Why Austerity Persists by Shefner Jon Blad Cory

Author:Shefner , Jon, Blad , Cory [Shefner, Jon]
Language: eng
Format: epub
Publisher: Wiley
Published: 2019-11-23T00:00:00+00:00

Deindustrialization

For US-based corporations, a quarter century of unparalleled postwar growth gave way, by the late 1960s, to unprecedented global competition. As a consequence, profits were severely squeezed. Companies might have responded by going “back to basics”: improving product quality, investing in new technology, and fashioning more constructive relationship with their workers. Instead, they abandoned core businesses, invested offshore, shifted capital into overtly speculative ventures, subcontracted work to low-wage contractors here and abroad, demanded wage concessions from their employees, and substituted part-time and other forms of contingent labor for full-time workers – all in the name of “restructuring.”

(Harrison & Bluestone 1988: xxviii)

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