Finance shapes labor practices from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
The relationship between finance and labor practices is complex and multifaceted. Finance not only provides the capital necessary for businesses to operate but also exerts a significant influence on how labor is organized and managed. In an era dominated by finance, the priorities and objectives of investors and shareholders often take precedence over the needs and well-being of workers. Financial considerations play a crucial role in shaping labor practices, as companies strive to maximize profits and shareholder value. This often leads to cost-cutting measures such as outsourcing, downsizing, and wage reductions, all of which can have a detrimental impact on workers. In the pursuit of short-term financial gains, companies may prioritize efficiency and productivity over the long-term stability and security of their workforce. Furthermore, the rise o...
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