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hourglass economy

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The UK and USA are said to have an ‘hourglass economy’, with a large and expanding group at the top who have high skills and enjoy high incomes and a large and expanding group at the bottom who have low skills and low pay. The middle levels, composed traditionally of skilled or semi-skilled manual workers in good paying jobs, however, are declining, giving the occupational and income profile of the economy its distinctive shape. [See Brazilianization.]

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