… happen to it. Oil moves magically to new opportunities, unlike people who don’t often move at all. A barrel of oil doesn’t beat their kids, abuse drugs, commit suicide, or experiencing declining life expectancy from being battered around in the global marketplace. But people do, and they have, the consequences persist and last, and now they’ve made their voices heard. It’s the the dark side of Polanyi’s warning against viewing human being as commodities.
Automation is destroying high value jobs faster than it creates them; the zero price effect fights against the need to raise production costs; neoliberalism has suppressed workers’ ability to demand higher wages — and the falling cost of inputs also suppresses this.