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Money Talks from The Economist

Money Talks: Where have all the workers gone?

Money Talks from The Economist

The Economist

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

4.41.2K Ratings

🗓️ 19 May 2021

⏱️ 30 minutes

🧾️ Download transcript

Summary

Businesses are struggling to fill vacancies at the same time as millions of people are out of work. Host Patrick Lane investigates this conundrum. Also, each year almost 10% of global tax revenue is lost through companies shifting their income to tax havens. How can governments get the world’s most profitable companies to cough up? And, Patrick Collison, co-founder and CEO of Stripe, on the rise of America’s biggest ever unlisted firm.


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Transcript

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0:00.0

You're listening to Money Talks on Economist Radio, our weekly podcast on the markets,

0:12.2

the economy and the world of business.

0:15.4

I'm Patrick Lane, a digital editor at The Economist, and coming up on today's show,

0:21.4

we investigate the curious case of the missing worker.

0:24.9

This is not just an American problem, there's growing evidence that worker shortages are

0:28.3

a problem and a growing problem across the which world.

0:32.6

Is it time for a new global system to tax big companies?

0:36.5

It could be the most important overhaul of the international tax architecture in a century.

0:43.8

And Patrick Collison, co-founder and CEO of Stripe and why the rise of fintechs is good

0:49.4

news for the banks.

0:51.0

Whether it's in lending or new ways to hold balances, there's a lot of different ways in

0:54.6

which you can take these capabilities that the fund refined by banks and make them

0:58.2

newly accessible.

1:06.2

But first, here's a puzzle.

1:09.4

Millions of people are out of work at the same time as businesses are struggling to fill

1:14.4

vacancies.

1:15.4

It's a particular problem in the United States where unemployment remains high.

1:20.4

But labour shortages are also a challenge across the West.

1:23.8

That's good for employees, maybe.

1:26.9

If wages have to rise to attract applicants, but perhaps not so good for inflation, nor

1:31.8

for people who remain unemployed, nor for businesses on tight margins, many of which now

1:37.4

find themselves asking, where has everybody gone?

...

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