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Flexicurity CapitalismFoundations, Problems, and Perspectives$
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Peter Flaschel and Alfred Greiner

Print publication date: 2012

Print ISBN-13: 9780199751587

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199751587.001.0001

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Marx: Socially Acceptable Capitalism?

Marx: Socially Acceptable Capitalism?

Chapter:
(p.7) 1 Marx: Socially Acceptable Capitalism?
Source:
Flexicurity Capitalism
Author(s):

Peter Flaschel

Alfred Greiner

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199751587.003.0002

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

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