Why will future globalisation be so different | Richard Baldwin | TEDxLausanne
TEDx Talksγ»2 minutes read
Globalization historically focused on physical goods, but digital technology is now enabling tele-migration for service jobs, driven by significant salary differences between countries and technological advancements like online freelancing platforms and machine translation. This shift will expand opportunities for competitive individuals but also present challenges for those impacted by job displacement.
Insights
- Digital technology enables tele-migration, allowing people to work for companies in different countries, expanding globalization beyond physical products to service jobs.
- The significant salary differences between countries make tele-migration profitable and feasible, highlighting the transformative potential of digital advancements in reshaping the global workforce landscape.
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Recent questions
What is globalization associated with?
Physical goods and arbitrage.
What limits globalization to physical products?
Ease of shipping goods compared to services.
How is digital technology changing globalization?
Enabling "tele-migration" for work across countries.
What factors facilitate tele-migration?
Domestic telecommuting, online freelancing platforms, machine translation, and advanced telecommunications tools.
Why is tele-migration profitable and feasible?
Significant salary differences between countries.
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Summary
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Tele-migration: Expanding Globalization Beyond Physical Goods
- Globalization is often associated with physical goods and arbitrage, where companies exploit differences in production costs between countries.
- The ease of shipping goods compared to services has limited globalization to physical products rather than service jobs.
- Digital technology is changing this by enabling "tele-migration," allowing people to work in one country for companies in another.
- Factors facilitating tele-migration include domestic telecommuting, online freelancing platforms like Upwork, machine translation, and advanced telecommunications tools.
- The profitability and feasibility of tele-migration are evident due to significant salary differences between countries.
- The rapid advancement of digital technology, exemplified by the exponential growth in processing power, is accelerating the pace of tele-migration.
- Future globalization will involve not just physical goods but also services, offering more opportunities for competitive individuals while posing challenges for others.
