Financial crises impact labor stability from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
In times of financial crises, labor stability is often put at risk as companies struggle to maintain profitability and stay afloat. These crises can lead to layoffs, wage cuts, and decreased job security for workers across various industries. The uncertainty caused by financial instability can create a ripple effect throughout the labor market, impacting both employees and employers. During financial crises, companies may be forced to downsize their workforce in order to cut costs and increase efficiency. This can result in layoffs and restructuring that disrupt the lives of many workers. In some cases, entire industries may be affected by the economic downturn, leading to widespread job losses and high unemployment rates. As a result, labor stability can be severely compromised during the...
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