to large degree → individuals experience econ impacts of globalisation → as citizens / residents of their country
- when there is economic growth in country → more econ opp. such as employment → available to individuals in that country
- econ decline → job losses and affect individuals earnings
Employment Opp for Individuals
globalisation → create employment opp + new ways of working for individuals.
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when country is open to global econ → businesses can reach larger market → resulting in higher demand for goods + services from country.
- creates more jobs + provides livelihood for individuals in country
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presence of MNCs and increased investments like FDIs → encourage use of more advanced tech → lead to creation of jobs involving higher skills and wages.
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advancements in digital tech + transportation → also enabled individuals to enjoy increasing mobility beyond country’s borders.
- means that individuals → may find jobs overseas → better match their skills and job aspirations
Employment Challenges Experienced by Individuals
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MNCs → may relocate operations to other countries → save costs / access expertise available elsewhere. Individuals who are employed in these operations may lose their jobs.
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advancements in tech → may cause some types of jobs → to be automated as machines are increasingly used to perform work. individuals working in these type of jobs → lose jobs
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with greater movement of labour as individuals relocate to work in other countries → local workers in those countries → face greater competition from foreign labour in job market