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How Financialization Reshapes the Labor Process

From:Social Sciences Weekly2024-11-19 10:50

In his article featured in the 5th Issue of 2024 “Sociological Study,” Zhuang Jiazhi discusses how the financialization of ride-hailing platforms significantly impacts the labor processes of their workers. He notes that these platforms organize and restructure the labor and production processes of their workers based on the valuation principles of financial markets. This is evident in the flexibilization of employment, the financialization of labor tools, and the commodification of labor data. The financialization of platforms has obscured the employment relationships within the platform labor force and has bolstered capital’s control and management over workers’ labor processes. This is achieved by intensifying competition among laborers and increasing their dependence on capital. To grasp the transformations in work and labor, it is essential to consider financialization, alongside digitalization, as a key driving force.