Global trends since the economic crisis have shown a general decrease in real wage growth. In his Global Labour Column, Patrick Belser argues that there has been a long-term convergence in wages throughout the world, notwithstanding this decrease. http://column.global-labour-university.org/
This convergence has been driven by the simultaneous stagnation of wage growth in the developed countries and the faster growth of wages in the developing regions. Belser argues that the uneven growth of real wages in developed regions exacerbates the low wage problem and leads to increased inequality in those regions. As the most adversely affected people are at the bottom of the wage distribution, Belser argues for minimum wage policies to support those workers who receive low pay.
Full article available in PDF format:
http://www.global-labour-university.org/fileadmin/GLU_Column/papers/no_53_Belser.pdf
Nicolas Pons-Vignon
