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133 Int'l Lab. Rev. 185 (1994)
Foreign Investment, Labour Immobility and the Quality of Employment

handle is hein.journals/intlr133 and id is 197 raw text is: International Labour Review, Vol. 133, 1994, No. 2 Foreign investment, labour immobility and the quality of employment Duncan CAMPBELL* Globalization and the growing interdependence of labour markets Globalization is used to describe the increase in cross-border economic interdependence and, more profoundly, integration, which have resulted from the greater mobility of factors of production and of goods and services. Through these flows, linkages have been established over a broader geography of world locations. Globalization can best be thought of as a process suggested, if not precisely measured, by a variety of tendencies. For example, the trade component of national outputs rose over time from approximately 8 per cent in 1950 to 15 per cent in 1980 (Bloom and Brender, 1993). The growth in trade was most pronounced in the 1970s (Jungnickel, 1993a). Since then, the growth in foreign direct investment (FDI) has surpassed that of both international trade and national outputs. Indeed, in the second half of the 1980s, FDI grew at an annual rate of 33 per cent (UNCTAD, 1993). The world stock of FDI doubled over this short period. Impressive as this doubling may be, the growth and dispersion of FDI amount to only a small share of all international capital flows which now course through increasingly integrated world financial markets (Banuri and Schor, 1992). Globalization also refers to the increasing mobility of less tangible things. Borders are permeable to the spread of ideas and tastes. While this does not portend the homogenization of world culture, there is evidence of converging consumption patterns and tastes over a broader range of products and services in a larger international market. Of greater moment, faith in democracy as a model of political organization has never been more widespread, and the belief in the role of markets in the allocation of * International Institute for Labour Studies. Copyright © International Labour Organization 1994

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