Employment and Poverty under Neoliberal Capitalism

Neoliberal capitalism, characterized by freer movement of goods and services and capital, including finance, across country borders, keeps down real wages everywhere even as labor productivity increases. This raises income inequalities, creating an ex ante tendency toward overproduction, which under...

Full description

Saved in:
Bibliographic Details
Published in:Social research Vol. 91; no. 3; pp. 777 - 793
Main Author: Patnaik, Prabhat
Format: Journal Article
Language:English
Published: New York Johns Hopkins University Press 01.09.2024
Subjects:
Agribusiness
Agriculture
Borders
Capital
Capitalism
Cost of living
Developing countries
Employment
Finance
Global economy
Government purchasing
Income inequality
Industrialized nations
International finance
Labor productivity
Laboratories
LDCs
Monopolies
Nation states
Neoliberalism
Poverty
Prices
Privatization
Productivity
Public debt
Public finance
R&D
Real wages
Research & development
Seeds
Stagnation
Tariffs
Taxation
Trade restrictions
Unemployment
Wages & salaries
Welfare state
United Kingdom > UK
India
ISSN:0037-783X, 1944-768X, 1944-768X
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Neoliberal capitalism, characterized by freer movement of goods and services and capital, including finance, across country borders, keeps down real wages everywhere even as labor productivity increases. This raises income inequalities, creating an ex ante tendency toward overproduction, which underlies the current stagnation and growing unemployment in the world economy. This crisis cannot be overcome within neoliberalism, since globalized finance opposes larger state expenditure financed through heavier taxation of the rich or a larger fiscal deficit. This underlies the current pervasive tendency toward neofascism. Overcoming neofascism requires transcending neoliberalism by mobilizing working people around a rights-based welfare state.
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
ISSN:0037-783X
1944-768X
1944-768X
DOI:10.1353/sor.2024.a938577