Chapter

Marx: Socially Acceptable Capitalism?

Peter Flaschel and Alfred Greiner

in Flexicurity Capitalism

Published in print April 2012 | ISBN: 9780199751587
Published online May 2012 | e-ISBN: 9780199932825 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199751587.003.0002
Marx: Socially Acceptable Capitalism?

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This chapter investigates the external relationship between capital and labor that underlies the formation of the wage-price spiral. The resulting distributive cycle is a long-phased one. It is demonstrated that booms and busts of the distributive cycle and the pronounced reserve army mechanism underlying it can be moderated in amplitude if both labor and capital can reach an appropriate consensus with respect to maximum real wages in the prosperity phase and with respect to minimum real wages in the stagnant phase.

Keywords: income distribution; reserve army mechanism; wage-price spiral; booms and busts; minimum wages; maximum wages

Chapter.  8871 words.  Illustrated.

Subjects: Economic Systems

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