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But there is also a longer-term explanation, based on the weakened power of labour after the entry of countries like China into the global employment market.
ECONOMIST: American profits have been high but the trend may not last
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The entry of China, India and the former Soviet Union into market capitalism has, in effect, doubled the world supply of workers, from 1.5 billion to 3 billion.
ECONOMIST: More pain than gain
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But the slumping European economy and the success of its rival BMW's Mini brand has nudged the manufacturer to make a full-scale re-entry into what is still the most profitable single car market in the world (though China is now bigger in volume terms).
ECONOMIST: A crowded car industry