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McKinsey Destroyed the Middle Class (2020)
Technocratic management, no matter how brilliant, cannot unwind structural inequalities.
Mid-century labor unions (which represented a third of the private-sector workforce), organized the lower rungs of a company’s hierarchy into an additional control center—as part of what the United States Supreme Court, writing in 1960, called “ industrial self-government ”—and in this way also contributed to the management function. A new ideal of shareholder primacy, powerfully championed by Milton Friedman in a 1970 New York Times Magazine article entitled “ The Social Responsibility of Business is to Increase its Profits,” gave the newly ambitious management consultants a guiding purpose. The firm continues to perform its own eliteness, with the application process involving famously rigorous analytic interviews—which test formal problem-solving skills but no substantive knowledge (certainly not of any concrete industry or business)—so that getting hired has in itself become a mark of accomplishment at top colleges.
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