Technology, Labor and Globalization: Contemporary Challenges

From 2008, the world economy has been hit by a series of negative shocks and seems to be suffering from one of the most long-drawn recessions in history. It is argued that one underlying factor driving this festering crisis is the rise of digital technology which is reducing the demand for labor and creating an increasingly common labor market for the world. The paper elaborates on this hypothesis and goes on to discuss how this is impacting India and presents ideas on how India should respond to it in the future.