Impact of Globalization on the Labour Market - Essay Example

The United Kingdom of Great Britain and Northern Ireland (hereafter referred to as United Kingdom, UK, or Britain) is a unitary state consisting of four countries namely England, Scotland, and Northern Island. It governs its people under a constitutional monarchy through a parliamentary system. The UK has been known as a country that pioneered the phenomenon that changed the course of history known as the Industrial Revolution. Thus, the United Kingdom holds the pride of being the world’s first industrialized country in history.

As world history progressed, however, the UK was also one of the first countries that would face the brunt of two world wars. The UK suffered serious setbacks during the nineteenth century. Nevertheless, despite the economic and social setbacks of World War I and II Great Britain, it proved its resilience as it stands to be one of the most politically influential countries in the world in both arenas of politics and economy at present. The State of the United Kingdom has been able to maintain its stature as a highly developed country.

Britain’s economy is being run based on the principles of market liberalization and low taxation and regulation1. Perhaps, it can easily be claimed that globalization dictates United Kingdom’s economy and have a great influence on the decision-making process of the political spectrum. Globalization has become the center and the primary very influential consideration in the United Kingdom’s a trade and bargaining system with other states or countries. UK government depends on the unyielding interface of markets, countries, technologies, and capital at a much cheaper and faster rate than globalization brings.

The UK government believes that the key to success in business is to integrate one’s self into international and cross-cultural communication, collaboration, and cooperation2. Thus, the United Kingdom plays a role of crucial importance in the world’s globalization thrust being one of the world’s biggest capitalist magnates. This is the reason why the British government has been one of the most active states in the different world trade meetings, conferences, and conventions. Just recently, the UK government announced its more active involvement with the European Union, World Trade Organization (WTO), Organisation for Economic Co-operation and Development (OECD), and the G20 as part of its strategy for strengthening the multilateral trading system3.

Being one of the most open economies in the world, the United Kingdom calls for a strong, sustainable, and open economy that would benefit businesses domestically and internationally. The UK recognizes the significant impact of globalization on its economy4. Albeit criticisms and pessimist perceptions of the effects of an all-out open economy, the government of the United Kingdom pursues the direction of globalization as its economic agenda. The British government believes that globalization is more significant to the UK’s economy now compared to before.