Labor markets are crucial institutions in contemporary capitalist countries. It is through them that most people of working age are able to find employment and earn a living. Whatever happens with employment and unemployment is usually considered highly significant news and is accordingly reported on a regular basis in the media. We encounter an incessant stream of information on the creation of new jobs and workplaces as well as on layoffs and plant closures. It is over and over again intensely debated what governments and other actors can and should do to expand employment and to reduce unemployment. Statistical reports on whether the number of jobs and the number of unemployed increases or decreases play a decisive, and often contested, role in the public discussion and the political struggle. A further aspect behind all this attention is that labor markets affect not merely the individuals directly involved in them but all citizens, their financial and social situation, not to mention their whole life.
KeywordsLabor Market Sociological Theory Historical Materialism Sociological Perspective Labor Power
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