Globalisation, Inequality and Labour Market

Study Notes

Wealth Distribution

Inequality in wealth distribution refers to the unequal distribution of resources, assets, and income among individuals and groups within a society.
Globalisation has exacerbated wealth inequality, with the wealthy benefiting more from global trade and investment.
Top 1% of the population holds a significant percentage of the total wealth, while the bottom 50% holds a relatively small percentage.

Remittances

Remittances refer to the money sent by migrant workers back to their families or communities in their home countries.
Remittances can contribute to poverty reduction and economic development in the home country.
However, remittances can also create dependency on foreign income and undermine local economic development.

Cultural Diversity

Globalisation and migration have led to increased cultural diversity in many countries.
Cultural diversity can bring benefits such as increased innovation, creativity, and economic growth.
However, it can also lead to cultural clashes, social tensions, and challenges to social cohesion.

International Trade

Globalisation has led to increased international trade, which can create new opportunities for economic growth and development.
However, it can also lead to job losses, exploitation of workers, and environmental degradation.
International trade can exacerbate existing inequalities, particularly between developed and developing countries.

Labour Market

The labour market refers to the supply and demand for labour in a particular economy.
Globalisation and migration have led to changes in the labour market, including increased competition for jobs and downward pressure on wages.
Labour market discrimination, such as discrimination based on race, gender, or nationality, can also lead to inequality and poverty.

Matching between Labour and Capital

The matching between labour and capital refers to the process of matching workers with jobs and capital with investment opportunities.
Globalisation and migration can lead to mismatches between labour and capital, particularly in the context of skill shortages and labour market discrimination.
Effective matching between labour and capital is critical for economic growth and development.

Labour Market Discrimination

Labour market discrimination refers to the unequal treatment of individuals or groups in the labour market, often based on characteristics such as race, gender, or nationality.
Discrimination can lead to inequality, poverty, and social exclusion.
Policies aimed at reducing labour market discrimination, such as anti-discrimination laws and affirmative action, can help to promote greater equality and social cohesion.

Inequality, Globalisation, and Migration

Globalisation and migration can exacerbate existing inequalities, particularly between developed and developing countries.
Inequality can also lead to migration, as individuals seek better opportunities in other countries.
Addressing inequality, globalisation, and migration requires a comprehensive approach that takes into account the complex interplay between these factors.

Description

This quiz covers the topics of globalisation, wealth distribution, remittances, cultural diversity, international trade, labour market, and labour market discrimination. It explores how globalisation affects inequality, migration, and the labour market, and the consequences for economic development and social cohesion.