The Unassuming Economist

From a book chapter by Matthew Cole:

“We live in a world where services dominate employment and form an ever-greater share of GDP. What does the relative decline of manufacturing and the rise of services mean for the present and future of work? There is much debate regarding this question. Recent advances in ICT infrastructure, datafication and artificial intelligence have allowed for a degree of technological substitution in service work that was previously impossible. This chapter argues that recomposition of capital at both the national and global scales has reorganised production and expanded production networks to place certain services as a crucial engine of growth. It proceeds by introducing the concept of services in the classical political economy and labour process tradition. It then addresses one of the key debates around the nature of services under capitalism and deindustrialisation. The chapter concludes that how technological and institutional change will impact the future of work will ultimately depend on the balance of power between capital and labour.”