Part 9/14:
Globalization has given corporations access to cheap, abundant labor—mainly in developing nations. However, as demographic trends slow or reverse these patterns, the excessive reliance on low-cost labor will come under pressure.
Automation and AI: Partial Solutions
While automation and AI promise to offset labor shortages, current technology remains incomplete for replacing complex human roles. Companies face a dilemma: invest heavily in their workforce or face stagnation and declining profits. Consequently, we expect wages to rise, shifting economic power towards workers.