The Crisis of the European Social Model in the Adverse Environment of Globalization.

Globalization

Overview 

As a consequence of globalization, economies are becoming more open, lowering the percentage of labor income in national revenue. Labour share shifts should be of importance to government officials who impact shaping and implementing economic policy, particularly employment, education, and investment policies geared toward the green transition.

Purpose of the Research 

Studying globalization’s effect on labor and environmental policy is the goal of this project (Zheng & Shen, 2019). The expansion of technology is one of the most obvious ways that globalization is helping to close the pay gap between employees in developed nations and those in emerging ones (Zheng & Shen, 2019). It also contributes to the widening gap between the rich and poor in the United States. Investigating how globalization affects countries’ economic environments will allow us to figure out ways to deal with the harmful impacts that nations face due to globalization, as well as new demographic and economic, political, and technological changes, social and employment-related issues.

Review of the Literature 

By studying globalization processes, Harrison et al. (2005) were able to identify elements that determine how much of the nation’s revenue is earned by labor. Money is more important to the national income than employment in his view, e.g., via financial openness that allows for the movement of capital between nations (such as the inflow of foreign direct investment) (Gawrycka & Szymczak, 2021). The labor share rises when capital flows are restricted. Foreign exchange fluctuations also had an essential role since they lower the national income share that labor contributes to the economy. Studying more than 100 nations, Harrison found that labor’s share of national revenue dropped by an average of one percent every decade before 1993. (Gawrycka & Szymczak, 2021). A reduced rate of development was the target of these assertions. The labor share of national income declined by around 3% within a decade.

As a result of Europe’s economic stagnation, several nations across the continent are now dealing with a growing number of environmental issues (Bilbao-Ubillos, 2021). “Maintaining Europe’s expensive social model demanded faster GDP growth, but boosting growth also needed adopting the social framework to a new socio-economic context,” writes Sapir in his report, “yet economic slowdown may be directly associated with ESoM needs itself” (Bilbao-Ubillos, 2021). According to the report, there are two factors at play: first, new demographic, technological, and globalization patterns, and second, Europe’s unwillingness to invent a new social contract. The paper argues that Europe has failed to maintain the “magic triangle” it achieved during the development period.

Practical Application 

According to his study, the discussed issues are critical to making pro-social economic policies and minimizing widening wealth disparities, which are essential for sustainable development (Gawrycka & Szymczak, 2021). Influencing this policy by adopting reasonable projections for education, investment, and employment legislation, government members should focus on changes in the labor share. The study results suggest that the existing observations should be maintained in light of the current economic circumstances, which may have a substantial impact on the interaction between capital and labor (Gawrycka & Szymczak, 2021). Industry 4.0, energy transition, manufacturing process transformation, and pandemic-induced structural shifts in economies all impact these issues.

 

Conclusion 

The quality of life and living standards of citizens may be impacted by globalization, the concomitant changes in the national economy’s structure, or changes in development (Bilbao-Ubillos, 2021). Large-scale use of resources in manufacturing may, on the one hand, lead to changes in the economy’s structure and growth, such as the expansion of highly technical services or manufacturing processes. On the other hand, it poses a danger to long-term progress and can hasten global warming; therefore, social implications must be considered.

References

Bilbao-Ubillos, J. (2021). The Crisis of the European Social Model in the Adverse Environment of Globalization. Review of Radical Political Economics, 0486613421997235.

Gawrycka, M., & Szymczak, A. (2021). A Panel Analysis of the Impact of Green Transformation and Globalization on the Labor Share in the National Income. Energies14(21), 6967.

Harrison, A. (2005). Has globalization eroded labor’s share? Some cross-country evidence.

Zheng, J., & Shen, C. (2019). Domestic demand-based economic globalization and inclusive growth. China Political Economy.

 

 


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