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Philip Jennings, General Secretary UNI Global Union wrote to the FT in response to an article in the “Capitalism in Crisis” series currently running in the newspaper.

Here is the text of the letter:

Sir, John Plender, in his article "Capitalism in crisis: The code that forms a bar to harmony", is correct in pointing out that the unfair distribution of wealth is a result of the financialisation of the global economy. However, he ignores the concerted efforts to weaken or eliminate the ability of working people to negotiate a fair wage increase. It has become a one-sided bargain. Productivity increases go to increased profit and the share of wages in wealth is at historic lows. It is time for collective bargaining to return so working people have a seat at the table for a fairer distribution of the wealth their efforts produce.

The published letter can be found on FT.com here