Only The country's uneven employment market has traditionally led millions of Filipinos to seek better-paying jobs overseas. One out of every 10 Filipinos works abroad, sending billions of dollars in remittances home, helping to drive the country's consumption-driven domestic economy — but doing little to promote employment. Jeremiah Opiniano, a researcher at the University of Santo Tomas in Manila, points to central bank data showing that families of overseas workers spend most of their disposable income on food, household goods, eduction, medical expenses and debt repayment.
Financialization and the workplace: extending and applying the disconnected capitalism thesis
Skip Navigation. Markets Pre-Markets U. Gregorio Dantes Jr. VIDEO In , 49 state-owned companies controlled most of the industrial outputs. During the second four-year plan of , more than medium size enterprises were created, which reinforced and diversified the economic structure of the country.
Limits of a policy. The new development strategy seemed very promising and was even praised in international circles. To some extent, Algeria became a model for economic and social development. However, overall, the industry was lacking competent management and a qualified labor force, new equipment were not fully, efficiently and properly used, productivity and returns were very low, maintenance was rather poor, products were not competitive on international markets. The restructuring of public enterprises started during the s. There were three major objectives:.
The impact of these measures was mitigated because of the excess of economic centralism, a reflection of the mono-party political system. The changes were far too slow and there was no real debate in the country. It will take more than 80 years for France to control all Algerian territories. D L Daniel Linotte Author. Add to cart. High energy prices and energy rents 2. Labor market flexibility 3.
Introduction Following the oil-shock characterized by the collapse of energy prices on world markets, Algeria was confronted with a sharp terms-of-trade deterioration, large trade deficits and a debt crisis. Voluntarism and Economic Development The central role of planning. Considering economic sectors or industries, three priorities were identified: - Investing heavily in steel and petrochemicals industries because they can rely on the abundant domestic natural resources iron ore, oil and gas , - Developing mechanical industries that can process further steel outputs , - Imports substitution, in particular for consumption goods.
First oil shock, debts and adjustments s euphoria. There were three major objectives: - Equipment must be amortized, - Companies must be made profitable, and - All loans to companies must be repaid. Sign in to write a comment. Urban labor incomes were twice rural labor incomes in ; they are now four times as high. Urban—rural earnings differentials persist after controlling for human capital variables.
Migrants to urban areas earn only about half of what urban residents do. In summary : The Chinese labor market has played a central role in transmitting economic growth to workers, thereby reducing poverty. There have been huge improvements in many aspects of labor market conditions in the course of Chinese economic growth: reductions in unemployment, improved employment composition, rapidly rising real labor earnings. However, despite an enormous reduction in absolute poverty, income inequality in China is increasing; this issue is receiving a great deal of attention in Chinese policy circles at present.
Indian economic growth is high and accelerating; the Indian economy was, until very recently, the second-fastest growing economy in the world after China. The changes in labor market conditions in the course of Indian economic growth are as follows:. Low and falling unemployment. Composition of employment. Indian workers remain employed overwhelmingly in informal employment. Essentially all of the increase in employment in India has been in informal employment; but because the rate of informal employment is so high and the rate of formal employment so low to begin with, the shares of formal and informal employment in the total have barely changed.
As for other aspects of employment composition, over time, the composition of employment improved so that a larger percentage of the employed were in regular wage employment and casual wage employment and a smaller percentage in self-employment. However, because these changes have been rather slow, the structure of employment is not much different from what it was earlier. Real wages. Where the main improvement in Indian labor market conditions has been recorded is in real wages. Moreover, these wage increases were at about the same rate in regular wage employment, casual wage employment, and the informal sector; the only important group whose wages rose at a slower rate is formal sector workers.
Income inequality in India has been rising. In India, the percentage of workers in households below a constant real absolute poverty line fell continuously, overall and for each employment status regular wage and salaried workers, the self-employed, and casual labor. In summary : Indian economic growth was rapid, labor market conditions improved, but the improvements in types of employment were slow compared to the rapid economic growth.
