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Overview Back to Shared Prosperity: The Growing Inequality of Wealth and Income in America
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Many of America's most serious social problems either are caused or exacerbated by some fundamental economic trends. The most basic forces for change are technology, especially information and communications technology (lCT); some significant demographic and labor market trends; and the intensification of competition, resulting from ICT and the globalization of markets. These changes have eroded the effectiveness of the policies, institutions, and economic arrangements that were responsible for America's enormous industrial strength in the first two-thirds of this century as well as for the longest period of shared prosperity in history-from the 1940s into the 1970s. During this period, Americans with limited formal education who were willing to work hard could earn middle-class incomes and provide better futures for their families.