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Contemporary Capitalism and the World of Work

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  • Prabhat Patnaik

Abstract

The most significant feature of contemporary capitalism in relation to the world of work is its inability to provide work to a substantial proportion of persons looking for it. This has diverse implications, ranging from hunger and crime to socio-psychological distress and to the boost it provides to the upsurge of fascism. This lecture discusses the structural dynamics in capitalism that produces unemployment and the expansion of the ranks of the reserve army of labor. Moreover, it argues that a theory of imperialism is essential to explaining the perpetuation of the reserve army of labor and the reproduction of contemporary capitalism itself.

Suggested Citation

  • Prabhat Patnaik, 2019. "Contemporary Capitalism and the World of Work," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 8(1-2), pages 303-316, April.
    • Handle: RePEc:sae:agspub:v:8:y:2019:i:1-2:p:303-316
    DOI: 10.1177/2277976019845736
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Anne Case & Angus Deaton, 2017. "Mortality and Morbidity in the 21st Century," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 397-476.
    3. Patnaik, Prabhat, 1997. "Accumulation and Stability under Capitalism," OUP Catalogue, Oxford University Press, number 9780198288053.
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