The collapse of the old social contract has been driven by three forces: global competition, technology advances and deregulation.

Question

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The statement is true. Global competition has put pressure on businesses to reduce costs, leading to job insecurity and wage stagnation. Technology advances have also led to automation and the outsourcing of jobs to countries with lower labor costs. Deregulation has allowed businesses to operate with fewer constraints, leading to a reduction in worker protections and benefits. These three forces have contributed to the breakdown of the old social contract between businesses and workers.

The Collapse of the Old Social Contract Has Been Driven