Workers face uncertainty with financialization from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
The rise of financialization has introduced a new level of uncertainty into the lives of workers. In the past, workers could rely on stable employment and steady wages to support themselves and their families. However, with the increasing influence of finance on the economy, this sense of security has eroded. Financialization has led to a shift in the way that companies operate, with a greater emphasis on shareholder value and short-term profits. This has resulted in a focus on cost-cutting measures, such as outsourcing and downsizing, which can lead to job insecurity for workers. In addition, the rise of the gig economy and temporary work arrangements has further increased uncertainty for workers, as they are often left without benefits or job security. Furthermore, the financialization of the economy has led to a greater reliance on debt to maintain a certain standard of living. This can leave workers vulnerable to economic downturns, as they may struggle to repay their debts if they lose their job or face a reduction in income. In addition, the increasing use of financial instruments such as derivatives and complex financial products has introduced a level of risk that was not present in the past.- The concept of workers facing uncertainty with financialization highlights the ways in which the economy has shifted in recent years, leaving workers in a more precarious position. As finance continues to play a dominant role in the economy, it is likely that these trends will continue, further exacerbating the challenges faced by workers in an increasingly uncertain world.
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