The Great Chinese Labor Dump
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See: Chinese Labor, Labor, Labor Participation Rate, Global Labor, Female Employment, Indian Labor, Russian Labor.
References
2005
- (Freeman, 2005) ⇒ Richard B. Freeman. (2005). “China, India and the Doubling of the Global Labor Force: who pays the price of globalization?" In: The Globalist on June 3, 2005
- QUOTE: The global economic community, and economic policymakers in governments and global institutions alike, has yet to fully understand the most fundamental economic development in this era of globalization — the doubling of the global labor force.
I estimate that the entry of China, India and the former Soviet bloc into the global economy cut the global capital/labor ratio by just 55% to 60% what it otherwise would have been.
The doubling I am referring to is the increased number of persons in the global economy that results from China, India and the ex-Soviet Union embracing market capitalism.
- QUOTE: The global economic community, and economic policymakers in governments and global institutions alike, has yet to fully understand the most fundamental economic development in this era of globalization — the doubling of the global labor force.