Walter Wriston writes in Wall Street Journal this Wednesday (sounds like a Wallace & Gromit episode) "Ever Heard of Insourcing?"
The balance of jobs we import from abroad greatly exceeds the jobs we export abroad. Every time a foreign company decides to build a plant or opens an office in the U.S., Americans are put to work to man these facilities. Examples abound. Honda increased its U.S. manufacturing last year by 15%. And it is not only manufacturing that is attracted to our shores, but also intellectual capital. Novartis is moving its huge world-wide research and development operation from Switzerland to Massachusetts. Texas is the beneficiary of a $500 million investment from Samsung to build a new semiconductor plant. In some cases -- described in this paper recently as "the second wave of Nafta" -- Mexico is now able to invest abroad, and that investment is creating "thousands of jobs" for U.S. workers. Many countries with ample capital have poured a steady stream of job-creating investment into the U.S.
It's all wealth creation from the free movement of capital, labor, goods, and services. But the former Citibank CEO makes another good point n his lede:
For better or for worse, we all live in Marshall McLuhan's "global village" and Chicken Little runs through our living room on every hourly newscast. This does not mean that there are not real problems in the world. There are. What is relatively new is that today one politician can command coast-to-coast attention by repeating some assertion over and over -- a power not given to an absolute monarch a few years ago.