The New Status of Service Labor under the Transition to the World Information Economic System
The inflation of credit has accelerated in major countries since the 1980s, at which point Reaganomics in the U.S.A. triggered the liberalization of banking and securitization of bonds. This occurred in three main steps: 1) The return of bond currencies from Japan to the United States up until the mid-1990s, 2) amplification of credit creation by bond currencies based on credit default swaps immediately after the “Lehman Shock,” and 3) the intensification of debt currency and the monopolization of the rights of currency issuance by global financial capital, which has progressed according to the implementation of special drawing rights that are in place up until the mid-2020s.
Each step corresponds to the "unipolarization of wealth" and a period of the germination/ formation/establishment of global financial capital, which has increased the labor dominance of the world's working population.
I interpret the period after the 1980s to be characterized by the germination of the World Informational Economy System, which is different from the World Industrial Economy System that emerged after the Industrial Revolution. By dividing this forty-year historical trend into three periods, this paper redefines Karl Marx's “Labor Theory of Value” and proposes a new status among the world’s production chains from service labors.
First, “Expansive Reproduction Theory” can be applied among three sectors: public goods, consumer goods, and production goods. Then, for each year in a 15-year period, it is possible to calculate the increase in the organic composition of capital and accumulation of capital for each of the three sectors above, step by step.
By performing these steps, it is possible to determine the necessary and sufficient conditions for labor regeneration of the world’s workable population and to derive the implications of the results. In other words, this formula can explain how 99 percent of the world's workable population came under the control of 1 percent in terms of global financial capital and how the 99 percent have been financially reduced, deprived, and have lost not only labor rights but also life and rights associated with life (which together are called survival rights) due to low wages and unstable irregular service labor. It can also be used to identify possibilities regarding how the Globally Multilayered Structure between the workers, capital, and products could be resolved, which represents the goals and tasks of the World Economic System Theory.
Bulletin of the Graduate School of Integrated Arts and Sciences, Hiroshima University. II, Studies in environmental sciences
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