Guy Standing Warns of Rising “Precariat,” Calls Basic Income Essential for Democracy

World-renowned labour economist Guy Standing is sounding the alarm on the rise of the “precariat,” a growing class of people stuck in insecure jobs, unstable income, and chronic financial anxiety.

In a recent podcast interview, Standing argues that this expanding group, which includes young graduates, migrants, and workers who once held stable careers, faces long-term economic uncertainty that threatens social cohesion and democratic stability. He maintains that universal basic income has shifted from theoretical debate to practical necessity if societies want to protect freedom, dignity, and democratic institutions.

Standing, a Professorial Research Associate at SOAS University of London and co-founder of the Basic Income Earth Network, coined the term “precariat” in his influential book The Precariat: The New Dangerous Class. Drawing on decades of work with the International Labour Organization, he outlines how modern “rentier capitalism” disproportionately benefits asset owners while wages stagnate, even as people work longer and harder.

The episode explores lessons from basic income pilots in countries such as India, highlighting evidence that income security can improve health, strengthen motivation, and increase personal agency. Standing also details the structural reforms he believes are necessary to move from a divided, anxious workforce toward a more stable, innovative, and democratic economy.

His message is direct: without economic security, political stability becomes fragile.

Source - http://www.youtube.com/watch?v=ME5CDkMDNWk&feature=youtu.be