Under FDR and the conditions of the great depression, labor was able to get a seat at the table. 1940s onward the ruling class (corporate executives and corporate-aligned members of the political class) worked to dismantle the great society projects, the red scare was also used to this end.

By the 1970s labor had lost its seat at the table, unions had been demonized by the corporate class and their wholly-owned media organizations. Capital demands ever-increasing profits, those profits would be achieved by workers finding ways to increase productivity, and workers receiving an ever-decreasing percentage of the benefits.

This accelerated in the 80s under Reagan, Clinton being elected in 92 represented the democratic party fully abandoning labor.

Capitalism has a ways to go in China but is exhausted in the United States and Europe. Seeking increasing profit where none exists, it's now eating away at the base infrastructure like a starving body eating away its own muscle.

Historian podcaster Matt Christman has talked about this subject a bit in recent months on twitch streams, for example in this clip: https://youtu.be/DwH9i1yZR6E?t=1549