Europe Quote by Guy Standing
“Globalisation began what should be called the Great Convergence, creating a globalising labour market in which wages in emerging market economies slowly converge with wages in rich economies, generating a steady drop in real wages across Europe.”
About This Quote
Source Book: The Precariat: The New Dangerous Class in the Global Economy, Guy Standing, 2011
Globalisation has aligned wages worldwide, causing European real wages to fall as emerging markets catch up.
In simple terms: Wages worldwide are becoming more similar, hurting Europe.
Key Takeaway
Recognize wage pressures and adapt policies.
Themes
economics
globalisation
labor markets
inequality
policy
Mood
concerned
analytical
Type
economic
political
When to use this quote
- government policy
- corporate strategy
- personal finance
- career planning
Key Concepts
Convergence
real wages
precariat
Questions to Reflect On
- How does wage convergence affect different industries?
- What policies can protect low-wage workers?
A Different Perspective
Assumes uniform convergence, ignoring sectoral differences.
