start a corporate shift away from Wall Street.

0:44.4

There's the concern that eventually the American government might turn against the Chinese

0:47.7

companies that are listed in the American market. A listing in Hong Kong gives it some

0:52.1

insurance.

0:53.0

And clearinghouses are supposed to make risky derivatives trading safer,

0:59.0

but are they doing their job?

1:01.0

These are for-profit entities that have an incentive to get as much transaction volumes as possible,

1:06.1

and one way for them to do that is keep standards looser. But first, it's easy to paint a bleak picture of the current jobs market.

1:16.5

Workers are supposedly underpaid, have lost control over their lives and will soon be replaced by robots.

1:24.0

There's just one problem with this characterization.

1:26.0

It's not true.

1:28.0

Callum Williams is our Britain economics correspondent.

1:30.0

He's been looking into how work in wealthy countries is not only plentiful, but for many people, is actually getting better.

1:37.0

The rich world is enjoying an unprecedented employment bonanza.

1:43.0

In the past five years, the OECD has added 43 million jobs.

1:48.0

The unemployment rate in the block of 36 mostly wealthy countries is just 5.2%, which is the lowest rate since the 1970s.

1:58.3

And in two-thirds of OECD countries, the employment rate of working-age people is currently at an all-time high.

2:07.0

If we're looking for answers to why jobs across the which world are booming, Japan is a great place to start. The country has had an average unemployment rate

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