World Labour Market is a place where the labour is demanded and supplied. When demand for labour and supply of labour is equal in the world labour market then there will be equilibrium in the world labour market. In this context international migration plays a vital role. There is no equilibrium in the world labour market because underdeveloped countries are excess in labour supplies while developed countries are less in labour supply.
International migration is not easily possible even after the adoption to Globalisation polices. There is no free flow of labour in the international market. Developed countries are making hindrances-in the labour migration while underdeveloped countries are fitting this issue in the W.T.O.’s conferences. These issues are also raised by the underdeveloped countries in the recent conference of W.T.O. at Doha (Qatar) which was held from 9-14 November, 2001. Even World Bank and IMF have been insisting for quite some time that every country should introduce labour market reforms to allow employers shift workers from one unit to another and also retrench excess labour. It is the danger of retrenchment that is causing worry to working class. This worry can only be solved by international migration of labour. The new economic policy has opened up the doors to MNCs. These tendencies are found to have serious implications for the workers as MNCs employ capital intensive technology. So the interest of the labour can only be watched if there is an international migration of labour without any hindrances. This tendency will lead to equilibrium in the world labour market.
Skill development is associated with investment in man and his development as a creative productive resource. The factors which are responsible for skill development are as follows:
(1) Health facilities and services must increase which will increase the life expectancy, strength and stamina.
(2) Skill can be developed by job training including old type apprenticeships organised by firms.
(3) Skill development can take place by formally organised education at the elementary secondary and higher level.
(4) Study programmes for adults including extension programmes notably in agriculture.
(5) Migration of individuals and families to adjust to changing job opportunities.
The word ‘entrepreneur’ has been taken from the French language where it was originally meant to designate an organizer of musical or other entertainments. But in Economics, an entrepreneur is an economic leader who possesses the ability to operate economic activities successfully. He is energetic, resourceful, alert to new opportunities.