Developed nations are experiencing increasing rates of unemployment as work is outsourced to cheaper foreign countries to maximise big corporations profit margins. From an economic perspective if you are on the side of big business labour market deregulation is an excellent idea it maximises profit margins. But the workers in developed nations unskilled or skilled will have to compete for fewer available job positions as more jobs are continuously outsourced to cheaper foreign markets. The big national debts, continuous government deficits and foreign debts clearly show there is an underlying problem in most of the developed economies.
Governments in developed nations will deliberately cover up the real employment figures by using any available trick in the book. Government departments used to calculate employment figures is questionable. An independent non-government department would be more thorough in trying to provide a real picture of what is going on in regards to developed nations employment figures.
Chinese and Asian factory workers are paid extremely low wages to mass produce consumer goods to be sold for huge profits in developed world countries. Imagine if Europe and America and all the other nations wages were pushed down to be on par with Chinese and Asian labourers? 80 hour slave week is very harsh but very common in Chinese sweat shop factories. We all know what China is like in regards to abusing human rights.
The biggest winners of globalisation and the reversal of labour reforms are the Greedy Multinationals and the International bankers/financiers. China being a key player in UN and economic forums shows to the world that their government's abuse of human rights is accepted by the world community.
Multi-billion dollar companies have no business risk because they will always be bailed out by governments. "Businesses too big to fail". The tax payers dollars collected by governments from the low and middle classes mainly pay for every economic recession and down turn. Individual tax rates will be increased during austerity measures after the government has implemented stimulus packages and corporate bailouts. Increasing company tax rates would be risky because of capital threats from big corporations and more job losses.
