Nicholas Kaldor on how neoliberalism weakened labour power:

The centrepiece of the Government’s economic strategy, the control of the money supply, however genuinely believed in by some people, is really only a façade or a smokescreen. The important consequence of the strategy is to alter the balance of bargaining power, to weaken the trade unions through the intensification of unemployment and through the loss of jobs, through factory closures and bankruptcies, and thereby to succeed in bringing wage settlements well below the rate of inflation; that is to say, to reduce real wages.

– Nicholas Kaldor, The Economic Consequences of Mrs. Thatcher, page 62

Nicholas Kaldor, picture from National Portrait Gallery

To understand how labour power has been weakened, you need to understand monetary economics.

Happy Labour Day 🥂