The plight of the individual in a financialized world

Individual Alienation from a Globally Connected Financial World

In this financialized world where global banks and transnational corporations seem to have overtaken the nation state as the shaper of social and economic development, societies have become hostages of forces they cannot directly identify. Miguel, a worker of a gold mine in Peru, may get unemployed overnight due to a sudden drop in the price of gold. Even though he is not responsible for the speculative behaviour that may have driven the price of gold down, he will have to face the consequences on his own. The same can happen to Clara, mother of five children, who works in the Brazilian textile industry. The arrival of financial capital into the country seeking for carry trade profits may turn the company where she works unable to compete with lower wages somewhere in the other end of the world. Similarly, the industrial truss deployed across the Greater Buenos Aires may find itself in difficulties as a result of a restrictive monetary policy that dries the credit market up. The people that work there and their families may have nothing to do with the decision of the Central Bank, but they will surely be the first to pay for the broken dishes.

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