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Globalization and Economic Asymmetries in International Trade and Development: Challenges, Opportunities and Their Impact on Global Employment

Economic asymmetries can be described as differences in economic conditions among different countries and different regions in the world. This paper focuses on the various key features of contemporary globalization and international competitiveness, underscoring the growing interdependence of the developed and the developing countries and the resultant political as well as economic stakes. Globalization has created many challenges such as increased global competitiveness, sustenance of global value chains, need for global off-shoring and outsourcing, maintenance of continuous growth and development in both the developed as well as the developing countries, need for global-scale integration and coordination in labour movement, as well as understanding the complexities of relationship between globalization and employment. Some of the areas to be considered while speaking about opportunities created by globalization are opportunities of creation of millions of jobs for the people in developing countries like China, India and South East Asian countries, which become a key driver for their economic development, availability of an array of knowledge intensive business services, such as engineering design, accounting, legal and medical advice, financial analysis and business consultancies, inflow of technology from developed to developing countries and outflow of trained manpower from developing to developed countries specially in the areas of IT and software development industries. The paper aims to bring out a comprehensive viewpoint on both challenges faced and opportunities created by economic asymmetries and globalization.