Chapter

Weakened Workers and Resurgent Capital

Rohit

in It's Not Over

Published in print January 2013 | ISBN: 9780198088417
Published online January 2013 | e-ISBN: 9780199082292 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198088417.003.0002
Weakened Workers and Resurgent Capital

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This chapter attempts to look at some statistical evidence to buttress the points made in the theoretical model of the first chapter. In particular, it is shown, through some descriptive statistics that the strength of the working class in the US has gone down significantly in the era of globalisation. It shows that real wages have not kept the pace (they have either remained stagnant or declined) with the increase in labour productivity, which is a clear break from the post-WW II experience where they moved in tandem. At the same time, there has been an increase in business concentration as a result of unprecedented merger waves in the 1980s and 1990s in the US. Contrary to the common perception that globalisation increased competition for the US corporations; this chapter presents evidence that these mergers and acquisitions more than compensated for that.

Keywords: wage bargaining; real wages; labour productivity; workers’ unions; mergers and acquisitions; concentration ratios

Chapter.  4522 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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