• stilgar [he/him]
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    1 year ago

    This effect was analysed in great detail by Marx in the 19th century, so it’s not a characteristic of late stage capitalism, just of capitalism.

    His term “Reserve army of labour” refers to the unemployed.

    Taking them as a whole, the general movements of wages are exclusively regulated by the expansion and contraction of the industrial reserve army…

    From Capital by Marx

    https://en.m.wikipedia.org/wiki/Reserve_army_of_labour