Labor-Capital Conflict: From Eurocentric Capitalism Towards. A Humanistic World Order

Ozay MEHMET

Abstract


Abstract. What Wells summarized in the first quote above was Eurocentric capitalism. It has now become the principal source of instability and inequality in the world. Speculation, not profit, is its driver; profit has taken a back-seat. Capital market, the arena for speculation, is disconnected from the real economy, particularly the labor market which rewards less and less the workers and producers. Rewards, as private wealth are increasingly in speculative capital gains which accrue to the top 1% elite, made up of stock market players and financial institutions, while the rest [workers, middle class and those in lower segments of the socio-economic pyramid] fall behind.

Keywords. Wealth; Economic Development; Health and Economic Development; Sustainability; Development Planning and Policy.

JEL. E21, F63, I15, Q56, O20.

 

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DOI: http://dx.doi.org/10.1453/jel.v2i4.485

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