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It's Not OverStructural Drivers of the Global Economic Crisis$
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Print publication date: 2013

Print ISBN-13: 9780198088417

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780198088417.001.0001

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Class Conflict and Inequality

Class Conflict and Inequality

(p.3) 1 Class Conflict and Inequality
It's Not Over


Oxford University Press

Chapter 1 explains the forces behind increasing inequality (increasing share of income of capitalists) by presenting a theoretical model to show how the income share is divided between workers and capitalists. In an advanced capitalist country, income share of different classes is decided by their respective bargaining strength. For workers, it is decided by their unemployment rate (Marx’s argument on the reserve army of labour) and for capitalists, the extent of collusion among them. The concept of non-accelerating inflationary rate of unemployment (NAIRU) is used to build the basis of a theoretical structure. This chapter argues that the increase in income inequalities is a result of a decline in the strength of the working class in the first world as a result of globalisation, which ensured that the size of the reserve army is no more restricted to the national boundaries alone.

Keywords:   class conflict, workers, capitalists, income distribution, reserve army, NAIRU, globalisation, Karl Marx

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