Workers face risks in financialized economies from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
In financialized economies, workers are increasingly exposed to various risks that can have detrimental effects on their financial well-being. As companies prioritize shareholder value and short-term profits, they often implement cost-cutting measures such as layoffs, wage freezes, and reduced benefits. This can leave workers vulnerable to job insecurity, income instability, and a lack of access to essential benefits like healthcare and retirement savings. Furthermore, the rise of financialization has led to the proliferation of precarious work arrangements, such as temporary contracts, part-time work, and gig economy jobs. These types of employment provide little job security or stability, leaving workers at the mercy of market fluctuations and economic downturns. In addition, these arrangements often lack essential benefits and protections, further increasing the financial r...
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