Global Labour Market and its Limitations

In the recent years, the process of globalization has been broadly based across all the markets: the financial market, the capital market, the market of products, services, knowledge, and the labour market. In many countries, the opportunities and threats related to the process of globalization have been observed early and their economic policy has been adjusted accordingly. For instance, many countries (the UK, the Scandinavian countries, many Asian countries, such as China, South Korea, Singapore, and India) have realized that the future economic success will strongly depend on the ability of a country to provide innovative solutions and offer products and services of high value added. Thus, their system of education is being adjusted to those needs. For example in 2003, the number of American patents obtained by companies from the five largest developing countries was 3,900, against 166,000 and 59,000 patents obtained by Japanese and German companies, respectively. In 2002, Polish companies filed 123 patent applications and were granted 11 patents. According to the present forecasts, starting from 2010 the annual number of graduates from engineering, technical, mathematical and related faculties in China will reach approximately 800,000, and in India ― about 600,000, which will jointly exceed the number of graduates from American colleges by twelve-fold. As early as now, IT companies, pharmaceutical and many other industries are launching or extending their research centers in Asia, not only with the aim of optimizing their research costs, but also to gain access to the fast-growing army of highly qualified experts. Hence, a snowballing increase in the number of patents registered by companies from the developing countries, mostly in Asia, may be expected in the forthcoming years. It has been observed in many countries that the public sector itself must become a source of innovation as well as must actively support e.g. the development of e-economy, since such economy may benefit most from the process of globalization. It applies especially to various aspects of the labour market, such as the education system, the role of the labour market institutions, including that of trade unions, its mobility and flexibility as well as the creation of favorable conditions for the growth of innovation.

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2 thoughts on “Global Labour Market and its Limitations

  1. There has always been issues about, whether globalization leaves good or bad impact on society and environment. I would say that globalizations in almost all aspects i great opportunity for people to get better qualified jobs, get a better education and qualification, which incerease productivity and leads to innovations in order to make our lives easier and more interesting.

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  2. I would agree to lanny that globalization has really good influence on our everyday life. Till now we have a lot of things that make our everyday life easier, but I really hope that after some time it won’t get boring. Of course, it’s great that some machine does everything in your place, but how will it be after about 50 years – only robots etc?
    Anyway the fact that there are more and more graduates in engineering sciences, maths etc. is flattering, the level of our society is increasing day by day 🙂

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