This report stresses that the challenge that every integrating economy today has to look in to is that structural change and labour market modification have become quasi-permanent features of national economies in a global world. Globalisation and scientific change are revealing increasing shares of national economies to strong competition. Consequently firms have to adjust their operations and their labour force to meet fluctuations in demand and progress in productivity. However, reacting to firms’ want for flexibility, without taking care of the worker’s need for security, is socially incompetent. A significant social dialogue is essential in this regard.
This paper makes a conclusion that the market economy is the only arrangement competent of generating continued increases in prosperity, and giving individual human beings the opportunity to look for what they desire in life. However a market economy depends for its survival on a strong state, one that supports property rights, ensures macroeconomic stability, encourages competition, and ensures education and basic health. Further individual states remain the focus of political debate and authority. Even though, the anti-globalization movement has created an alarming imbalance of information about international organizations and translational businesses, world community looks for to restore balance to the debate by documenting how globalization promotes health, wealth and freedom.