THE ROLE OF THE BIG THREE IN SHAPING GLOBALIZED LABOR FLOWS
Abstract
The article examines the role of the Big Three (BlackRock, Vanguard, State Street) in transforming the global labor market and shaping globalized labor flows. Its relevance is due to the growing concentration of assets under investor management, digitalization, automation, and the relocation of value chains. Based on the concepts of financialization, asset manager capitalism, and network concentration of ownership, the theoretical understanding of the Big Three as a structural actor that influences corporate strategies, the spatial logic of production location, and transnational resource flows through portfolio dominance is clarified. A scientific gap has been identified regarding the link between the investment decisions of large asset managers and the geography of jobs. An analysis of foreign and Ukrainian studies on financial markets and international labor migration has been conducted, revealing a scientific gap related to the insufficient consideration of the indirect influence of the Big Three on the structure of labor demand and the geography of jobs. Real-life cases were analyzed, including the relocation of Foxconn/Apple production, the growth of the renewable energy, semiconductor, and pharmaceutical industries, the expansion of automotive clusters in Central Europe, and friend-shoring in Mexico. It is shown that the investment strategies of these companies determine the restructuring of value chains, the emergence of new employment centers, and the redistribution of labor flows between regions, creating increased demand for STEM qualifications and high-tech competencies. It is concluded that the Big Three effectively act as a quasi-corporate coordinator of global employment, capable of setting the direction and pace of labor resource flow evolution through capital redistribution. Prospects for further research include a quantitative assessment of the relationship between investor portfolio structure and employment dynamics, an analysis of regional differences in the impact on labor flows, and modeling of the labor market's response to changes in investment priorities.
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Fichtner J., Heemskerk E.M., Garcia-Bernardo J. (2017). Hidden Power of the Big Three. Available at: https://www.researchgate.net/publication/316462236_Hidden_power_of_the_Big_Three_Passive_index_funds_re-concentration_of_corporate_ownership_and_new_financial_risk
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