This present paper seeks to discuss the pros and cons that are associated with the fact that unemployment halts globalization. This fact is based on the premise that globalization being an independent variable is negatively affected by the increase in the rate of unemployment…
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Unemployment Halts Globalisation (Pros and Cons)
The fourth section before the conclusion will discuss the pros and cons of the fact that unemployment halts globalization. Unemployment With reference to the writings by Stringham and Workman (2004), they wrote that unemployment is a situation whereby people who are willing and able to work are not able to work since they do not have employment opportunities. The causes of unemployment are classified into two categories that include transitional unemployment causes and structural unemployment causes (Stone and McCraw, 2009). Under transitional causes, it is stated that unemployment is caused by temporary reasons such as; Turnover of unemployment whereby people leave their jobs to take up other jobs Casual unemployment which occurs on employees who are engaged as casual workers Seasonal unemployment, which is experienced in an industry that faces seasonal demand for its goods and services.
Under structural causes, Layard et al. stated that unemployment is caused by structural changes in the economy such as:
• Economic depression, which normally results in low demands of goods and services meaning that employment opportunities diminishes
• Technological changes causes unemployment to a group of employees who are not fully conversant with the operational use of the newly introduced technology
• Rural to urban migration, which results in urban unemployment
Other causes of unemployment include:
• Lack of capital
• Lack of proper training and education
• Lack of occupational specialisation
s, local governments, and citizens of different countries, with investments and international trade acting as the driving force and is catapulted by information technology is known as globalization. Greenaway et al. (2008) further added that the integration and interaction of different economies and people of different economy has a very huge impact on the political system of these countries that integrate and interact as their cultures, environment, economic success and development are also greatly affected by globalization Godinot (2012) wrote in his book that the main distinctive characteristic of globalization is capitalism as it promotes self-sufficiency and reliance on individuals in order to enable them to become masters of their own destiny. Jagdish (2004) on his part stated that globalization is mainly concerned with making people and the market free. In addition, it is a system that allows economy to grow without any interference and with the assumption that there is no poverty and the main pillars or building blocks of globalization constitute of technology, economy, market, and capital. The relationship between unemployment and globalisation From the causes of unemployment that were listed above it can be stated that the impact of globalization also contribute to unemployment, in the sense that Dreher et al. (2005) stated globalization is facilitated by high advanced technology and relocation of people from rural areas to urban areas, which has been touted as one of the causes of unemployment. On the other hand, Nadeem (2009) stated that increased levels of unemployment result in lower demands of goods and services, which means that both local and foreign goods and services will not experience high demand thereby, mostly limiting foreign companies from
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