Social inequality worsens with financialization from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
Financialization has brought about significant changes in the labor market, leading to the exacerbation of social inequality. The shift towards a more financially-driven economy has resulted in a redistribution of wealth that disproportionately benefits the already affluent while leaving the working class behind. As financial institutions and markets become increasingly dominant, the gap between the rich and the poor widens, leading to a more unequal society. One of the key ways in which financialization worsens social inequality is through the transformation of labor markets. The emphasis on short-term profits and shareholder value has led to a focus on cost-cutting measures and maximizing efficiency, often at the expense of workers. This has resulted in job insecurity, stagnant wages, and an erosion of workers' rights, particularly for those in low-skilled or precarious em...
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