Precariat

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The Precariat refers to the social class of people who experience precariousness, lacking security and predictability which affects their material or physical well-being. The term is a combination of the words precarious and proletariat.[1][2][3][4]

The capitalist drive for profit has led to a rising cost of living and reduction of purchasing power through inflation which has resulted in lower living standards. Additionally, wages are depressed further by the gig economy which replaces more stable work.

References

  1. Noam Chomsky (2012-05-08). "Plutonomy and the Precariat: On the History of the U.S. Economy in Decline" Chomsky.info.
  2. Charlie Post (2015-04-020). "We’re All Precarious Now" Jacobin.
  3. Mark Rice-Oxley Patrick Butler (2019-05-15). "Cash, credits and crisis: life in the new European 'precariat'" The Guardian.
  4. Guy Standing, Research Professor in Development Studies University of London (2016-10-09). "Meet the precariat, the new global class fuelling the rise of populism" World Economic Forum.