Ethan Kapstein's "Worker in the World Economy"

Paper Summary:

This paper explains that Mr. Ethan Kapstein's treatise on the "Worker in the World Economy" offers many effulgent observations but fails to validate universal resolution of the global worker's plight. The author points out that Kapstein suggests that economic policies and programs supported by international policy coordination do not take into account the complexity of individual infrastructure, social priorities or, in many countries, the political dogma workers sustain in earning a living. The paper relates that, in a fully employed economy, the unemployment rate will not equal zero; in this case, unemployment is classified as either frictional or structural unemployment.
Table of Contents
Easing Pressure on the Losers
Economies Vary for Different Reasons
Technology in the Workplace
Competitiveness Is Healthy
"Hanging Together" or Hanging Ourselves?

From the Paper:

"Mr. Kapstein is rectified in his view that governments should assist in re-training and education for displaced workers, Even Mr. Lawrence agrees. Mr. Kapstein is short sighted in his verge upon "tight money and lose fiscal policies." Lose money or lower interest rates encourage growth, but we cannot forget about inflation. Federal and state governments offer such relief in the form of JPTA. This program has successfully re-trained thousands of displaced workers for entry into technical job markets. Third World economies are largely oblivious to job training/re-training, in some cases even unemployment relief. Compulsory elementary education together with a two-track secondary system of academic and vocational schools can produce a generally well-educated population in these economies."

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