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When people hear the word “globalization” they probably think of giant container ships, wonky economic terms like “offshoring” and “trade deficit,” or geopolitical tensions and agreements. And, to be sure, Cato’s Defending Globalization project covers all of that stuff and more. Yet, as we explain in a new essay for the project, there may be no better symbol of real globalization—and its many benefits—than the restaurant down the street.
Access the essay here.
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... But more important, costs aren’t the only criteria to consider. Increasingly, offshoring is used to transfer overseas such brainy jobs as financial research, analytics, chip design, legal services, clinical trials management, and even magazine or book editing. Given that activity is trending from low-level to high-order functions, countries such as India and China known best for cheap labor and large populations become less and less attractive. Their overall subpar literacy and productivity levels, the endemic weaknesses in their educational systems, and their minimal environmental regulations make these nations ill-suited for high-end tasks, which companies must increasingly rely on as a potential competitive distinction and a way to differentiate themselves in the knowledge-based economy.strategy+business
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