Industrial Relations and Labor Policies in Global Economy

Industrial relations refer to the relationships between employers, employees, and trade unions in the workplace. Labor policies are guidelines and laws that govern these relationships, impacting working conditions, wages, and workers' rights. In a global economy, these dynamics are influenced by international standards and practices, trade agreements, and cultural differences. Countries may adopt varying labor policies that reflect their economic conditions and societal values, leading to diverse workplace environments. Effective industrial relations and fair labor policies promote productivity, stability, and employee well-being, while fostering cooperation between management and workers across borders.