In recent years, though, real wages in most employment categories have been rising apace of economic growth. In the period from to , the Brazilian economy experienced real per capita economic growth of less than 1 percent a year, during which poverty increased. Given the importance of labor income in total income in Brazil as elsewhere, it would be expected that very slow economic growth and an increase in poverty would be accompanied by a mixed pattern of changes in the labor market, with some indicators registering an improvement and some a deterioration.
Indeed, the data show exactly that. There were signs of progress. They include an improved sectoral mix of employment, higher educational levels of the employed, a higher proportion of employed in wage and salaried employment, shorter weekly work hours, a reduced child work rate, higher participation in social security, and a reduction in unpaid work. Many of these changes were very modest in magnitude. On the other hand, there were also signs of regress. Unemployment rose, median earnings fell, and earnings inequality rose for several groups.
The percentage of workers holding signed labor cards and receiving the consequent employment protections fell further from an already low level. In summary, important labor market problems remain in Brazil. They include high unemployment, low earnings, lack of participation in social security, lack of employment protection, and significant unpaid family work. Between and , the Mexican economy grew at an average annual rate of 2.
During this growth period:.
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Overall unemployment increased in Mexico by one percentage point from to However, the unemployment rate in was still very low: just 3. The composition of employment improved. Compared to , a smaller percentage of Mexicans were working in the low-paying primary sector agriculture and related activities in and more in the higher-paying trade and services sectors. A larger percentage of workers had completed high school or above and a smaller percentage were illiterate.
Real labor market earnings increased , overall and for most groups. Average real monthly earnings grew by 1. Earnings rose for both males and females. And they rose for workers in every economic sector primary, trade, manufacturing, services, public sector, and other. The poverty rates in Mexico fell using three different poverty lines, in both urban and rural areas. Income inequality in Mexico fell. A Lorenz-improvement took place, and therefore all Lorenz-consistent inequality measures such as the Gini coefficient register falling inequality.
In summary : Mexican economic growth was accompanied by rising unemployment, improved employment composition, rising real labor earnings, and falling poverty and inequality. After adjusting for population growth, real per capita GDP averaged 1. Unemployment in South Africa rose dramatically in the first half of the period and started to fall only in the early s. Using the standard international definition of unemployment the ILO definition , the unemployment rate rose from Another, broader definition of unemployment is commonly used in South Africa, including in addition persons who were not working, were not searching for work, but report that they are willing to take a job.
The broad unemployment rate too rose in the earlier period from The exceptionally high unemployment rate in South Africa is accompanied by an exceptionally low rate of informal wage - employment and self - employment.
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Workers in South Africa have not responded to the lack of wage-employment opportunities by creating their own self-employment positions to the same extent as have workers in most other countries. In most developing countries, informal employment comprises about three-quarters of non-agricultural employment. In South Africa, the rate is one-half.
Among the barriers to creation of informal employment in South Africa are geographic separation of would-be self-employed from markets, crime, lack of access to infrastructure, lack of access to services, insufficient skills, hassles from the local authorities, harsh licensing requirements, and insufficient informal credit. Various indicators of employment composition show a worsening job mix.
Among those who are employed in South Africa, we find an increased rate of part-time and casual employment, a higher share of informal employment defined as those working in a business that is not registered with the government, plus domestic workers , and a shrinking rate of wage and salaried employment as a percentage of total employment over time.
Real monthly wages grew , but in a very unequal way. Average wages increased overall and for most races African, Indian, and white but not for coloreds. But real wages rose only in the top two labor income deciles; in the other eight, real wages fell. Despite the falling poverty rates, the percentages of South Africans recorded as poor using these poverty lines were respectively Income inequality , already at a high level , increased even more.
By , the aggregate Gini coefficient of per capita income reached 0.
This was caused in large part by the rising inequality of monthly wages, which was noted above. In summary : Unlike in most other countries, in the case of South Africa, economic growth did not generally result in improved labor market conditions.
Household poverty rates did fall, but not because of changes in the labor market. Rapid economic growth resulted in improved labor market conditions in China and India, while moderate and slow growth produced a mixed pattern of changes in South Africa, Mexico, and Brazil. A number of earlier studies had been carried out on the question of how labor market conditions changed with economic growth in other developing countries.
Their main results are:.