Question: Case: Moving U.S. White-Collar Jobs Offshore Economists Have Long Argued That Free Trade Produces Gains For All Countries That Participate In A Free Trading System, But As The Next Wave Of Globalization Sweeps Through The U.S. Economy, Many People Are Wondering If This Is True, Particularly Those Who Stand To Lose Their Jobs Because Of This Wave Of …

businessfinancefinance questions and answersCase: Moving U.S. White-Collar Jobs Offshore Economists Have Long Argued That Free Trade Produces …Question: Case: Moving U.S. White-Collar Jobs Offshore Economists Have Long Argued That Free Trade Produces Gains For All Countries That Participate In A Free Trading System, But As The Next Wave Of Globalization Sweeps Through The U.S. Economy, Many People Are Wondering If This Is True, Particularly Those Who Stand To Lose Their Jobs Because Of This Wave Of ….Case: Moving U.S. White-Collar Jobs Offshore Economists have
long argued that free trade produces gains for all countries that
participate in a free trading system, but as the next wave of
globalization sweeps through the U.S. economy, many people are
wondering if this is true, particularly those who stand to lose
their jobs because of this wave of globalization. In the popular
imagination for much of the past quarter century, free trade was
associated with the movement of low-skill, blue-collar
manufacturing jobs out of rich countries such as the United States
and toward low-wage countries—textiles to Costa Rica, athletic
shoes to the Philippines, steel to Brazil, electronic products to
Malaysia, and so on. While many observers bemoaned the “hollowing
out” of U.S. manufacturing, economists stated that high-skilled and
high-wage white-collar jobs associated with the knowledge-based
economy would stay in the United States. Computers might be
assembled in Malaysia, so the argument went, but they would
continue to be designed in Silicon Valley by high-skilled U.S.
engineers. Recent developments have some people questioning this
assumption. As the global economy slowed after 2000 and corporate
profits fell, many American companies responded by moving
white-collar “knowledge-based” jobs to developing nations where
they could be performed for a fraction of the cost. During the long
economic boom of the 1990s, Bank of America had to compete with
other organizations for the scarce talents of information
technology specialists, driving annual salaries to more than
$100,000. However, with business under pressure, the bank cut
nearly 5,000 jobs from its 25,000-strong U.S.-based IT workforce.
Some of these jobs were transferred to India, where work that costs
$100 an hour in the United States can be done for $20 an hour. One
beneficiary of Bank of America’s downsizing is Infosys Technologies
Ltd., a Bangalore, India, information technology firm where 250
engineers now develop IT applications for the bank. Other Infosys
employees are busy processing home loan applications for Greenpoint
Mortgage of Novato, California. Nearby in the offices of another
Indian firm, Wipro Ltd., five radiologists interpret 30 CT scans a
day for Massachusetts General Hospital that are sent over the
Internet. At yet another Bangalore business, engineers earn $10,000
a year designing leading-edge semiconductor chips for Texas
Instruments. Nor is India the only beneficiary of these changes.
Accenture, a large U.S. management consulting and information
technology firm, moved 5,000 jobs in software development and
accounting to the Philippines. Also in the Philippines, Procter
& Gamble employs 650 professionals who prepare the
company’s global tax returns. The work used to be done in the
United States, but now it is done in Manila, with just final
submission to local tax authorities in the United States and other
countries handled locally. Some architectural work also is being
outsourced to lower-cost locations. Fluor Corp., a Texas- based
construction company, employs some 1,200 engineers and draftsmen in
the Philippines, Poland, and India to turn layouts of industrial
facilities into detailed specifications. For a Saudi Arabian
chemical plant Fluor is designing, 200 young engineers based in the
Philippines earning less than $3,000 a year collaborate in real
time over the Internet with elite U.S. and British engineers who
make up to $90,000 a year. Why does Fluor do this? According to the
company, the answer is simple. Doing so reduces the prices of a
project by 15 percent, giving the company a cost-based competitive
advantage in the global market for construction design.
Read the case and answer the following questions- b) Will
developed nations like the United States suffer from the loss of
high-skilled and high-paying jobs? (words- 350-400)
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