Globalization of Labor Markets and the Growth Prospects of Nations
The many and varied crises in the world economy since 2007 seem to have different origins and diverse manifestations. This paper contends that there is however a structural shift beneath the global economy that is now reaching a critical mass, and...
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| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/03/26009196/globalization-labor-markets-growth-prospects-nations http://hdl.handle.net/10986/23929 |
| Summary: | The many and varied crises in the world
economy since 2007 seem to have different origins and
diverse manifestations. This paper contends that there is
however a structural shift beneath the global economy that
is now reaching a critical mass, and that accounts for many
of these crises, despite the diversity of manifestations.
This shift is occasioned by two kinds of technological
changes--the familiar labor-saving and what is here called
"labor-linking." The paper argues that these
changes (1) create a short-term window of opportunity for
developing and emerging economies, but (2) in the long run
constitute a major, multilateral policy challenge for all.
To meet this challenge, we have to think outside the box and
conceive of innovative policies. The paper briefly
speculates on what those policies might be. |
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