What question did this study set out to answer?

The aim is to reassess the distribution of surplus value and labour classifications in UK capitalism from 1992 to 2020.

May 7, 20260 citationsOpen Access

Has UK Capitalism Transformed? Reassessing Surplus-Value Distribution and Unproductive Labour, 1992–2020

EPElena PapagiannakiEdinburgh Napier University BPBruce PhilpBirmingham City University DWDaniel WheatleyUniversity of Birmingham

Key Points

The aim is to reassess the distribution of surplus value and labour classifications in UK capitalism from 1992 to 2020.
Applied New Interpretation framework to UK economic data
Distinguished between unproductive and productive labour
Analyzed national accounts using ONS macroeconomic data
Examined key drivers of surplus value including productivity and income distribution
Included UL-PL ratio as a determinant for analysis.
Identified that the production sphere remained central to economic changes
Found that the 2008 crisis began in production before affecting finance
Demonstrated that the fall in surplus value occurred before the pandemic
Indicated that UK capital responded to crises through increased exploitation and reduced wages
Highlighted differences in Labour and Conservative government approaches to productivity and employment.

Abstract

UK capitalism transformed significantly from 1992 to 2020, yet national accounts have rarely been reinterpreted through Marxist categories. Unlike US data, UK data resists such analysis, despite the need for interpreting the UK economy in terms of value, surplus value creation and appropriation. Using the New Interpretation (NI) framework to reassess the UK economy, we distinguish unproductive (UL) from productive labour (PL), using ONS macroeconomic data and UK socio-economic micro-datasets. The UK surplus value rate is analysed through its key drivers—productivity, income distribution, and working hours—while incorporating the UL-PL ratio as an additional determinant. Our findings show the production sphere remains central: the 2008 crisis emerged there before the wider economy, challenging narratives of crisis in finance, and the fall in surplus value ahead of 2020 shows the crisis predated the pandemic. UK capital responded through increased exploitation, suppressing wages, while Labour governments stressed productivity and Conservatives workweek’s extension.

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