Unemployment and Transformational Growth in the Long Run

Edward J. Nell
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Edward J. Nell: The New School

Chapter Chapter 2 in Full Employment and Social Justice, 2018, pp 11-62 from Palgrave Macmillan

Abstract: Abstract The movement from ruralrural to urbanurban , from traditional agricultureagriculture to modern industry, is set in motion by capitalistcapitalist developmentdevelopment and is a central feature of the emergence of the modern world. But it rips apart the fabric of traditional life, creating uncertaintyuncertainty , while rendering many traditional skills, and a great deal of knowledgeknowledge , obsolete. It creates a new world, where the traditional morals and manners may no longer be appropriate. But not only will the new world generally not absorb all those displaced from the old; it will itself discard the moderately stabilizing market mechanisms of the older Craft-based capitalismcapitalism , and, moving into mass productionmass production (and later the information economyinformation economy ), come to work in a new and more unstable way. This long-term pattern of development provides, perhaps, the basic perspective for understanding unemploymentunemployment in the modern era.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:pal:bifchp:978-3-319-66376-0_2

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DOI: 10.1007/978-3-319-66376-0_2

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