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With the rapid growth in technology due to industrialization, workforce is shifting from labour intensive to capital intensive. This has had drastic effects because human labour has been replaced by machines eg. Computers. A single machine can do the work of a whole line of production in a company rendering the would be employees jobless. This is so especially in the industrialized countries where technology is the order of the day.
Globally the economy has been on a downward trend especially with the recent inflation crisis in the U.S . This has led to a multiplier effect in all the industries leading to their downsizing. For instance U.S reported a retrenchment of over 4 million workers in the year 2009. However with the pumping of cash into the economy by the U.S government the world economy is gradually resuscitating.
In developing countries such as Kenya more industries are reopening e.g Kenya Co-operative Creameries and Kenya Meat Commission. The Pan Paper Industry is also in the pipeline of following suit.
Globally, due to the rapidly changing economy with new competitive standards employers prefer experienced workers because they are able to adapt quickly to the changing working trends. In the U.S for instance, as the young educated labour force enter the market, employers have to retain and even retrain the retired personnel so as to keep up with the emerging skills of the contemporary workers. Effectively, little is being done by employers to replace the aging workforce hence hindering the creation of job opportunities for the new generation.
With the increases in exports industries are working day and night to meet the rising demand especially in the developing countries which rely on imports from the western world. This has consequently led to increased employment opportunities; e.g Slovenia has recorded a tremendous growth in exports in four tears since it became a member of the E.U.
Criminal activity especially in the developing countries has become a major threat due to over reliance of these countries on the developed countries. For instance many cases of piracy have been reported on the Indian Ocean. Poor economic policies and corruption have resulted to high unemployment hence crime has become the way to survive. The economy has been suppressed by a few leaders who have taken possessed almost a whole of the national cake. Job opportunities have become for the wealthy in the society because they can afford the bribes.
The capitalists have become the decision makers and therefore they make decisions in their favour to safeguard their properties and gain more. In conclusion the economy is directly related to the wealthy policy makers and influences the creation of jobs.