The Division of Labor Amid Economic Globalization

来历: CHINA FOREX 2019 Issue 4 作者:Wang Haifeng
The global division of labor is the natural result of industrial development in an open world economy. This outcome leads to industrial transfers-- or shifts and greater efficiency,though this proces

The global division of labor is the natural result of industrial development in an open world economy. This outcome leads to industrial transfers-- or shifts and greater efficiencythough this process accompanied by painful economic restructuring. Economic reorganization allows multinational corporations to allocate resources on a global scalemaximize their profits and keep investment and operational risks at the lowest possible level.

The speed and extent of globalization has been hastened by a combination of factors including trade liberalizationinvestment facilitationfinancial internationalization and even information technology. New corporate heavyweights have emerged and joined the ranks of older multinationals.  These companies have been able to take advantage of their dominant position in value chainssupply chains and technological innovation. They play a crucial role in determining the pattern of the global division of labor of the future.

New Features of Globalization

Since the financial crisisthe joint efforts of scientific and technological innovation as well as industrial and structural reform have brought new features to economic globalization. New patterns in the global industrial division of labor and industrial transfer have emerged as a result.

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