Global Economy’s Impact on Labor
The global economy has had great impact on the labor force, affecting each country in its own way whether it deals with outsourcing and offshoring or unemployment. The term global economy means integrating the world economy through trade, production, and distribution while consuming goods and services. Globalization has progressively integrated its way into all countries and the United States has seen that on the rise with diverse ethnic, economic, and religious groups that work together in everyday tasks. While the U.S. has taken advantage of their leadership role in the global economy, it is continuing to face global competition. United States has had its position in the world economy threatened by the BRIC – Brazil, Russia, India, and China, because they can provide labor for cheaper than what the United States can domestically. China’s economic power is on the rise, having more graduate and PHD’s, highly innovative, and taking a strong standpoint on reshaping the future of the global economy. The United States plays a strong role in the global economy is now threatened by the expansion in competition for jobs and investment by China, whose nation is on the rise.
The BRIC nations have developed quickly and effectively, having a great impact on the global economy. The United States has been quick to outsource and offshore millions of domestic jobs that can be done at a cheaper rate to countries such as India and China. The labor in both these countries will cost a fraction of what it costs to produce and assemble in the United States. Chinas cheap labor has become a prominent advantage to the nation by not only increasing the countries employment rate but also providing more to their economic...
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...rlier or later is yet to be determined. The positive global effects of China crossing the Lewis Turning Point are plentiful; increased output commodity, raising domestic employment, more regional economies join China’s trade chain.
1. Das, Mitali, and Papa N'Diaye. "The End of Cheap Labor." IMF. N.p., n.d. Web. 14 Nov. 2013.
2. "World Development Indicators-Google Public Data Explorer." World Development Indicators-Google Public Data Explorer. N.p., n.d. Web. 18 Nov. 2013.
3. A.C.S.. "Growth and China: China approaching the turning point." The Economist. The Economist Newspaper, n.d. Web. 20 Nov. 2013.
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