The finest book on economics from the last half of the 20th century. No one should claim they understand capitalism if they can't address the fundamental points of this book. It shows Why Labor Matters--and how suppressing the social and political power of labor makes the system work.
Labor and Monopoly Power, by Harry Braverman, brings basic Marxist labor theory up to date for the modern age. Though written 25 years ago, Braverman's work is the ideal guideline to understanding the age of information technology. Braverman expertly explodes the smug myths of "knowledge age" boosters by drawing the parallels to earlier industrial technology. The major misapprehension exploded is the one that says workplace automation demands higher skills and upgrades jobs. Braverman, through developing and applying the ideas not only of Marx, but of management proponents such as Babbage, Taylor and Bright, makes a convincing case for the opposite. Computers, like other technology before them, are being applied in ways that expose two objectives: (1) the reduction of the absolute numbers of workers, and (2) the reduction of skills among the remaining workers. Braverman's 1974 book was prophetic in that it described longstanding capitalist relationships that, applied vigorously since that time, have led to increasing income inequality in America.
