Question

How does globalization effect the job market?

Answer 1

1. Globalization has created a competition in a global job market. In the past, the economic fate of workers was tied to the fate of national economies.
2. With the advent of the information age and improvements in communication, this is no longer the case.
3. Because workers compete in a global market, wages are less dependent on the success or failure of individual economies.
4. This has had a major effect on wages and income distribution.
5. For example liberalization has brought hundreds or multinational to India and opened up the job market and raises the take home salaries of people.