Labor and Corporate Restructuring

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Labor and Corporate Restructuring

Labor and Corporate Restructuring

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Globalization, information technology and restructuring of the economy have brought about several changes in various sectors of the economy. The global society has therefore manifested these effects in various ways. This article will look into some of the effects that are attributed to these factors and especially those that have occurred in the past 30 years.

Effects of globalization, information technology and restructuring of the economy

Globalization refers to the transfers in terms of economy as well as culture among different nations. It narrowly refers to the flow of finance through exchange of goods and services in the international field. Globalization has effects on various aspects of like including social, political, and economical aspects. The effects are commonly related to that of information technology as well as that of restructuring of economy. Restructuring of the economy refers to the way in which the western urban centers have shifted from sectors of manufacturing to those of service provision. This change has brought about changes in various sectors such as distribution of income, employment, wealth, among others. Due to loss of manufacturing jobs and replacement by services there has been a wide difference in the social status (Carnoy 1994). Minorities as well as immigrants are left to fill the low-skilled jobs with low wages. For instance, in the US many blacks and immigrants have filed the cities among other people in the category of underclass. Those who work in the formal sector tend to benefit from much comfort due to the advancement in technology. This condition is evident that it has brought about a wide gap in the social status in the society. Education sector has also been affected in that among the city youth, due to replacement of jobs with machines most of them have been discouraged to continue embarking on their studies. Among the rich who can afford better education for their children, learning is simplified in that one can even study in the house through the internet thus creating a big gap between the rich and the poor. Education has been emphasized as a source of growth and new policies have put in place in every country to tackle education sector (Carnoy, 275).  Cities that were once known for industries and highly populated have also lost many people. For example, this has occurred in Baltimore and Detroit. When people do not have jobs they are then forced to move out of the cities.