Abstract
The objective of this paper is to analyze the effects of globalization on the labor market and the functional distribution of income in Colombia. Over the last decades, there have been three waves of economic liberalization and labor flexibilization reforms that have generated fewer jobs (more and more informal and poorer jobs), an increasing share of vulnerable and underemployed workers, lower relative remuneration and greater income inequality. These conditions deteriorated the functional income distribution by reducing the share of wages in GDP because of a lower collective bargaining power, which prevents real wage increases from being indexed to labor productivity growth.
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