International Division of Labour
International Division of Labour : The arranging of production processes to promote ever greater specialization of labour, economies of scale and standardized products. Its aim is to enable firms to compete through the price mechanism. The international division of labour was originally based on the analogy of dividing the manufacture of a product in such a way that the greatest possible part of it could be produced by cheaper unskilled and semi-skilled labour, but the complexity of many products now produced and traded internationally has greatly undermined this rationale. See: Globalization; Globalization of the economy
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