immiseration

Immiseration refers to a process by which people, often a significant portion of a population, experience a decline in their standard of living. This decline can manifest in various ways, including falling real wages, reduced access to essential services, increased poverty, and a general deterioration of living conditions. The term is often used in economic and sociological discussions to describe the potential negative consequences of certain economic policies or trends.

Historically, the concept of immiseration gained prominence with the writings of Karl Marx. He argued that under capitalism, the working class would become increasingly impoverished as the owners of capital extracted surplus value. This theory suggested that as capitalism developed, the gap between the wealthy bourgeoisie and the proletariat would widen, leading to a state of immiseration for the majority.

While Marx's specific predictions have been debated and have not universally materialized in the way he envisioned, the concept of immiseration remains relevant. It can be applied to situations where globalization, technological advancements, or economic crises lead to job losses, wage stagnation, or increased inequality for certain groups. Contemporary discussions of immiseration often focus on the effects of deindustrialization, precarious employment, and the concentration of wealth. It is important to distinguish immiseration from mere relative poverty, as it implies an absolute decline in well-being.