Over the past three decades, a global labor market has taken shape, spurring a massive movement from “farm to factory” in emerging markets and boosting output and productivity. But today the strains on this labor force are becoming painfully evident. Rakesh Mohan, former deputy governor, Reserve Bank of India, discusses how collaboration between business and government can respond to global labor challenges.
Rakesh Mohan is the former deputy governor of the Reserve Bank of India. An expert in banking, monetary policy, infrastructure, and urban affairs, he is currently a senior fellow at Yale University’s Jackson Institute for Global Affairs and a professor at the Yale School of Management. Mohan has published several books, including Monetary Policy in a Globalized Economy: A Practitioner’s View (Oxford University Press India, June 2009) and Growth with Financial Stability: Central Banking in an Emerging Market (Oxford University Press, June 2011). In May 2012, Anu Madgavkar, a senior fellow at the McKinsey Global Institute, spoke with Mohan in New Delhi. In this edited interview, he discusses the causes and effects of a globalizing labor force and how developed and emerging markets should respond.