chapter  1
WILLIAM B. JOHNSTON
WILLIAM B. JOHNSTON March–April 1991
ByThe New World Labor Market
Pages 17

For more than a century, companies have moved manufacturing operations to take advantage of cheap labor. Now human capital, once considered to be the most stationary factor in production, increasingly flows across national borders as easily as cars, computer chips, and corporate bonds. Just as managers speak of world markets for products, technology, and capital, they must now think in terms of a world market for labor.