Economists out there - can you help me with some terminology

[stg81]

Is there a term in economics that is related to, or expands up, "wage theft"?

I am looking for a term that defines the situation where corporations and capital - expressly or implicitly - collude to push down wages - paying workers less than (1) the value they actually generate, (2) what a fair free market would pay. Keeping a hugely disproportionate share for themselves and using it to continue to rig the system even further in their favor.

This is how wealth is transferred, through unfair means involving buying politicians and buying the laws you want, rigging the system, to oppress and abuse the working class and poor.

Is there a better term for this situation than "wage theft"? (Slavery, perhaps?) But I'm looking for a technical term of art?

If not, should we create a new term?

[lumberjack_jeff]

1. "price fixing" is the closest term I can think of. n/t

[unblock]

2. market power?

[AngryAmish]

3. cartel. antitrust.

[lpbk2713]

4. Oppression.

The usual answerback is "you don't like it, find someplace else to work" .

[ellisonz]

5. Market Failure

http://en.wikipedia.org/wiki/Market_failure

[okaawhatever]

6. Wage suppression might be the term for reducing the wages. The means by which it is accomplished

is a separate term. Conspiring to deflate wages, or conspiring to suppress wages through governmental policies. I've taken economics but can't identify a particular term for what you're describing.

Here is a link to the dictionary of economic terms from the economist: http://www.economist.com/economics-a-to-z/w

[stg81]

7. collusive wage suppression?

[okaawhatever]

8. Okay, wow. I did a little searching on the internet and the correct term is wage suppression. I

found an amazing paper written by the National Employment Law Project that describes, in detail, how ALEC is attempting to suppress wages through a repeal of wage laws. They mention 105 bills being introduced. There are a lot of charts and such but on page 9 they break out which laws were introduced, by whom, and the status. It's for the 2011-2012 legislative session but it's an interesting read. I know who to despise in my state now.

Anyway good luck. Here's a link.

http://www.nelp.org/page/-/rtmw/uploads/NELP-ALEC-Wage-Suppression.pdf?nocdn=1

[stg81]

9. thanks!

[stg81]

10. so the concepts I want here are

exploiting undue power from wealth to rig the system to pay workers less, much less, than is rightfully earned, deliberately and knowingly, creating a feedback loop that repeats itself and increases exponentially in power and effect with each iteration

I need a term for this - wage suppression is a part of it.