The global economic system is based on capitalist principles that prioritize profit maximization over social welfare. This means that businesses are encouraged to seek out new markets and resources while cutting costs wherever possible, which often leads to exploitation of workers and environmental degradation. Marginalized groups such as women, people of color, and migrants are particularly vulnerable to this exploitation because they have less access to power and resources than others. Precarity refers to the state of being constantly at risk of losing one's job, housing, healthcare, or other basic necessities due to unstable economic conditions.
One way that global economic systems perpetuate precarity and marginalization is through the use of neoliberal policies. Neoliberalism promotes free trade and deregulation, leading to increased competition between countries for jobs and resources. This results in downward pressure on wages, benefits, and working conditions, making it harder for workers to earn a living wage. It also increases inequality, as wealthy individuals and corporations reap the greatest rewards from globalization. In addition, neoliberalism weakens protections against climate change, allowing pollution and natural disasters to cause further harm to marginalized communities.
Another way that global economic systems perpetuate precarity and marginalization is through the privatization of public goods and services. Governments around the world are increasingly selling off national assets like water, education, and healthcare to private companies, who then charge high fees or provide substandard care. This leaves many people unable to afford essential services, even if they work full-time. The lack of universal healthcare and social safety nets means that people must rely on precarious employment to get by, which can lead to financial ruin when they lose their job.
Global economic systems perpetuate precarity and marginalization by creating an overproduction of goods and services. Companies produce more than consumers need in order to maximize profits, leading to excess inventory and waste. This creates an oversupplied labor market, driving down wages and leading to higher rates of unemployment and underemployment. At the same time, it leads to environmental degradation, as products become obsolete and end up in landfills or incinerators. Precarity and marginalization often go hand in hand with each other: those who are already struggling financially may be forced to take any available job, even if it involves long hours for low pay and dangerous conditions.
How do global economic systems perpetuate precarity and marginalization?
Global economic systems perpetuate precarity and marginalization through their emphasis on profitability over social well-being. They prioritize the interests of capitalists and investors rather than workers, consumers, and communities, resulting in unequal distribution of resources and opportunities. These systems also promote competition and individualism, leading to the devaluation of collective action and solidarity, which are essential for addressing systemic inequalities.