Comment on Watch: Billionaire CEO says unemployment 'has to jump' to put 'arrogant' workers in their place
stilgar@infosec.pub 9 months agoThis 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