Global Competition

Dick Bryan and Michael Rafferty

Chapter 7 in Capitalism with Derivatives, 2006, pp 162-176 from Palgrave Macmillan

Abstract: Abstract It is now commonplace to identify ‘globalisation’ with a growth of competition. International trade generates spatially extensive competition between buyers and sellers. International investment sees corporations shifting to more profitable localities. There is competition between localities to attract investment, and competitive pressure on ‘local’ producers to be cost-competitive. This global mobility of investment and goods then has implications for labour. Some contend a productivity race, creating development and higher wages. Others see a race to the bottom, as low wage countries set the benchmarks to which wages in richer countries must gravitate. Clearly, competition is the central driving force of the global economy, for both capital and labour.

Keywords: Social Capital; Global Competition; Competitive Process; Derivative Market; Perfect Competition (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50154-6_7

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DOI: 10.1057/9780230501546_7

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