Economic Displacement

Economic displacement occurs when individuals lose their jobs or livelihoods due to changes in the economy. This can happen because of technological advancements, shifts in consumer demand, globalization, or economic downturns. For example, when a factory automates its production, workers may be laid off. Displacement often leads to financial hardship and can result in long-term challenges for affected individuals, as they may need to retrain or relocate to find new employment. Addressing economic displacement is important for maintaining social stability and supporting those impacted in adapting to new economic realities.