Benefits And Costs Of The Late Nineteenth Century

Humans from different parts of the world had always been trading with each other for their comparative advantages although it became more common since 19th century after the Industrial Revolution. The global economy started to get integrated through “globalization”. The term “globalization” refers to economies around the world integrating on goods, services, and capital. This paper will focus primarily on the labour inside the globalization and its benefits and costs from how the economy from the late nineteenth century and early twentieth century had reacted. In twenty-first century, most countries work together as one economy to work together. This did not happen over night, but the countries started to work together since the nineteenth

As the transportation to different parts of the world became more accessible, workers from countries that do not demand much labour started to move to other countries like the United States. From 1860 to prior to World War 1 is reckoned to be the age of mass migration. The United States imported a significant amount of workers from the “Old World” as Western Europe, where it was not as developed compared to other European countries. The other reason behind is through the mobilization of labour from decreased demand of workers in the agriculture. Moreover, many of the immigrants were young, poor, and unskilled workers who had greater opportunity cost to leave their country. Since labour is an essential component of the economic production, more labour meant a higher number in the output of products although agriculture could produce more with the development of technology. This massive number of immigration may have been one of the leading causes of the Industrial Revolution in the United States. The immigrants tended to be found in low-skilled occupations and slow-growing industries. These immigrant workforces supplied the labour for the jobs that were not demanded by native-borns and even in the same age group in the workforce. They were more likely to participate as the labour force. As seen in the Table 1, net migration for foreign born had increased significantly compared to both white and black of the

Korea, after opening up to the global market, surprisingly had an increase in population and decrease in mortality rates. Korean population grew 1.4 percent per year from 1925 to 1940 with a decrease in mortality. Obtaining foreign workers in medical fields and different industries improved the overall standard of living.

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