To quote Rajan once more: severely criticizing “the immorality of bankers has made for good rhetoric and politics throughout history, but it is unlikely to address the fundamental reason why they can do so much harm”. So, if bashing is not the solution, how then should we close this “gap” between society and bankers? Surely, a charm offensive by banks wouldn’t do the trick.
There is a degree of underemployment, wage growth is slow and job security is an issue for more people. The nature of work is also changing, in both the way we work and the industries in which we work. Over the medium term, two trends in particular stand out. The first is the growth of part-time employment.