This paper examines the effects of trade liberalization and the risks associated with participation in the global trading system on women's integration into national labor markets. Using data from 1970 to 1995, I identify two global determinants of the female share of national labor markets: trade openness and transnational corporate penetration. Several local predictors of women's labor force participation are also identified. While a cross-sectional analysis indicates that women have been pulled into national labor markets as a result of neo-liberal economic reforms, more dynamic models show that these same forces can also lead to a preference for male, rather than female labor. Moreover, the analyses specify that the effects of trade openness and trade risk on female labor force participation are determined by position in the world-system and region. These results illustrate that arguments about the relationship between globalization and the feminization of the labor force, are too simplistic and neglect to account for the diverse consequences of global economic expansion on gender relations.