Globally Segmented Labor Markets: The Coming of the Greatest Boom and Bust, Without the Boom

Abstract

A world social structure of accumulation (SSA) is forming based on global segmentation of labor, financialization, and a neoliberal trade regime. Unlike its Fordist era counterpart, this SSA lacks a corresponding regime for consumption because it has outsourced production to low-wage authoritarian regions. This is resulting in inadequate purchasing power within developed nations for whom global production is intended, raising the potential of global crisis. In fact, these emerging structures may implode before any significant accumulation occurs when the US consumer debt bubble that has been fueling consumption bursts. The article concludes that the emerging system is intensifying class contradictions embedded in private property relations that will lead to intensified downturns. Therefore, the only structural solution is not reform but fundamental reorganization of socioeconomic relations. However, this requires a new transnational labor-activist movement willing to challenge the legitimacy of capitalism with radical counter-ideology and militant direct action.

The governance role of shareholders and board of directors on firm performance: an eclectic governance-performance model

“…In contrast to the benefits outlined above, however, interlocks might create an additional burden on the directors and prevent them from undertaking their monitoring role. This is because interlocks allow for unified political agendas by creating common business objectives and hence can be used to monopolise the market by giving control to the same group of directors across companies (Salinger, 2005;Asimakopoulos, 2009;Bowman, 2009). The Council of Institutional Investors (1998) suggests that full-time directors should not serve on more than two other boards, and no person should serve on more than five boards.…”

“…Existing agency-based corporate governance-performance research and findings Hartzell and Starks (2003) a positive link between Herfindahl index of institutional ownership concentration and pay-for-performance sensitivity of executive compensation Johnston (2002) positive association between job tenure and promotions and high levels of pay within the top 500 companies objectives, and hence can be used to monopolise the market by giving control to the same group of directors across companies (Salinger, 2005;Asimakopoulos, 2009;Bowman, 2009). The Council of Institutional Investors (CII) (1998) suggests that full-time directors should not serve on more than two other boards and no person should serve on more than five boards.…”

The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present

“…Various authors have described the decline of the US economy that began in the late 1960s. This economic decay was the end of what is sometimes called the “Golden Age” of economic growth that occurred from the end of the Second World War to the late 1960s (Asimakopoulos, 2009; Bluestone and Harrison, 1982; Brenner, 2002; Perelman, 2007). The Social Structure of Accumulation (SSA) approach has often been a useful approach for analyzing economic periods in US history.…”

The Class Character of Macroeconomic Policies in Brazil of the Real

“…The main results were increased profits for finance at the expense of profits in non-financial sectors, increased unemployment, rising public debt, increasing violence, and wider inequalities between the rich and the poor (Duménil and Levy, 2001; Therborn, 2007). In summary, Brazil played its part in building an ‘emerging financial regime … designed to facilitate global capital mobility in search of profits via cheap labor’ (Asimakopoulus, 2009: 179).…”