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A pioneering account of the surging global tide of market power—and how it stifles workers around the world In an era of technological progress and easy communication, it might seem reasonable to assume that the world’s working people have never had it so good. But wages are stagnant and prices are rising, so that everything from a bottle of beer to a prosthetic hip costs more. Economist Jan Eeckhout shows how this is due to a small number of companies exploiting an unbridled rise in market power—the ability to set prices higher than they could in a properly functioning competitive marketplace. Drawing on his own groundbreaking research and telling the stories of common workers throughout, he demonstrates how market power has suffocated the world of work, and how, without better mechanisms to ensure competition, it could lead to disastrous market corrections and political turmoil. The Profit Paradox describes how, over the past forty years, a handful of companies have reaped most of the rewards of technological advancements—acquiring rivals, securing huge profits, and creating brutally unequal outcomes for workers. Instead of passing on the benefits of better technologies to consumers through lower prices, these “superstar” companies leverage new technologies to charge even higher prices. The consequences are already immense, from unnecessarily high prices for virtually everything, to fewer startups that can compete, to rising inequality and stagnating wages for most workers, to severely limited social mobility. A provocative investigation into how market power hurts average working people, The Profit Paradox also offers concrete solutions for fixing the problem and restoring a healthy economy.
The publication by the ILO of new estimates on forced labour in 2012 created a sense of urgency for addressing implementation gaps relating to the ILO's Forced Labour Conventions, leading to the adoption of supplementary standards by the 103rd International Labour Conference in June 2014. The power of normative pressure against those who still use or condone the use of forced labour is essential, and national legislation needs to be strengthened to combat forced labour and penalties against those who profit from it need to be strictly enforced. However, a better understanding of the socio-economic root causes and a new assessment of the profits of forced labour are equally important to bringing about long-term change. This report highlights how forced labour - which in the private economy generates US$150 billion in illegal profits per year, about three times more than previously estimated - thrives in the incubator of poverty and vulnerability, low levels of education and literacy, migration and other factors. The evidence presented illustrates the need for stronger measures of prevention and protection, as well as for enhanced law enforcement, as the basic responses to forced labour. At the same time, the report offers new knowledge of the determinants of forced labour, including a range of figures that break down profits by area of forced labour and by region. This can help us develop policies and programmes not only to stop forced labour where it exists, but to prevent it before it occurs.
This volume includes 11 chapters based on papers presented at the 9th International Conference of Political Economy (ICOPEC 2018) that was co-organised by the Greek Association for Political Economy, the Department of Social Policy of Panteion University, and the Faculty of Economics of Marmara University. Chapters adopt a political economy approach to discuss and analyse crucial issues linked to social and economic inequalities, poverty and deprivation as well as to labour market changes. These are issues which are greatly affected by the recent economic crisis and by the neoliberal policies for fiscal discipline, reduce of public spending and labour market deregulation that were implemented to most countries, and particularly to those where the consequences of the crisis were more severe.