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Money, markets, meltdown: the 21st‐century crisis of labour
Author(s) -
Nolan Peter
Publication year - 2011
Publication title -
industrial relations journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.525
H-Index - 3
eISSN - 1468-2338
pISSN - 0019-8692
DOI - 10.1111/j.1468-2338.2010.00594.x
Subject(s) - austerity , fetishism , economics , financial crisis , economic shortage , market liquidity , capital (architecture) , state (computer science) , power (physics) , industrial relations , market economy , labour economics , monetary economics , keynesian economics , political science , sociology , government (linguistics) , linguistics , philosophy , physics , archaeology , algorithm , quantum mechanics , politics , anthropology , law , computer science , history , management
Analyses of the global crisis that erupted in 2007 in bank failures, liquidity shortages and business bankruptcies have obscured the connections between the real and monetary economies. Money market fetishism dominates. In the past, theories of economic crisis assigned a key causal role to labour's growing strength. In Britain, the focus of debate was trades unions' allegedly unregulated power at workplace level, but labour's presence and influence in state, business and workplace institutions has since receded. This article attempts to re‐insert labour into the contemporary analysis of the crisis and highlights the shifting relations between states, capital and labour in the age of austerity.