On Tue, Feb 27, 2024 at 01:35 PM, Mark Baugher wrote:
>
> The 70's experienced a retreat in labor action that never recovered. It's
> arguable that it was the 1980's when the drop in labor actions never
> recovered (unlike after the 1959 steel strike), but why argue about it?
There are reasons to settle the matter. First, the retreat around 1973
coincides with another indicator, real average weekly earnings in the private
sector. There was a real turning point here.
Second, the explosion of the financial sector; the major corporate moves of
production out of the U.S. to low-wage countries, especially China
("globalization"); and the implementation of so-called neo-liberalism in place
of Keynesianism all occurred years after the turning point. Therefore,
financialization, globalization, and neoliberalism are not causes of the turn
to ruining the standard of living that the working class built up since the
1930s.
The fundamental cause was a change in capital accumulation (
http://www.hollowcolossus.com ) consistent with, and validating, the famous
remark by Marx that a time comes when the relations of production turn into a
fetter on the productive forces.
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