CAPITALIST accumulation entails a combination of waged and unwaged work involved in production and social reproduction. Production of goods and services must be supported by a process of social reproduction that refers to producing the labour power required for production.Capitalism is defined as a system of generalised commodity production which includes commodification of labour power.

SOCIALISM is premised on the idea of fundamental inversion of the labour process that exists in capitalist societies. In capitalism, the worker is subject to the condition of production where the worker is alienated from the means of production, the process of production and the outcomes of productive process. This is articulated through the crude division between mental and physical labour and the worker is supposed to follow the rules of capital relations which naturalises this separation.

THE climate crisis that the humanity faces has been addressed by bourgeoisie theorists as a non-class issue to be resolved either by restraining consumption or by internalising climate costs in prices that disfavours polluters. The presumption for such theories is that individual consumption patterns involve increasing use of energy and particularly fossil fuel and to restrict carbon emissions climate action calls for restricting consumption.Tax on polluters and subsidizing green goods alters the price signals in the market and facilitates ecologically sustainable consumption habits.

LABOUR income continues to decline as a share of global GDP and contributes to the rising inequality in income prevalent across the world. Inequality is generally discussed in terms of disparities in personal income and how that varies across skill and education scale. These income inequality measures often try to ignore the fact that income gaps widen between groups of people defined by their position vis-a-vis means of production and property relation.

IT is now evident from the latest NSSO report on unincorporated enterprise that the informal sector in India suffered a big jolt in employment and value added in the past six years. The RBI has recently come out with KLEMS database latest estimates of a rise of employment from 47.5 crore in 2017-18 to 64.33 crores in 2023-24 claiming a rise of employment in the tune of 16.83 crore in the past five years. This is also backed by the fact that 6.2 crores of net subscribers joined the EPFO payroll indicating a rise in formal employment in the past five years.