Knowledge Economy

Essay by Janerock October 2014

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Human Resource Management

'Knowledge economy', community attitudes towards unions and globalisation offer little or no role for trade unions in the future.' Do you agree or disagree with this statement?


Trade unions play a significant role in directly shaping people's working lives,although their influences are diminishing in recent timesdue to the growing trend of market pressure,global competition, a growing trend in outsourcing, legal constraints, has combined in a significant fall in trade union and their bargaining power. And with the emerging concept of knowledge economy and globalization the role of trade unions is slowly fading away."Globalization weakens the bargaining position of trade unions as it increases the substitutability of employees"(Rodrik 1997).

Knowledge Economy!

The economic landscape has changed dramatic over the period of five years. The global recession has affected the rapid growth of economic all around the world the developed and the developing countries. Due to this set back there is still a steady growth and come back, the progress is slow but new and innovating ways and solutions are emerging for the development.

Knowledge economic is one of the emerging solution to the currently existing problem. "The term knowledgeeconomy is what we get when we bringtogether powerful companies or firms along with the powerful computing and highlyeducatedminds to create wealth.A Knowledge Based Economy is one in which knowledge is created, acquired, transmitted and used effectively by all economic actors and sectors in order to create wealth."

The process of acquiring this knowledge varies in terms of pace related to different companies and countries based on the resources, capital, skilled labour etc. that is available (OECD 1996).

Knowledge economy provides a new source of advantage to companies or countries and its various sectors to excel in terms of their production and have the edge over other companies...