Globalization has led to increased competition in labor markets, affecting job availability and wages. Workers in developing countries may face exploitation due to lower labor standards, while in developed countries, jobs may be outsourced. Overall, globalization has reshaped labor markets globally, leading to both opportunities and challenges for workers.

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Globalization indeed has complex effects on labor markets worldwide. It is crucial for policymakers to address these challenges by implementing fair labor practices and creating opportunities for workers to thrive in a globalized economy.