The Changing World Of Work 2: Financialization = Insecurity

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Submitted by Charles Hugh-Smith of OfTwoMinds blog, (Part 1 here)

Promises of wealth and security are far more contingent than is being advertised.

The Millennial Generation, if we’re to believe various polls, aspires to either make boatloads of money on Wall Street, or secure a can’t-be-fired job in the government.Given the dominance of finance and an economic backdrop of rising insecurity, these are rational choices.
But all those Millennials hoping to work for Goldman Sachs does raise a question:when did playing financial games become so much more profitable than producing goods and services?
And that raises another question: is the dominance of the FIRE sectors (finance, insurance, real estate) permanent or cyclical?
Let’s turn to some charts for answers.The first is a look at the finance and insurance sectors’ share of the gross domestic product (GDP). The sectors’s share reached 4% of GDP in the…

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