Unemployment

Unemployment functions as a structural feature of capitalism rather than a mere glitch or individual failure. The "long downturn" persisting since the 1970s, rather than technological innovation, primarily drives the current low demand for labor. Michael Denning’s concept of "wageless life" redefines the economic landscape by centering the precarious existence of those excluded from wage labor, moving beyond the narrow, government-managed definition of unemployment. This systemic instability, exacerbated by the erosion of the welfare state, fosters nihilism and resentment, creating fertile ground for reactionary politics. The psychological toll of this displacement, illustrated by the despondency of long-term job seekers and historical parallels to the economic collapse of the Weimar Republic, highlights how the feeling of "dethronement" among the working class often manifests as rage directed toward marginalized groups.