Put bluntly, those with the best work forces will win the competitive game of the 21st century. The quality of the work force is the key strategic competitive weapon for the individual, the firm, and the nation. In a global economy, those without skills have to face what economists know as “factor price equalization.” The unskilled who live in a rich society can make no more than the unskilled who live in a poor society. If the unskilled in rich societies won’t work for such wages, unskilled jobs will simply be moved to poor countries where the unskilled will work for such wages. In a global economy, the effective supply of unskilled workers expands enormously and the wages of the unskilled in rich countries fall.
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