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stilgar , 9 months ago to Work Reform in Watch: Billionaire CEO says unemployment 'has to jump' to put 'arrogant' workers in their place This effect was analysed in great detail by Marx in the 19th century, so it’s not a characteristic of late stage capitalism, just of capitalism. His term “Reserve army of labour” refers to the unemployed. Taking them as a whole, the general movements of wages are exclusively regulated by the expansion and contraction of the industrial reserve army… From Capital by Marx en.m.wikipedia.org/wiki/Reserve_army_of_labour
This effect was analysed in great detail by Marx in the 19th century, so it’s not a characteristic of late stage capitalism, just of capitalism.
His term “Reserve army of labour” refers to the unemployed.
Taking them as a whole, the general movements of wages are exclusively regulated by the expansion and contraction of the industrial reserve army…
From Capital by Marx
en.m.wikipedia.org/wiki/Reserve_army_of_labour