This article examines how livelihood security is co-produced through multiple strategies in Southeast Asia’s agrarian transformation, by considering the case of Cambodian migrant workers, who cobble together their livelihood through a combination of land, labour and debt. These workers leverage small landholdings as collateral to take on debts to finance migration to Thailand, where low wages and insecure employment inhibit their ability to repay such debts. The traditional social welfare role of land as a safety net is superseded by the use of land as collateral to access microfinance loans, which are also commonly used to respond to livelihood shocks. In this financialised context, social protection schemes insufficiently address the combined livelihood risks that are assumed by workers and do not provide meaningful protection to workers. Drawing on field interviews, we argue that these various supposed sources of livelihood security rather act to increase precarity for workers, by exacerbating labour discipline and dependence on employers.
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