What are the advantages and disadvantages of opening labour markets on Essay - 1

What are the advantages and disadvantages of opening labour markets on a global scale - Essay Example Significantly, leaders of any state dictate its position on global scale, both in politics and in the economy, relative to their knowledge and skills in exploiting opportunities and having the ability to identify threats (Weihrich 1999). Typically, these two aspects can either boost a state’s strategy or completely act as the main hindrance to its success based on how the political and economic leaders approach the strengths and weaknesses of the matter. Globalization has many facets that any country must address once they decide on participating on an international level; moreover, among the most complex areas are the labor market and employment. These areas require a certain level of understanding and experience for a state to engage or flourish. In the past, there have been more complaints than compliments from people and heads of state that have had the chance to participate in the globalization of labor due to the multiple threats and situations of disempowerment because of the harsh working conditions, poor pay and job insecurity (Edward 2014). Decisively, history and experience clearly depicts that opening labor markets on a global scale has its ups and downs with most developing states and transnational companies arguing that without vast knowledge and skills, it mostly disadvantageous. Appreciably, the possibility of setting up markets on global scale has technology advancements among others as its core facilitators; however, keeping up with these advancements is a challenge itself for most companies and states so most of them focus on global patterns of migration. Obviously, focusing on only one does not guarantee full results but most of the flourishing parties agree that the best approach is mobilizing or the necessary resources and knowledge of the global market to counter the adverse challenges and eventually exercise greater power.