In doing research for a paper I plan to submit to ARNOVA, I've run across Stephen Roach, Chief Economist and Director of Global Economic Analysis at Morgan Stanley investment firm. Not exactly a radical leftist. His analysis of what's happening today in the American job market makes for interesting - and disturbing - reading.
I don't know if the term "global labor arbitrage" is his invention, but he wrote in 2003 that it is "a by-product of IT-enabled globalization that is now acting as a powerful structural depressant on traditional sources of job creation in high-wage developed countries such as the United States." This past January he wrote that "subpar job creation is now the norm in America," and that our ongoing jobless recovery has been combined with a wageless recovery, leaving "income-short American workers strapped as never before."
Roach also takes issue with Bush administration spin on the monthly release of labor market surveys from the US Bureau of Labor Statistics. In January 2006 the spin was that everything is fine, while Roach points out that "the overall pace of job creation in December (108,000) was half that expected by the market consensus (200,000)" and that by comparison, previous expansions in the U.S. economy were accompanied by much greater job and wage gains than this one.
In sum, a good source of info and analysis for those of us in the workforce development field.