THE IMPACT OF GLOBALIZATION ON THE LABOUR MARKET Essay

THE IMPACT OF GLOBALIZATION ON THE LABOUR MARKET - Essay Example Introduction The United Kingdom of Great Britain and Northern Ireland (hereafter referred to as United Kingdom, UK, or Britain) is a unity state consists of four countries namely England, Scotland and Northern Island. It governs its people under a constitutional monarchy through parliamentary system. UK has been known as a country that had pioneered the phenomenon that changed the course of history known as the Industrial Revolution. Thus, United Kingdom holds the pride of being the world’s first industrialised country in history. As the world history progress however, UK was also one of the first countries that would face the brunt of two world wars. UK suffered serious setbacks during the nineteenth century. Nevertheless, despite of the economic and social setbacks of World War I and II to 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 Un ited Kingdom has 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 in the decision making process of the political spectrum. Globalization has become the centre and the primary the very influential consideration in United Kingdom’s trade and bargain system with other states or countries. UK government depends on the unyielding interface of markets, countries, technologies, and capital in a much cheaper and faster rate that globalization brings. The UK government believes that the key to success in business is to integrate one’s self in the international and cross-cultural communication, collaboration, and cooperation2. Thus, 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 to the different world trade meetings, conferences, and conventions. Just recently, the UK government announce 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, United Kingdom calls for a strong, sustainable and open economy that would benefit business domestically and internationally. UK recognizes the significant impact of globalization in its economy4. Albeit criticisms and pessimist perceptions on the effects of an all-out open economy, the government of the United Kingdom pursues the direction of globalization as its economic agenda. British government believes that globalization is more significant to the U K’s economy now compared than before. Notwithstanding the fact that most economic critique blame the concept of globalization in the crises besetting United Kingdom’