ECON221 - Wage Inequality and Globalisation - Economics Assignment Help

Assignment Task

Over the course of the last four decades the world has experienced unprecedented movements towards an integrated global society. What was once considered an international landscape comprised of various individual and independent sovereign nations has now become recognised, arguably, as an interconnected system where countries have operated within a single market, illustrating significant similarities in their responses towards economic, social and political impulses. Concomitant to this process, has been the adoption of technological advances in production processes. As countries have faced increased competition in the international landscape, so too have they attempted to increase efficiency and quality in their production processes by employing various forms of technological innovations. Whilst this has attributed to the advancement of knowledge transfers as well as better productivity, not all countries across the globe have benefitted from the move towards the fourth industrial revolution. This has been particularly evident in the developing world where countries, which are heavily dependent on commodity driven economic activity, experiencing significant declines in standards of living as tertiary and service sector activity have enjoyed remarkable growth. No more so has this been evident that the South African case. With the country attributing an unemployment rate of more than 32 percent whilst likewise showcasing amongst the highest inequality levels across the globe, its integration into the global economy since 1994 has had several consequences. Amongst the more telling of these has seen scholars raise significant concerns regarding the demand and supply mismatches in the labour market which many have suggested to be the cause of noteworthy levels of within country inequality (WCI).

Based on the aforementioned, you have been tasked as an advisor to the Ministry of employment and labour within the South African government and asked to provide an essay / report on the impact of the South African economy’s global integration on supply and demand mismatches in the labour market, consequently discussing what this entails for wage inequality levels within the country. Government has asked that you focus on the following aspects in your essay/report:

? How does globalisations affect the demand for high and low skilled workers across the globe?

? Given that much of South Africa’s economic activity is based on the natural resources, do you think the country is ready to make the shift to a more technologically driven production process?

? As South Africa has a large contingent of unemployed and low skilled workers how do you see the integration process affecting the mismatch between the demand and supply of labour within the country?

? Apart from the mismatches of supply and demand in the labour market, what other factors are largely contributing to inequality levels within the country?

? Finally, in light of the unique socio-economic challenges facing the country, provide a few recommendations on how the South African government can best manage the push towards the fourth industrial revolution, so as to improve the employment of labour in the economy whilst subsequently providing a more inclusive and equitable economic structure.

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