Title: The Channels of Extraction of Surplus Labour in Managerial Capitalism: High Wages and Capital Income
Abstract: Within advanced contemporary societies, notably in the United States which has been a pioneer in this regard, the main channel for the extraction of surplus labour is now the payment of high wages to managers, in both the private and the public sectors. Correlatively, the rise in income inequality has primarily stemmed from the growth in wage inequalities. These tendencies are a manifestation of the gradual emergence of social relations typical of a new mode of production, namely managerialism, whose ruling class is the class of managers. The notion of « managerial capitalism » encapsulates the hybrid character of current production relations. The basic principles of Marx’s theory of history are thus preserved, albeit at the cost of a major « revision ». These transformations explain why and how prophesies in the Manifesto regarding the vanishing of class societies did not materialize: capitalism metamorphoses into a new avatar of class society.
Publication Year: 2018
Publication Date: 2018-01-01
Language: en
Type: article
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