1 Globalization, Economic Restructuring and Increasing Uncertainty in Old Age A Theoretical Framework Sandra Buchholz, Annika Jabsen, Karin Kurz, Julia Marold, Paul Schmelzer and Hans-Peter Blossfeld INTRODUCTION During the last decades, globalization processes have strongly impacted individual life courses in all modern societies (Blossfeld et al. 2005; Blossfeld, Buchholz and Hofäcker 2006; Blossfeld and Hofmeister 2006; Blossfeld, Mills and Bernardi 2006; Blossfeld et al. 2008). The growing volatility and interconnectedness of markets have changed business environments all over the world and forced firms to adjust to new market conditions through reorganization and flexibilization. In turn, uncertainties have risen in the work lives of employees in all OECD countries, introduced through weakened dismissal protection and fixed-term contracts or part-time work (Castells 2000; OECD 2004). However, as several studies have shown, the risk of being exposed to employment flexibility varies between different groups of employees. Whereas mid-career men are relatively well protected, others, such as labor market entrants, and women are at a higher risk of being affected by labor market flexibilization (Blossfeld et al. 2005; Blossfeld and Hofmeister 2006; Blossfeld, Mills and Bernardi 2006). The studies in the first phase of the flexCAREER project clearly showed that young cohorts of labor market entrants are strongly affected by flexible and precarious employment patterns, not only right at labor market entry but also during their early career (Blossfeld et al. 2008). At the same time, we expect also older workers to increasingly face employment risks, mainly as a result of global competition, changes in the demand for certain skills and the decline of traditional industries where a high proportion of them has been employed. Indeed we know that early retirement schemes constituted a main route to flexibility for older workers for several decades in many OECD countries (Blossfeld, Buchholz and Hofäcker 2006; Ebbinghaus 2008). However, we belief that in recent years unemployment, downward mobility, and the postponement of retirement have gained in importance. Such developments have consequences for income inequality among the elderly as well since it is predictable that not all older workers face increased employment risks to the