Asked by Claudia Reyes on Jul 07, 2024

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The "reserve army of the unemployed" was a term coined by

A) Adam Smith
B) John Maynard Keynes
C) Thorstein Veblen
D) Karl Marx
E) Milton Friedman

Reserve Army

Reserve army typically refers to a body of trained citizens held in readiness as a military force to be called upon in specific circumstances, but in Marxist theory, it also denotes the surplus labor available for capital exploitation.

Unemployed

Individuals who are without a job and actively seeking work.

Coined

Typically used to describe the creation of a new word or phrase, or the act of making coins.

  • Comprehend key economic concepts and theories related to investment and savings.
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Karina OverholtJul 12, 2024
Final Answer :
D
Explanation :
The term "reserve army of the unemployed" was first introduced by Karl Marx in his theory of surplus labor. According to Marx, capitalists keep a "reserve army of the unemployed" in order to drive down wages and prevent workers from demanding better working conditions. This term is central to Marx's critique of capitalism and his analysis of the inherent contradictions within the system.