How do global economic systems perpetuate vulnerability through systemic precarity and marginalization?
Economic systems are designed to produce goods and services that meet the needs of society. They are supposed to be based on fair distribution of resources and opportunities for all members of society.
This is often not the case. Economic systems can create situations where certain groups or individuals are excluded from access to necessary resources or opportunities due to their socioeconomic status, gender, race, ethnicity, religion, sexual orientation, age, disability, nationality, etc. This situation is called systemic precarity and marginalization.
Systemic precarity refers to the way in which a person's ability to participate fully in society is limited because they lack access to basic necessities like food, housing, healthcare, education, transportation, employment, etc. Marginalization is when an individual or group is pushed to the fringes of society and denied full participation in social, political, and economic life. In other words, it is when people are treated as if they do not belong to mainstream society. Both of these issues are interrelated and reinforced by economic systems.
The primary cause of systemic precarity and marginalization is unequal power relationships between different groups within society. Power imbalances lead to the exploitation of some people at the expense of others.
Capitalism values profit over human welfare, leading to inequality between workers and owners. People who work hard but earn low wages may struggle to pay for basic needs while those with high-paying jobs may have more than enough money for luxuries.
Racism and sexism limit the opportunities available to certain groups based on their identities rather than their abilities. These dynamics perpetuate cycles of poverty that can last generations.
Economic systems also promote competition among individuals and businesses. This competition often leads to a winner-take-all mentality where only the most successful individuals or companies succeed. This leaves many people behind, creating a cycle of poverty and desperation that benefits those already at the top of the economic ladder. It also creates a culture of fear and anxiety about losing what one has achieved, which makes it difficult to challenge the status quo.
Global trade agreements such as NAFTA (North American Free Trade Agreement) or GATT (General Agreement on Tariffs and Trade) prioritize corporate interests over worker rights, environmental sustainability, and social justice. They allow multinational corporations to move production facilities to countries with lax labor laws and weak environmental regulations to maximize profits. This forces workers in developed nations to compete with cheap labor abroad, driving down wages and making it harder for them to meet their basic needs.
Global economic systems perpetuate vulnerability through systemic precarity and marginalization by privileging certain groups over others, promoting competition instead of cooperation, and allowing corporations to exploit workers and resources. To address these issues, we need to redistribute wealth more equitably, invest in education and job training programs, and support small businesses and local economies. We must also hold corporations accountable for their actions and ensure that international trade agreements benefit all stakeholders, not just big business. Only then can we create an economy that works for everyone.
How do global economic systems perpetuate vulnerability through systemic precarity and marginalization?
Global economic systems have long been criticized for their failure to provide adequate support for individuals who are most at risk of falling into poverty due to socioeconomic factors beyond their control. These include people living in developing countries with low wages and limited access to resources, those from minority groups facing discrimination, and women who experience gendered oppression that restricts their opportunities.