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Globalization of labor markets and the growth prospects of nations

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  • Basu, Kaushik

Abstract

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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  • Basu, Kaushik, 2016. "Globalization of labor markets and the growth prospects of nations," Journal of Policy Modeling, Elsevier, vol. 38(4), pages 656-669.
    • Handle: RePEc:eee:jpolmo:v:38:y:2016:i:4:p:656-669
    DOI: 10.1016/j.jpolmod.2016.05.009
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    12. Basu, Kaushik, 2015. "An Economist in the Real World: The Art of Policymaking in India," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262029626, April.
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    Cited by:

    1. Biagi, Federico & Falk, Martin, 2017. "The impact of ICT and e-commerce on employment in Europe," Journal of Policy Modeling, Elsevier, vol. 39(1), pages 1-18.
    2. Rashid, Muhammad Mustafa, 2018. "Proliferation of Globalization and its Impact on Labor Markets in Advanced Industrial Nations and Developing Nations," MPRA Paper 90497, University Library of Munich, Germany.
    3. Jyh‐Bang Jou & Tan (Charlene) Lee, 2021. "Uncertainty, hiring and firing costs, and the determinants of profit‐sharing rules," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(1), pages 185-197, January.
    4. Gouranga Gopal Das & Sugata Marjit, 2018. "Skill, Innovation and Wage Inequality: Can Immigrants be the Trump Card?," CESifo Working Paper Series 7082, CESifo.
    5. Basu, Kaushik, 2018. "The rise of Trump and an agenda for regulatory reform," Journal of Policy Modeling, Elsevier, vol. 40(3), pages 546-558.
    6. Orhun Sevinc, 2018. "Emerging Market Economies and Turkey in the Globalization Age," CBT Research Notes in Economics 1814, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    7. Hichem Saidi, 2020. "Threshold effect of institutions on finance-growth nexus in MENA region: New evidence from panel simultaneous equation model," Economics Bulletin, AccessEcon, vol. 40(1), pages 699-715.
    8. Basu, Kaushik, 2019. "New Technology and Increasing Returns: The End of the Antitrust Century?," IZA Policy Papers 146, Institute of Labor Economics (IZA).
    9. Reddy, K.S. & Xie, En & Huang, Yuanyuan, 2016. "Cross-border acquisitions by state-owned and private enterprises: A perspective from emerging economies," Journal of Policy Modeling, Elsevier, vol. 38(6), pages 1147-1170.
    10. Das, Gouranga Gopal & Marjit, Sugata & Kar, Mausumi, 2020. "The Impact of Immigration on Skills, Innovation and Wages: Education Matters more than where People Come from," Journal of Policy Modeling, Elsevier, vol. 42(3), pages 557-582.
    11. Kaushik Basu, 2019. "Technology, Labor and Globalization: Contemporary Challenges," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 62(1), pages 1-13, March.

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