Skill Development: A Global Scene

The past three decades have witnessed dramatic changes in labor force participation in the global economy. This commenced with a dramatic shock in the 1990s, when the entry of the People’s Republic of China (PRC), India, and the former Soviet Union into the global economy, contributing 1.47 billion workers, effectively doubled the size of the global pool of labor and depressed wages (particularly for low-skilled labor) globally. More recently, however, Asia in particular has transitioned to a trend of wage escalation alongside shortages of certain types of skills (Sungsup Ra et al. 2015).

The doubling of the size of the global pool of labor in the 1990s resulted in an explosion in the number ...

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