From Good Will Hunting, Miramax Films, 1997
The idea is to divide society into two groups. One group is sometimes called the “plutonomy” (a term used by Citibank when they were advising their investors on where to invest their funds), the top sector of wealth, globally but concentrated mostly in places like the United States. The other group, the rest of the population, is a “precariat,” living a precarious existence.
This idea is sometimes made quite overt. So when Alan Greenspan was testifying before Congress in 1997 on the marvels of the economy he was running, he said straight out that one of the bases for its economic success was imposing what he called “greater worker insecurity.” If workers are more insecure, that’s very “healthy” for the society, because if workers are insecure they won’t ask for wages, they won’t go on strike, they won’t call for benefits; they’ll serve the masters gladly and passively. And that’s optimal for corporations’ economic health.
At the time, everyone regarded Greenspan’s comment as very reasonable, judging by the lack of reaction and the great acclaim he enjoyed. Well, transfer that to the universities: how do you ensure “greater worker insecurity”? Crucially, by not guaranteeing employment, by keeping people hanging on a limb than can be sawed off at any time, so that they’d better shut up, take tiny salaries, and do their work; and if they get the gift of being allowed to serve under miserable conditions for another year, they should welcome it and not ask for any more.
That’s the way you keep societies efficient and healthy from the point of view of the corporations. And as universities move towards a corporate business model, precarity is exactly what is being imposed. And we’ll see more and more of it.