"The Global Unemployment Pandemic and Its Consequences for Income Distribution"

Harry Shutt

Research output: Contribution to journalArticle

Abstract

"The article considers the intensifying global unemployment crisis—now particularly acute in face of the global financial crisis—in the context of the technological transformation of the world economy since the 1970s, driven mainly by the electronic and digital “revolutions.” This has led to an ever rising structural labor surplus—along with a corresponding rise in the structural
excess of capital. The resulting rise in productive capacity beyond the market’s absorptive capacity must now be seen as permanent. Consequently the model of global economy based on a competitive struggle for markets is no longer tenable, given that a growing proportion of actual or potential capacity is bound to remain unutilized. The problem is further exacerbated by ever more severe environmental constraints to economic growth. Since public policy can no longer
be based on the priority of maximizing production and growth it follows that in future access to markets and shares of value added must be regulated on the basis of equitable distribution. This means that the state must assure a minimum standard of income security to all citizens as of right, while opportunities for earning additional income must be effectively rationed within a more collectivist economic and social framework."
Original languageEnglish
Pages (from-to)264-274
Number of pages11
JournalWorld Review of Political Economy
Volume1
Issue number2
Publication statusPublished - 2010
Externally publishedYes

Fingerprint

Unemployment
Income distribution
Income
Global economy
Environmental constraints
Economics
Proportion
World economy
Productive capacity
Labor
Minimum standards
Economic growth
Absorptive capacity
Public policy
Value added

Keywords

  • productivity
  • capitalism
  • competitive
  • capacity
  • growth

Cite this

"The Global Unemployment Pandemic and Its Consequences for Income Distribution". / Shutt, Harry .

In: World Review of Political Economy, Vol. 1, No. 2, 2010, p. 264-274.

Research output: Contribution to journalArticle

@article{472dfceda9ea4ffbbb5ff3027fddc1f5,
title = "{"}The Global Unemployment Pandemic and Its Consequences for Income Distribution{"}",
abstract = "{"}The article considers the intensifying global unemployment crisis—now particularly acute in face of the global financial crisis—in the context of the technological transformation of the world economy since the 1970s, driven mainly by the electronic and digital “revolutions.” This has led to an ever rising structural labor surplus—along with a corresponding rise in the structuralexcess of capital. The resulting rise in productive capacity beyond the market’s absorptive capacity must now be seen as permanent. Consequently the model of global economy based on a competitive struggle for markets is no longer tenable, given that a growing proportion of actual or potential capacity is bound to remain unutilized. The problem is further exacerbated by ever more severe environmental constraints to economic growth. Since public policy can no longerbe based on the priority of maximizing production and growth it follows that in future access to markets and shares of value added must be regulated on the basis of equitable distribution. This means that the state must assure a minimum standard of income security to all citizens as of right, while opportunities for earning additional income must be effectively rationed within a more collectivist economic and social framework.{"}",
keywords = "productivity, capitalism, competitive, capacity, growth",
author = "Harry Shutt",
year = "2010",
language = "English",
volume = "1",
pages = "264--274",
journal = "World Review of Political Economy",
issn = "2042-891X",
publisher = "Pluto Journals",
number = "2",

}

TY - JOUR

T1 - "The Global Unemployment Pandemic and Its Consequences for Income Distribution"

AU - Shutt, Harry

PY - 2010

Y1 - 2010

N2 - "The article considers the intensifying global unemployment crisis—now particularly acute in face of the global financial crisis—in the context of the technological transformation of the world economy since the 1970s, driven mainly by the electronic and digital “revolutions.” This has led to an ever rising structural labor surplus—along with a corresponding rise in the structuralexcess of capital. The resulting rise in productive capacity beyond the market’s absorptive capacity must now be seen as permanent. Consequently the model of global economy based on a competitive struggle for markets is no longer tenable, given that a growing proportion of actual or potential capacity is bound to remain unutilized. The problem is further exacerbated by ever more severe environmental constraints to economic growth. Since public policy can no longerbe based on the priority of maximizing production and growth it follows that in future access to markets and shares of value added must be regulated on the basis of equitable distribution. This means that the state must assure a minimum standard of income security to all citizens as of right, while opportunities for earning additional income must be effectively rationed within a more collectivist economic and social framework."

AB - "The article considers the intensifying global unemployment crisis—now particularly acute in face of the global financial crisis—in the context of the technological transformation of the world economy since the 1970s, driven mainly by the electronic and digital “revolutions.” This has led to an ever rising structural labor surplus—along with a corresponding rise in the structuralexcess of capital. The resulting rise in productive capacity beyond the market’s absorptive capacity must now be seen as permanent. Consequently the model of global economy based on a competitive struggle for markets is no longer tenable, given that a growing proportion of actual or potential capacity is bound to remain unutilized. The problem is further exacerbated by ever more severe environmental constraints to economic growth. Since public policy can no longerbe based on the priority of maximizing production and growth it follows that in future access to markets and shares of value added must be regulated on the basis of equitable distribution. This means that the state must assure a minimum standard of income security to all citizens as of right, while opportunities for earning additional income must be effectively rationed within a more collectivist economic and social framework."

KW - productivity

KW - capitalism

KW - competitive

KW - capacity

KW - growth

M3 - Article

VL - 1

SP - 264

EP - 274

JO - World Review of Political Economy

JF - World Review of Political Economy

SN - 2042-891X

IS - 2

ER -