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This paper interprets extensive empirical data on the growth and then stagnation of “modes of flexibility” by using labour process theory, specifically with respect to control and resistance. In a “risk cycle,” management initially seizes an opportunity to reduce costs by transferring risk from capital to labour through some mode of flexibility. The chosen mode is used more and more until further expansion is blocked by the need to overcome resistance, to obtain consent and/or to exercise control. Management then seeks a new mode. The risk cycle is consistent with OECD data on “temporary employment,” and Australian data on “casual employment.” Implications for the gig economy and the future of work are discussed.