From the Social Evolution Forum:
Let’s make this discussion more concrete. In the context of American labor history, ‘cultural’ forces (in the broad sense) sometimes worked to encourage wage increases, and sometimes to hold them down. For example, at the beginning of the Great Depression there was a broad consensus among the political and business elites that worker wages should not be lowered. In December 1929 President Hoover addressed four hundred of key members of the business community urging them not to cut wages. Leading executives responded in 1929–30 by pledging to maintain wages at the expense of profits. As a result, real wages actually grew quite vigorously between 1929 and 1941, helped along by a deflation of prices.
Remember when the Great Recession hit in December 2007 and President Bush urged key members of the business community not to cut wages? Yeah, me neither.