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For example, the aerospace parts manufacturer Meggitt PLC has branded its own Industry 4.0 research project M4. [ 71 ] The discussion of how the shift to Industry 4.0, especially digitisation , will affect the labour market is being discussed in Germany under the topic of Work 4.0 .
Work 4.0 (German: Arbeit 4.0) is the conceptual umbrella under which the future of work is discussed in Germany and, to some extent, within the European Union. [1] It describes how the world of work may change until 2030 [2] and beyond in response to the developments associated with Industry 4.0, including widespread digitalization. [3]
An example of such standard is the intermodal container. Containerization dramatically reduced the costs of transportation, supported the post-war boom in international trade, and was a major element in globalization. [50]
In economics, the new international division of labour (NIDL) is an outcome of globalization.The term was coined by theorists seeking to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries—an ongoing geographic reorganisation of production, which finds its origins in ideas about a global division of labor. [1]
Globalization is sometimes perceived as a cause of a phenomenon called the "race to the bottom" that implies that to minimize cost and increase delivery speed, businesses tend to locate operations in countries with the least stringent environmental and labor regulations. Pressure to do this is increased if competitors lower costs by the same means.
Klaus Schwab, founder and Executive Chairman of the World Economic Forum, Richard Baldwin and Philippe Martin have divided the history of globalization into four eras: Globalization 1.0 was before World War I, Globalization 2.0 was after World War II "when trade in goods was combined with complementary Globalization 3.0, for which other terms ...
It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational ...
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.