Globalization and Labour
The entry of China, India, and the ex-Soviet countries into the world trading system in the 1990s has made globalization an increasingly important driver of labour outcomes across the world. Through trade, capital flows, the spread of technology and education, the world has begun to move towards a truly global labour market. Still, the dispersion of wages for similar work across countries remains high and immigration is the least developed part of globalization, leaving considerable scope for national labour markets, policies, and institutions to affect wages and worker well-being into the foreseeable future.
KeywordsBrain drain Child labour Comparative advantage Cost of capital Diffusion of technology Factor endowments Factor mobility Factor price equalization Fair trade First-mover advantage Foreign direct investment Foreign portfolio investment Globalization Globalization and labour Heckscher–Ohlin trade theory Higher education Inequality (global) International migration International trade Labour standards North–South economic relations Occupational health and safety Price dispersion Product life cycle Production possibility frontier Purchasing power parity Ricardian trade theory Transfer of technology Wage dispersion
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