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Reserve army of labour is a concept in Karl Marx's critique of political economy. [1] It refers to the unemployed and underemployed in capitalist society . It is synonymous with "industrial reserve army" or "relative surplus population", except that the unemployed can be defined as those actually looking for work and that the relative surplus ...
Reserve army of labour; ... For a short video presentation of the theory, Cliff Bowman's video introduction to 'Marx's Theory of Economic Crisis', ...
Labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. [2] Under capitalism, according to Marx, the productive powers of labour appear as the creative power of capital. Indeed, "labour power at work" becomes a component of ...
Out of preceding characteristics of the capitalist mode of production, the basic class structure of this mode of production society emerges: a class of owners and managers of private capital assets in industries and on the land, a class of wage and salary earners, a permanent reserve army of labour consisting of unemployed people and various ...
More intense exploitation of labor (raising the rate of exploitation of workers). Reduction of wages below the value of labor power (the immiseration thesis). Cheapening the elements of constant capital by various means. The growth of a relative surplus population (the reserve army of labor) which remained unemployed.
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In Marx's finished theory of value, the "value" of a commodity turns out to be the social valuation of its average, current replacement cost in labour time (a synchronic economic reproduction cost) [56] but this particular labour requirement turns out to be quite a different quantity than either "labour embodied" in production (the actual ...
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