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• W242553485 abstract "World, Ready or Not: The Manic Lic of Global Capitalism by William Greider Simon & Schuster, 1997 $27.50, Hardback, 528 pages ISBN No. 0-684-81141-3 Next to Jeremy Rifkin's The End of Work, William Greider's World, Ready or Not is perhaps most substantive book on market today about changes that are taking place in world's economy. The details he provides are electrifying. His theoretical analysis is less satisfying, but even here there are points of definite value; and policy suggestion he makes at end of his discussion is potentially of great importance. In what follows, we will note, first, some of many developments about which Greider provides such fascinating detail. Then, second, we will examine his analysis to see what is valuable in it and what, in this reviewer's opinion, is not. Detail About On-Rushing Events in Global Economy Increasing presence of low-cost Third World labor, both skilled and unskilled, in competition with higher-cost labor in western economies. Greider tells of poor people who dwell in marginal backwaters doing industrial work of most advanced order ... making complex things of world-class quality. With improvements in transportation and electronic communications, this labor is fast coming into direct competition with workers in United States and Europe, since for most practical purposes oceans no longer separate them. Greider speaks of graduate engineers in India who earn less than one-sixth of what American engineers are paid. In China, an engineer makes $60 a month, leading Greider to speak of the potential catastrophe for high-wage industrial workers in advanced nations. The competitive pressure globally for lowest-cost production. The rapidly increasing global competition is creating dramatic opportunities both to reduce costs and to increase output. This creates pervasive downward pressure on prices, putting profit margins in jeopardy unless ever-lower costs are achieved. Each enterprise seeks a continuous suppression of costs, including labor costs. Businesses continually restructure to become fast, lean, flexible. Peasant-pressure on world labor supply. At bottom of global wage ladder is a seemingly inexhaustible supply of new recruits: peasants leaving bleak circumstances of rural subsistence.... An example: One hundred million rural migrants [are] said to be roaming China's countryside in search of jobs. The secular tendency toward world-wide wage equilibrium. As world's workers are thrown into competition with each other, pressure is for wages to fall in advanced economies such as United States and to be bid up elsewhere (although, we might add, almost infinite pool of workers at varying skill levels in Third World dilutes this pressure for wages to rise there, so that what is in offing is rather a fall of advanced-economy wages to an equilibrium that is not much higher than billions of people in Third World already earn). This is a process that plays itself out in one workplace after another, such as when Caterpillar demanded drastic wage reductions at [its] midwestern factories and when employees, feeling insecure in their jobs, become reticent about seeking higher wages. The displacement of workers. Greider tells how between 1971 and 1991 world's 500 largest multinational companies increased their sales sevenfold - while not increasing their employment at all. In automobile industry, number of hours of labor that is needed to manufacture a car has fallen drastically since 1979. The result? U.S. auto employment shrank by 180,000 jobs, most in assembly work. The displacement of firms and industries. Whole industries are packing their bags to leave Europe and United States, seeking lowest-cost environment. …" @default.
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• W242553485 date "1997-01-01" @default.
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• W242553485 title "Reflections on Global Capitalism" @default.
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