An aggrieved billionaire this week lamented that workers had grown lazy and "arrogant" during the coronavirus pandemic and that many of them needed to be made unemployed for the situation to improve.The Australian Financial Review reports that Tim Gurner, the founder and CEO of the Gurner Group, exp...
This effect was analysed in great detail by Marx in the 19th century, so it’s not a characteristic of late stage capitalism, just of capitalism.
His term “Reserve army of labour” refers to the unemployed.
From Capital by Marx
https://en.m.wikipedia.org/wiki/Reserve_army_of_labour