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Provide a definition for both terms and explain how these two terms relate to each other....

Provide a definition for both terms and explain how these two terms relate to each other.

1. Skill Biased Technicall Change an/or globalization 2. College Wage Premium

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1) Globalization can be defined as "economic integration achieved in particular through the establishment of a global marketplace marked by free trade and a minimum of regulation.

2)  The college wage premium is defined as median earnings of workers with sixteen or more years of schooling to median earnings of workers with twelve years of schooling in states ranked by technology.

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Over the years the college wage premium i.e. the wages earned by workers who hold college degree has declined and this is mainly due to globalization. The globalization phenomenon has resulted in outsourcing of skilled jobs to India and China as workers in these countries perform the job for less wages.

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