Final answer:
According to the Financial Time's article, gig economy and automation cause a weakening in labor's bargaining power.
Step-by-step explanation:
The Financial Time's article suggests that gig economy and automation cause a weakening in labor's bargaining power. This means that workers have less ability to negotiate for better wages and working conditions.
One reason for this weakening is the shift from manufacturing to service industries. Service jobs typically have lower wages and fewer unionized workers, making it harder for workers to collectively bargain for better terms.
Additionally, globalization and increased competition from foreign producers have led to a reduction in labor power. Companies can now outsource jobs to countries with cheaper labor, which puts downward pressure on wages and reduces workers' ability to demand higher pay.