The Impact of the Global Economy on Work The global economy has had a major impact on the workforce, affecting each country in its own way whether it be through outsourcing and offshoring or unemployment. The term global economy means integrating the world economy through trade, production and distribution by consuming goods and services. Globalization has gradually become integrated into all countries, and the United States has seen it grow with different ethnic, economic, and religious groups working together in daily activities. While the United States has taken advantage of its leadership role in the global economy, it continues to face global competition. The United States has seen its position in the world economy threatened by the BRICs – Brazil, Russia, India and China, because they can provide labor cheaper than the United States can do domestically. China's economic power is on the rise, with more graduates and PhDs, highly innovative and with a strong position in reshaping the future of the global economy. The United States plays a strong role in the global economy and is now threatened by expanding competition for jobs and investment from China, whose nation is growing. The BRIC countries have developed rapidly and effectively, having a great impact on the global economy. The United States has rushed to outsource and offshore millions of household jobs that can be done at cheaper rates in countries like India and China. Labor in both of these countries will cost a fraction of what it costs to produce and assemble in the United States. China's cheap labor has become a major asset to the nation by not only increasing the country's employment rate but also providing more to its economy. The positive global effects of China passing the Lewis turning point are numerous; increase in raw material production, increase in domestic employment, more regional economies join China's trade chain. Works Cited1. Das, Mitali and Papa N'Diaye. “The end of cheap labor.” IMF. Np, nd Web. November 14, 2013. .2. “World Development Indicators: Google Public Data Explorer.” World development indicators: Google Public Data Explorer. Np, nd Web. November 18, 2013. .3. ACS. “Growth and China: China Nears Turning Point.” The economist. The Economist newspaper, nd Web. 20 November. 2013. .