The word for “crisis” in Chinese has the extra connotation of “opportunity”, the International Labour Organisation (ILO) Global wage report researchers explain. With a fair degree of wilful optimism, the study suggests that the current economic and job crises might provide a good, probably unique, opportunity to develop a much more effective wage policy, which would contribute to an economy that’s actually sustainable, both in industrialised and developing countries.
The data shows that the crises have hit employment and wage levels harder in advanced economies, but these countries can rely on well established social protection systems. The question, beyond the statistics, is what the impact will be in developing countries, in terms of wealth redistribution, desirable work opportunities and social justice. continue