Bangladeshi Labor and the Attraction of the Textile Industry
The world economy is constantly changing and shifting from location to location, in search of the next most efficient location that can produce goods. This has been true since the “Silver Century” when Europeans traveled the world in search for goods that would bring them profit in return for things that they had in abundance. The race to the bottom is characterized by this motive. It is a way of attaining efficiency and in certain places, avoiding the markets. However this race has become natural in the quest for the success of businesses and the development of countries.
The race to the bottom searches for cheap labor, cheap investments, and flexible regulations. When there are no more of these things in a given area, the race moves on in search of a place that will grant producers flexibility and cost efficiency. All of this is for not if a sizeable workforce is not found. We pose the question “What aspects of Bangladeshi labor attract the textile industry?” We will analyze labor in Bangladesh and why it is so attractive to foreign companies.
It is important to understand that labor is not only the people, but the living and financial conditions of people as well as the social dependencies that these people have. Labor provides the gears for which production can become efficient. The wages of workers, the facilities of workers, and the regulations of workers can become obstacles to producers that can make or break their investments. It is necessary to have a workforce that can be content with receiving jobs from foreign producers to be able to operate with cost efficient investments.
“Bangladesh satisfies the aforementioned criteria. It is a country that is rising in the world arena and is considered one of the next places for the race to the bottom” commented the president of Grupo Denim Salomón Juan Marcos Villarreal.