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- W2254895426 abstract "The era of liberalization and globalization has transformed the Indian economy. The initial phase of liberalization led to the shock of competition. This led to many of the prosperous and private, family owned businesses that were extremely profitable because of the sheltered markets, were suddenly caught off guard. They were unable to meet the challenge of competition in terms of the quality, price and benefits the new competitors had to offer to the consumer and the consumer truly became empowered. Many of the Indian companies found it difficult to compete in the market with the new entrants having the advantage of new technology, younger workforce and choice of location for doing business. The old order changed, slowly, painfully but surely even when the labor laws did not undergo much change. Even trade unions that were militant and reluctant to change, saw the writing on the wall and were compelled to adapt to the change process. Though the changes have led to transformation of the Indian business scenario, no change in the labor legislation has been contemplated to deal with the need for keeping various registers and notices in companies for the purposes of enforcement. In the Indian context, there are laws framed by the Centre and the State Governments that need to be complied with. The right to join a union is the standard that appears to evoke the most intensely negative response among labor-standards critics. Unions can be anti-competitive and corrupt, and they can limit the flexibility of a firm to adapt to a changing market environment. The empirical evidence, though, paints a less toxic picture of the effect of unions on economic performance.Critics of international labor-standards harmonization commonly focus intense attention on cash or standards. Such standards involve the terms of employment particularly related to hours and wages. The outcome of bargaining between workers and firms must by necessity reflect underlying technology and constraints imposed by goods and factors markets. Heterogeneity in wages and working conditions across industries and countries is an inevitable reflection of cross-country variations in productivity and income." @default.
- W2254895426 created "2016-06-24" @default.
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- W2254895426 date "2012-07-10" @default.
- W2254895426 modified "2023-09-23" @default.
- W2254895426 title "Labour Relations Under Globalized Era" @default.
- W2254895426 hasPublicationYear "2012" @default.
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