The end of Bretton Woods seems like a big deal. It ushered in the era of floating exchange rates and ended the de facto gold standard that had prevailed since WW2. Why would this have held down wages in the U.S.? Well, it might have allowed the start of globalization, which began to add labor-rich, capital-poor countries to the rich-country trading system, thus holding down wages via factor price equalization.

I've been pondering this for a long while. Just happened upon this link through an unrepeatable labyrinth of Google searches. Best and most plausible explanation I've seen. Trump's not the guy to reinstate or even work on negotiating a Bretton Woods II; indeed if such a thing could ever be crafted. Maybe the winner in '20? Look up Factor Price Equalization and tell me that's not happening. Bad as my eyes are right now, I sure see it.