The word "precarity" refers to the condition of living without certainty about one's future. It is often used to describe the experience of people who live paycheck to paycheck, without savings or access to healthcare or job security. This can be related to economic instability and fluctuations in employment and wages. In this essay, I will explore how global economic systems perpetuate vulnerability through systemic precarity.
One way that economic systems perpetuate vulnerability is through unequal power dynamics between workers and employers. Workers are often forced into unfair contracts that give them little bargaining power. They may not have access to collective bargaining or unionization rights, and they may be underpaid for their work. This means that if an employee loses their job, they may struggle to find another one that pays a fair wage. If they do get a new job, it may not offer benefits like paid time off or health insurance. The result is that many workers must take on debt to make ends meet, putting themselves at risk of falling deeper into poverty if they lose their jobs.
Another way that economic systems perpetuate vulnerability is through the concentration of wealth and resources in the hands of a few individuals. When a small number of people control most of the world's resources, including money, land, and natural resources, it creates an imbalance of power. These individuals have more influence over political decisions than the average person, which makes it difficult for change to happen. This also means that when the economy experiences hardship, these individuals are less likely to suffer as much as those with fewer resources.
During the COVID-19 pandemic, billionaires saw their net worth increase while millions of people lost their jobs and homes.
Global economic systems can also perpetuate vulnerability by promoting extractivism. Extractivism involves taking resources from the environment without giving back enough to sustain it. This can lead to environmental degradation and climate change, both of which can have devastating effects on communities.
When companies extract oil and gas, they often pollute nearby water sources and damage local ecosystems. This leaves communities vulnerable to health problems and displacement due to contaminated drinking water or flooding caused by climate change.
Global economic systems perpetuate vulnerability by creating competition between countries. Countries compete against each other for trade deals and access to markets, which can lead to exploitation of workers and resources. This can create instability and uncertainty for entire nations, leading to political unrest and violence. It also means that governments may prioritize short-term gains over long-term prosperity, leading to unsustainable practices like deforestation or mineral extraction.
There are many ways in which global economic systems perpetuate vulnerability through systemic precarity. Workers are often at a disadvantage, with little power or security, while a small number of people control most of the world's wealth. Economies based on extractive industries put communities at risk of harm and instability. Competition between countries creates uncertainty and instability, leading to further exploitation of natural resources. These factors all contribute to an unequal and precarious world that leaves millions vulnerable to poverty and suffering.
How do global economic systems perpetuate vulnerability through systemic precarity?
Global economic systems perpetuate vulnerability through systemic precarity by creating unequal access to resources, opportunities, and power that disproportionately impact marginalized groups. Precarity refers to a condition of insecurity, uncertainty, and instability caused by factors such as poverty, lack of access to basic needs, and social exclusion.