Theorizing skill formation in the global economy

Over the past half century a range of theories has been developed to understand the nature of skill, its development and relationship to the economy. These theories have often been competing, with fundamentally different assumptions about the production of skills and their relationship to society. However, recent changes in the nature of economic globalization have raised questions about these theories and their applicability to the present context. In this paper we critically evaluate the dominant skill formation theories and outline an alternative approach that takes into account fundamental changes in the global labour market.