Has Globalisation Flattened the Phillips Curve?

This paper seeks, theoretically as well as empirically, to argue that one of the most important effects of globalisation has been on the working class of the advanced capitalist countries. While the workers in the South have always had a vulnerable position due to their weak bargaining position, the process of globalisation has weakened the working class of the North as their incomes get tethered to their comrades in the South. The reserve armies of labour cannot anymore be considered just "national", they should instead be seen as part of a "global" reserve army of labour.