TY - GEN

T1 - The relationship of wage labor and capital and its development in the forms of social partnership

AU - Spiridonova, Nataliia

PY - 2019/5

Y1 - 2019/5

N2 - The interaction of labor and capital is an important factor for the success of any business of any size: fromsmall business to large and state one. The nature of the relationship between labor and capital determines in many respectsboth the efficiency of production, economic growth, the increase in people's well-being, and the social and economic stability of society as a whole.The aim of the study is to identify current changes in the relationship between wage labor and capital and to characterize their regulation through the mechanism of social partnership. The objectives of the study are the following:to identify the features of the relationship between wage labor and capital in the 20-21 centuries, to identify the main features of the social contract between the employee and the business in the new conditions of production; analyze therate of exploitation of the employee by capital; suggest correction methods using the ideology and practice of social partnership. A number of developed countries and the Russian Federation were chosen as objects of analysis. We used the open data of the International Labor Organization (ILO), the US Bureau of Labor Statistics, the American Economic Policy Institute (EPI), the OECD, the Rosstat agency.The study is based on a theoretical analysis of economic theory and a review of the scientific literature on this topic. Empirical data reflects the change in the relationship between labor and capital in the new conditions of post-industrialism. Statistical analysis shows that the level of exploitation in countries with a neoliberal (Anglo-Saxon) market economy is higher than in European countries of general welfare. A real negotiation process could maintain a balance between business efficiency and the protection of workers' rights. The results of the study can be used for theoretical studies as well as for predicting socio-economic changes. State institutions can use the results to improve the effectiveness of their programs in the labor market.

AB - The interaction of labor and capital is an important factor for the success of any business of any size: fromsmall business to large and state one. The nature of the relationship between labor and capital determines in many respectsboth the efficiency of production, economic growth, the increase in people's well-being, and the social and economic stability of society as a whole.The aim of the study is to identify current changes in the relationship between wage labor and capital and to characterize their regulation through the mechanism of social partnership. The objectives of the study are the following:to identify the features of the relationship between wage labor and capital in the 20-21 centuries, to identify the main features of the social contract between the employee and the business in the new conditions of production; analyze therate of exploitation of the employee by capital; suggest correction methods using the ideology and practice of social partnership. A number of developed countries and the Russian Federation were chosen as objects of analysis. We used the open data of the International Labor Organization (ILO), the US Bureau of Labor Statistics, the American Economic Policy Institute (EPI), the OECD, the Rosstat agency.The study is based on a theoretical analysis of economic theory and a review of the scientific literature on this topic. Empirical data reflects the change in the relationship between labor and capital in the new conditions of post-industrialism. Statistical analysis shows that the level of exploitation in countries with a neoliberal (Anglo-Saxon) market economy is higher than in European countries of general welfare. A real negotiation process could maintain a balance between business efficiency and the protection of workers' rights. The results of the study can be used for theoretical studies as well as for predicting socio-economic changes. State institutions can use the results to improve the effectiveness of their programs in the labor market.

M3 - Conference contribution

SN - 9789934184284

SP - 783

EP - 794

BT - The 11th international scientific conference "New Challenges of Economic and Business Development – 2019: Incentives for Sustainable Economic Growth"

PB - Издательство Латвийского университета

CY - Riga

T2 - New Challenges of Economic and Business Development – 2019: Incentives for Sustainable Economic Growth

Y2 - 16 May 2019 through 18 May 2019

ER -