Labor Markets in a Globalized World
This chapter explores globalization in the twenty-first century and the nature of labor markets in today's globalized world. Four points are made: First, for the most part, because of restrictions on international migration, poor people in the developing world are not able to sell their labor where it will command the highest return. Second, labor markets throughout the world are linked by an unprecedented degree of labor market competition. Third, labor markets are highly competitive because numerous industries face an unprecedented degree of product market competition on the global level. Such globalization increasingly limits the scope for national, subnational, and local action, e.g., individual country governments, individual labor unions, and so on. And fourth, in today's globalized world, few competitive advantages are sustainable; most advantages are likely to be short-lived.
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