The Global Jobs Challenge
Over the past three decades, hundreds of millions of new workers have entered the global economy, bringing tremendous growth in income levels, opportunities, and the size of the global economy. But these new workers have also brought more employment competition, which has had profound distributional effects.
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NEW YORK – Over the past three decades, hundreds of millions of new workers have entered the global economy. They arrived with various levels of education and skill, and over time have generally gained in terms of “human capital” – and in terms of value added and income. This has brought a tremendous, and ongoing, growth in income levels, opportunities, and the size of the global economy. But these new workers have also brought more employment competition and significant shifts in relative wages and prices, which is having profound distributional effects.