“Globalisation is the most important factor determining labour markets”
Th?r? ?s n? d?ubt th?t gl?b?l?s?t??n ?s h?v?ng an ?mp?rt?nt ?ff?ct ?n l?b?ur m?rk?ts. Labour supply by newly emerging economic powerhouses has increased enormously, especially because of countries like China and India which have abundant human resources eager to become a part of the worlds workforces. ?t th? s?m? t?m? t?chn?l?g?c?l ?dv?nc?s h?v? c?ntr?but?d t? increasing ?nc?m? ?n?qu?l?ty ?nd ch?ng?d th? n?tur? ?f gl?b?l?s?t??n. M?st interestingly d?m?nstr?t?d by th? r?p?d gr?wth ?f ?ffsh?r?ng ?f bus?n?ss s?rv?c?s th?t w?r? pr?v??usly not possible to trade. Th?s? d?v?l?pm?nts are more of ?n ?nt?ns?f?c?t??n ?nd br??d?n?ng ?f th? pr?c?ss ?f gl?b?l?s?t??n r?th?r th?n ? fund?m?nt?l ch?ng? in the n?tur? ?f it. These fundamental changes w?ll h?v? l?ng l?st?ng ?ff?cts ?n future l?b?ur m?rk?ts, ?ncr??s?ng th? urg?ncy for ?mpl?m?nt?ng new l?b?ur m?rk?t p?l?c??s in almost every country of the world.
In 1950 only 10% of the economically leading countries were handling 90 %
of international commodity trading. This has been changing dramatically over the past
decades. Today trade in goods has become more evenly distributed, the main cause being globalisation. This has also lead to higher unemployment rates in developed countries.
Of coures these may not be the only reason for high unemployment figures but certainly an important one. The fear of globalization among skilled and unskilled workers around the world has increased, especially in the US and Europe as they contribute the largest part to the increasing outflows of capital and production. Contrary to that the unemployment in the US has fallen over the past years. There the main problem was and is that the least
skill ...