New international division of labour
New international division of labour: an evolution of the concept of the international division of labour in which price competition is no longer the sole or dominant determinant of how a firm manufactures its products. The system in part reflects a recognition of the power of the consumers, but it also gives them many pseudo-choices. Analysts say that this system requires, among others, product flexibility, rapid innovation, a multiskilled workforce and closer integration of production schedules and product development of related production units. Corporations distribute their production units internationally in the way that best satisfies their competing requirements. See also globalization, product cycle theory and transnational corporations.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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