Peter Nolan is the Montague Burton Professor of Industrial Relations at the University of Leeds.
Money, markets, meltdown: the 21st-century crisis of labour
Article first published online: 17 JAN 2011
© 2011 The Author(s). Industrial Relations Journal © 2011 Blackwell Publishing Ltd
Industrial Relations Journal
Volume 42, Issue 1, pages 2–17, January 2011
How to Cite
Nolan, P. (2011), Money, markets, meltdown: the 21st-century crisis of labour. Industrial Relations Journal, 42: 2–17. doi: 10.1111/j.1468-2338.2010.00594.x
- Issue published online: 17 JAN 2011
- Article first published online: 17 JAN 2011
Analyses of the global crisis that erupted in 2007 in bank failures, liquidity shortages and business bankruptcies have obscured the connections between the real and monetary economies. Money market fetishism dominates. In the past, theories of economic crisis assigned a key causal role to labour's growing strength. In Britain, the focus of debate was trades unions' allegedly unregulated power at workplace level, but labour's presence and influence in state, business and workplace institutions has since receded. This article attempts to re-insert labour into the contemporary analysis of the crisis and highlights the shifting relations between states, capital and labour in the age of austerity.