Labor moves hold the key, says Guillen

The global crisis may have had one trigger. On the international level, it may need one set of coordinated solutions. But different countries may also be suffering from different problems, said Professor Mauro Guillen from Wharton School at the University of Pennsylvania.

In his recent talk with China Daily, Guillen, who is also leader of the Wharton School program on the crisis, said that in the next few years, various economies' successful transition will, to a great extent, depend on the massive relocation of labor - or how much labor is directed for producing the goods and services needed by such transitions.

The United States, as compared with Europe, has an advantage due to its more highly responsive and mobile labor market, he said.