What is Labour Income Share

This chapter focuses on the analysis of the globalization process as a phenomenon of the recent decades. The chapter starts with an analysis of the roots of globalization, which are a combination of economic policies and labour-saving technologies. Then the most powerful actor, the transnational company, is introduced, followed by the analysis of their position in the world division of labour. Special attention is given to the changes brought by financial crises, especially the Great Recession. The changing nature of globalization is demonstrated also via the challenges presented by the COVID-19 pandemic. At the end, the author presents possible future scenarios, applying them on the Czech Republic, as a country strongly connected with the world economy and placed in the position of a dependent economy.