Low-Wage Capitalism describes in sweeping detail the drastic effect on the working class in the United States of new technology and the restructuring of global capitalism in the post-Soviet era. It uses Karl Marx’s law of wages and other findings to show that these developments are not only continuing to drive down wages but are creating the material basis for future social upheaval.
The analysis rests on three basic developments in the last three decades:
- The world’s workforce available to exploitation by transnational capitalist corporations doubled in the wake of the collapse of the USSR and Eastern Europe.
- The technological revolutions of the digital age, in both production and communications, have allowed transnational corporations to destroy high-wage jobs and simultaneously expand the global workforce to generate a worldwide wage competition.
- The decline in the economic condition of the workers, driven by the laws of capitalism and the capitalist class, is leading to the end of working-class compromise and retreat and must end up in a profound revival of the struggle against capitalism.