A Note on Technology, Skill Formation, and Economic Instability

Abstract

The persisted throughout all these years is a universal tendency of capitalism to worldwide instability (and crisis) beyond a single country or region, engulfing the entire planet. This note tends to focus on a related subset of such instabilities that has to do with fast-paced, hyper-competitive technological change due to the transnationalization of capital and thus globalization of world economy. In consequence, this would have a devastating and indeed disrupting effect on the existing skills across the various sectors of the economy, and ultimately beyond the geography of production outside the boundary of nation-states