chapter  1
On the Priority of Wage Labor
WithEdward J. Martin, Rodolfo D. Torres, Mateo S. Pimentel
Pages 6

This chapter examines the serious issues that have resulted from neoliberal globalized economic arrangements manifested in capitalism. The value of that product is created by the worker who transforms given material objects into a finished price. The income from this finished price is then divided between labor, capital, and expenses, such as overhead and raw materials. Capitalism is essentially an economic system shaped by the pursuit of financial profit. Several hallmarks include: the ownership of private property, financial investment, and personal financial risk, the globally scaled organization of economic activity, including the participation of state and governments, salaried workers or wage laborers, impersonal markets that facilitate the purchase and distribution of goods and services, and business cycles that experience financial profit and loss. The lack of income, due to downward pressure on wages and increased profitability, is eventually felt by both the capitalist class and working class in stagnation, recession, and even inflation, thus perpetuating economic crisis.