The world economy is reshaping the prospects for employment at breakneck speed, without regard for what any politicians want to do about it.
The nation's future work force will be smaller and more diverse, more mobile and more vulnerable to global competition, according to a study conducted for the Labor Department.Posted by Alan at February 18, 2004 10:56 PMShifting demographics, advances in technology and increases in global trade are the strongest forces shaping the world of work, with big changes on the horizon for workers and employers, said the study by Rand Corp., a think tank based in Santa Monica, Calif.
"These trends have important implications for vital aspects of the future workplace and work force and for the U.S. economy," said Lynn Karoly, a Rand economist who led the study.
American workers should brace for continued global "offshoring" of manufacturing jobs and high-skilled, white-collar service jobs — a touchy political issue this election year. Offshoring refers to outsourcing or the loss of American jobs to overseas markets.
The inexpensive and rapid exchange of communication and information are breaking down trade barriers and hitting sectors of the economy that were once insulated from global competition.
Economists concede that globalization will continue to have "a favorable effect on income, prices, consumer choice, competition and innovation in the United States," the report said.
Report via RAND