There is no doubt that the labor markets and economies of modern societies have been confronted by a marked intensification of cross-border exchange between modern states that has attained a new and previously unattained quality over the past thirty years. In the economic and sociological literature, this development is usually labeled "globalization." Certainly globalization has increased productivity and improved the general standard of living in broad population strata of modern societies. Nonetheless, it has been simultaneously accompanied by a growth in unexpected market trends in an increasingly changing global economy, more rapid processes of social and economic change, an ever stronger decline in the predictability of trends, and, as a result of this, a general increase in market uncertainty in firms and enterprises. As a consequence, globalization has led to a significant shift in power relations in the labor market. So far, there is no consensus in the sociological literature with regard to how these changes in the labor market and the rise in uncertainty have influenced the development of social inequalities in modern societies. These authors contend that the first major challenge of policymakers will be to allow for more flexible and less stigmatizing arrangements to combine family and work life. The second major challenge of policymakers is related to the educational system. In times of accelerated technological and structural change, educational systems have to be better prepared to ease the possibilities of recent and future generations of labor market entrants to reenter education at a later age. (Contains 9 notes.)