2010
DOI: 10.1080/08935691003625315
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2008: A New Chapter for U.S. Imperialism

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“…To take another example, in the global North, the stagnation in wages and decline in labour's income share — an effect of capital's increasing dominance over labour within its ‘internal’ sphere — have wrecked the possibilities of sustained increase in household consumption over time (Callari, 2010; Resnick and Wolff, 2010; Wolff, 2005). Such increases in consumption, which have been a hallmark of metropolitan capitalism, were achieved through a combination of factors, including increasing productivity of labour and rising rates of exploitation (ibid.…”
Section: The Present Conjuncturementioning
confidence: 99%
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“…To take another example, in the global North, the stagnation in wages and decline in labour's income share — an effect of capital's increasing dominance over labour within its ‘internal’ sphere — have wrecked the possibilities of sustained increase in household consumption over time (Callari, 2010; Resnick and Wolff, 2010; Wolff, 2005). Such increases in consumption, which have been a hallmark of metropolitan capitalism, were achieved through a combination of factors, including increasing productivity of labour and rising rates of exploitation (ibid.…”
Section: The Present Conjuncturementioning
confidence: 99%
“…Even as the process of ‘Walmartization’ has opened up the possibility of importing cheap wage goods to maintain the consumption levels of workers with stagnant or declining income, this has not been sufficient to stall or reverse the intensifying conditions of precarity. This has set a new ‘normal’ of lower levels of consumption and lower value of labour power (Callari, 2010), together with increasing dependence on informal wage work, including gig work as well as unwaged work — signifying a dispersion of capital to its ‘outside’ — for economic survival (Woodcock and Graham, 2019). These shifts have also increasingly undermined the household's ability to effectively play its role in the process of social reproduction, thereby bringing about a general ‘crisis of care’ (Fraser, 2017), or its role in ‘normalizing’ conditions of capital's hegemony and dominance in the social formation (Wolff, 2005).…”
Section: The Present Conjuncturementioning
confidence: 99%