Low Wage Capitalism  
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September, 2009
$19.95 paperback, 338 pages
ISBN 978-0895671516

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February 2012
$15.95 paperback, 108 pages
ISBN 978-0-89567-175-2

Buy Capitalism at a Dead End:

Low-Wage Capitalism describes in sweeping detail the drastic effect on the working class in the United States of new technology and the restructuring of global capitalism in the post-Soviet era. It uses Karl Marx's law of wages and other findings to show that these developments are not only continuing to drive down wages but are creating the material basis for future social upheaval.

The analysis rests on three basic developments in the last three decades:

  • The world's workforce available to exploitation by transnational capitalist corporations doubled in the wake of the collapse of the USSR and Eastern Europe.
  • The technological revolutions of the digital age, in both production and communications, have allowed transnational corporations to destroy high-wage jobs and simultaneously expand the global workforce to generate a worldwide wage competition.
  • The decline in the economic condition of the workers, driven by the laws of capitalism and the capitalist class, is leading to the end of working-class compromise and retreat and must end up in a profound revival of the struggle against capitalism.

Capitalism at a Dead End explains that the economic crisis, which began in August 2007, marked a turning point in the history of capitalism. This is more than just another severe capitalist crisis. The author contends that the system will not bounce back; it will not return to the normal capitalist boom-and-bust cycle.

For decades the capitalist class has used the revolution in digital technology to increase productivity of labor at record rates. Fewer workers are needed to produce more goods and services in less time at lower wages. This has led to a series of "jobless recoveries" which keep getting worse.

Goldstein uses Marx's laws of capitalist accumulation and the declining rate of profit to show why global capitalism has finally reached a tipping point. Employers have increased the productivity of labor to such an extent that as soon as the system starts up in a growth curve, production rapidly outstrips demand in the market and overproduction kicks in to block further growth. Then come stagnation, economic contraction, and mass unemployment.

Read CAPITALISM AT A DEAD END: Job Destruction, Overproduction and Crisis In the High Tech Era - A Marxist View as submitted by Fred Goldstein, Sept. 18, 2011 For the 6th National Meeting on Social Policy Federal University of Espirito Santo, Sept. 28-30

If you have any questions/comments or would like to schedule a speaking engagement contact Fred via email at fgoldstein@lowwagecapitalism.com

  Low Wage Capitalism