Economic growth has always been the greatest interest of the world. Any studies and researches are done to improve the economy of Third World Countries. Unemployment rate and underpaid cheap labor is a big problem that the most of the Third World Countries face today in our global village. Unemployment rate of a nation affects the affordable living of local people because they are not able to afford healthcare, education, and proper housing for their family. Being unable to afford healthcare, education and housing, would negatively affect condition of the employees to perform their task at work efficiently. Furthermore, it would not ensure the upbringing of the children to be the leaders of next generation. Due to the high unemployment rate, some corporations and foreign companies take advantage of the low underpaid cheap labor. Local people in a third world countries compromises with the low paid cheap labor because they are not able to find jobs and employment opportunities. Even though people are well aware that they are underpaid, they still work for companies that don’t pay them enough so that they can afford their living. Practice of cheap underpaid labor should be abandoned and regulated in the third world countries because it caused increase in unemployment rate that inhibits economic growth of Third World Countries.
First of all, cheap labor in a Third World Country is an immoral behavior of foreign and National Corporation who practices it. For example, a developing third world country like India today is suffering from exploitation on workers. They have moved from hand on works to machineries, which require more specialized worker. This is becoming a problem because for instance, in farming, we no longer need total hand on works of the workers. Most of the labor in replaced by machineries. It sure is more efficient but it is displacing people from the jobs. This can be said that it is a process in globalization but it sure isn’t...
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