Edited by Kees van der Pijl
The strategy of global labour arbitrage, pursued by the large transnational corporations, has become a major component in the neoliberal restructuring of the international political economy. The neoliberal era has opened a new phase in the history of contemporary capitalism and imperial domination, based on the exploitation of cheap, flexible labour, principally from the Global South. Facilitated by the revolution in information and communication technologies, the massive expansion of global reserve army of labour – particularly as a consequence of the dismantling of the former Soviet Union and the incorporation of China into the global capitalist labour market – and the imposition of structural adjustment programmes on the Global South, monopoly capital has found an easy, and yet apparently inexhaustible, source of extraordinary profits: the polarization and intensification of wage differentials along the North–South axis.
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