Open Access Open Access  Restricted Access Subscription or Fee Access

The Stagnation of Employment

- The Editors

Abstract


Except in times of war, capitalist economies almost never reach full employment. The mere absence of jobs for those desiring paid employment, however, is not necessarily a problem for the ruling economic interests. Unemployment and the underutilization of labor more generally—the existence of what Marx called the industrial reserve army of labor—is a necessary part of a capitalist economy, since it keeps wages low as workers are forced to compete with each other for jobs. This becomes a serious problem for the system or for the political structure when the shortfall in employment coincides with a deeper structural crisis; when aggregate demand and thus investment opportunities are hindered by low employment and low wages; and when a shortage of jobs creates a political problem, sometimes even igniting popular opposition at the grassroots of society. All three of these contradictions are apparent in 2004, setting the stage for a national debate on the question of jobs, which more than three years since the beginning of the 2001 recession is now suddenly a front page story

Keywords


Stagnation; Political Economy; Labor

Full Text:

PDF HTML


DOI: http://dx.doi.org/10.14452/MR-055-11-2004-04_1

Refbacks

  • There are currently no refbacks.