Globalization and Labour Markets

Globalization refers to the increasing interconnectedness of countries through trade, technology, and communication. Labour markets are where people seek jobs and employers find workers. When globalization occurs, businesses can hire workers from around the world, and jobs can move across borders. This can lead to more opportunities, lower costs, and economic growth, but also more competition for jobs and lower wages in some sectors. Overall, globalization impacts labour markets by changing where jobs are located, the skills required, and the bargaining power of workers and employers.