Lecturer, Arya College for Boys, Ludhiana, India
Online published on 3 June, 2015.
As developing economies industrialized and began to compete globally on the strength of domestically and abundantly available labour at cheaper costs and developed countries increased their productivity by investing in labour-saving technologies and also by tapping low cost labour from global resources. Advanced economies are needing high-skill labour increasingly which is becoming scarcer by the day while demand low skill labour has progressively declined. Labour's overall share of income has fallen and consequently inequalities are growing as lower skill workers including 75 million young people face unemployment, under employment and stagnating wages.
