Anyone who still believes people are paid what they’re worth is obliged to explain the soaring compensation of CEOs in America’s large corporations over the last three decades, relative to the pay of average workers—from a ratio of 20 to 1 in 1965, to 30 to 1 in 1978, 123 to 1 in 1995, 296 to 1 in 2013, and over 300 to 1 today.
Unless the company did better than the stock market as a whole, there is no reason to suppose the CEO did anything in particular....
from Saving Capitalism by Robert Reich
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| Sand dollar... |
Comment: It's also worth considering why this is primarily an American (North American) phenomenon. Sure, there are highly - at times too highly - paid European executives but, by and large, not as highly paid as those in the USA. Surely we're not to believe that somehow American corporations are more difficult to run and those in Europe.