The Global Economy

Paper Summary:

This paper explains that the changes in the world economy are affecting employment. This is similar to the changes in the 19th century when the textile industry in the U.S. shifted from the states in the Northeast to the South. The author points out that advanced countries are affected by the impact in the decrease in the availability of jobs because of an overall decrease in the rate of job formation and a global transfer of jobs to less developed countries. The paper relates that an important reason for the decrease of employment and the change in economies has been the process of privatization, the transferring of ownership rights of state-owned enterprises (SOE) to the private sector.

Table of Contents
Growth but No Employment A Paradox of Development
State Owned Enterprises
Unemployment Problems from the Government Directly
Impact of Technology and Its Protection
The Growth in Exports and Growth of Economy
Off-Shore Employment
Conclusion

From the Paper:

"The legal position within the country also plays a role and it has been seen through measurement of the reforms that have taken place that transfer of ownership is limited in countries that follow French civil law as opposed to countries following common law. This compels only partial privatization there. The origin from French civil law provides better protection to poor minority shareholders and this may be the reason. The legal considerations have to be carefully judged in the case of new shareholders that are created in the process of privatization, as they may be expropriated by the future managers of the privatized SOE."

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