Final answer:
Marx argued that job insecurity in a capitalist society creates alienation and competition among workers, leading to overall impoverishment and psychological distress. This furthers society's propensity towards class consciousness and the potential downfall of capitalism.
Step-by-step explanation:
Karl Marx proposed that job insecurity is bad because it leads to various societal issues such as alienation, competition among workers instead of cooperation, and a cycle of exploitation that extends beyond the workplace, affecting many other aspects of a worker's life. In 'The Communist Manifesto', Marx explains this notion by illustrating that after the laborer is exploited by the manufacturer and receives wages, they face further challenges from landlords, shopkeepers, and pawnbrokers. Moreover, Marx believed that the pressure to keep product costs low in a capitalist society results in lowering labor costs, which causes unemployment and reduces wages, leading to the impoverishment of the working class. This alienation and struggle, in turn, gives rise to class consciousness among workers who may unite for a change, potentially leading to the downfall of the capitalist system and the rise of socialism.
In postindustrial societies, there's an increasing gap between the small number of secure, elite jobs and the majority struggling with precarious employment in the gig economy, with no benefits and unstable compensation. Marx's theory also delves into the concept of false consciousness, explaining why the working class might not rise up against these conditions.