Ideological Struggles in Contemporary Capitalism Prabhat Patnaik

Globalization has brought acute distress to the working people all over the world. This distress is not confined only to the period of the post-housing-bubble crisis; nor is it confined only to the workers of the advanced capitalist countries. Joseph Stiglitz’s finding that the average real wage of a male American worker in 2011 was somewhat lower than in 1968 clearly suggests that this distress has had a long duration. Likewise the presumption that the distress afflicts only the advanced country workers whose job opportunities have shrunk because metropolitan capital has been relocating economic activity to low-wage third world countries,…