Marketization: How Capitalist Exchange Disciplines Workers and Subverts Democracy

Marketization is the process by which the state and capital use markets to discipline the working class. Ian Greer and Charles Umney provide an overview of the European political economy, showing how neoliberal principles translate into market mechanisms and reshape the lives of workers. They argue that markets are often created and manipulated by employers, policymakers, and bureaucrats in pursuit of greater profitability, overriding the rights of individuals, degrading the status and security of workers, and undermining democratic accountability.

Format: Paperback / softback
Length: 192 pages
Publication date: 03 November 2022
Publisher: Bloomsbury Publishing PLC

The process of marketization is a significant aspect of the contemporary political economy, with profound implications for the relationship between labor and capital. In this essay, we will explore the origins, mechanisms, and consequences of marketization, as well as its impact on workers and society as a whole.

Marketization refers to the increasing integration of markets into economic and social life, driven by the forces of globalization and technological change. It involves the commodification of goods and services, the deregulation of markets, and the privatization of public assets. Marketization has been a dominant trend in the global economy for the past several decades, and it has had a profound impact on the lives of workers and their families.

One of the key mechanisms of marketization is the commodification of goods and services. This involves the treatment of goods and services as commodities, which are bought and sold in markets based on their price. Commodification has led to the emergence of a global market for goods and services, which has facilitated the exchange of goods and services across borders and has increased the efficiency of production and distribution.

Another mechanism of marketization is the deregulation of markets. This involves the removal of government regulations and controls over markets, allowing businesses to operate more freely and efficiently. Deregulation has led to the growth of financial markets, which have allowed businesses to raise capital more easily and has facilitated the development of new industries and technologies.

The privatization of public assets is another mechanism of marketization. This involves the transfer of public assets, such as land, water, and energy, from the government to private companies. Privatization has led to the growth of private sector industries, which have often been more efficient and profitable than their public sector counterparts.

However, marketization has also had significant negative consequences for workers and society as a whole. One of the most significant negative consequences is the erosion of workers' rights and protections. As markets become more deregulated and commodified, businesses are able to exploit workers more easily, with lower wages, fewer benefits, and less job security.

Another negative consequence of marketization is the growth of inequality. As markets become more competitive, businesses are able to exploit workers in countries with weaker labor laws and regulations, leading to the growth of income inequality and the concentration of wealth in the hands of a few.

Marketization has also had significant environmental consequences. As businesses seek to maximize profits, they often prioritize short-term gains over long-term sustainability, leading to the degradation of the environment and the depletion of natural resources.

In conclusion, marketization is a complex and multifaceted process that has had a profound impact on the relationship between labor and capital. While it has led to increased efficiency and growth in the global economy, it has also had significant negative consequences for workers and society as a whole. It is important for policymakers and businesses to consider the impact of marketization on workers and society and to work towards policies that promote greater social and economic equality and sustainability.

Weight: 252g
Dimension: 138 x 215 x 18 (mm)
ISBN-13: 9781913441463