Globalisation and Labour Market Adjustment

Economists have long pointed to the aggregate gains that arise from increased economic integration. Although there will be adjustment costs in the short run, and there will be winners and losers in the long run, the consensus is that the benefits outweigh the costs. The popular perception of globalisation is much more pessimistic. There is a belief that advanced industrialised countries will be unable to compete with imports produced with cheap foreign labour. There is also a widespread anxiety about increased immigration; workers feel less secure in their jobs and fear wage losses and unemployment as a consequence. This book analyses the prominent concerns surrounding globalisation and examines their validity. This timely volume brings together the most complete collection of studies available on this key issue.